Engine Oil Additives are specialty
chemicals used to enhance the performance of Engine Oil as well as
the durability of the engine. These additives when added to engine oil while
formulating it, improve its physical and chemical properties.
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Market Trends & Market Growth:
According to IndustryARC analysis
and research, the Global Engine Oil Additives Market is set to reach $11.9 Billion by 2020 with increasing
demand from end users in Asia-Pacific and North America. Also, experts project
the market to grow at a CAGR of 3.2%
from 2015 to 2020.
Geography: Asia-Pacific (APAC) is the largest and fastest growing
market for engine oil additives both in terms of volume and revenue, driven by
the higher number of in use vehicles in the region. America and Europe are in the
second and third position in terms of volume consumption and revenues of the
market.
Market Driving Factors: Increasing motor vehicle production around
the globe is one of the major drivers for engine oil additives market. Every
vehicle engine needs engine oil to work smoothly, due to which consumption of
engine oil is increasing steadily. Major additive types, which are in high
demand, are detergents, dispersants and VI improvers. Government regulations
regarding improvement of fuel economy and reduction of emission from vehicles
is another key factor contributing to the growing importance of additives in
engine oil.
Restraints: One of the key factors hindering the growth of engine
oil additives market is the aggressive sales of electric vehicles especially in
Europe and North America. There is not much lubrication needed in electric
vehicles as there is no combustion engine involved in it. However, it will take
long time for electric vehicles to replace the fuel powered vehicles.
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REPORT SCOPE:
Market Segmentation:
Global engine oil additives
market is segmented based on different criteria such as by type, by engine
type, by end user and by geography. Different types of additives include
anti-oxidants, detergents, dispersants, anti-wear, VI improvers, corrosion inhibitors,
friction modifiers, pour point depressants and others. Others include metal
deactivators, emulsifiers and more. Gasoline engine, diesel engine, natural gas
engine and others are considered while segmenting the market based on engine
type. End users of the market are passenger car, commercial vehicle, motorcycle
and others; others include application in marine engine oil.
Market Key Players:
Few notable competitors of the
Engine Oil Additives Market which are analyzed, studied and mentioned in this
research report by IndustryARC are:
·
Afton Chemical Corporation
·
BASF SE
·
Evonik Industries
·
Petroleum Chemicals, LLC
·
The Lubrizol Corporation
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