Engine Oil Additives Market; Trends, Future Forecast, Business Opportunities (2015-2020)

Engine Oil Additives are specialty chemicals mixed with the engine oil to enhance its properties. These additives help in protecting the engine from any wear & tear and also improve the overall fuel economy. The market is segmented on the basis of different types of additives such as anti-oxidants, detergents, dispersants, anti-wear additives, VI improvers, corrosion inhibitors, friction modifiers, pour point depressants and others. Market is also segmented based on different engine types and end users.

Engine oil additives market had sales revenue of around $9.9 billion in 2014, where APAC dominated with around 37% revenue share. Increasing number of in-use vehicles as well new registrations in APAC region is driving the market growth. China, among all the countries is the promising market with rising demand for engine oil additives. China being the country for highest number of motorcycles on road plays a major role in the global engine oil additives market.

According to IndustryARC Research, the global Engine Oil Additives Market is set to reach $11.9 Billion by 2020.

The global in use passenger car fleet has been increasing; hence engine oil additives market volume for passenger car is estimated to grow at a CAGR of 4.3% from 2014 to 2020. Across Americas, the number of commercial vehicles in use is very high, accounting for 52.2% of the global commercial vehicle in use fleet in 2014. Due to this reason, America leads the engine oil additives market for commercial vehicles, followed by Europe and APAC.

Following key players were also covered as part of the market landscape analysis:

•          Chemtura Corporation
•          Lubrizol Corporation
•          Croda International Plc
•          BASF SE
•          Evonik Oil Additives USA Inc.

Globally there are many manufacturers listed in the engine oil additives market including many small and medium scale regional players. Out of all those only a few as stated above are competing in the global market. Every company is investing huge share of their profitability for R&D to come up with innovative products to differentiate themselves in the market. Engine oil additives market is set to experience a lot of change in future in terms of demand and other technical aspects.

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Aggressive Electric Vehicle (EV) Sales Pose a Threat to Lubricant Industry in the Longer Term

Electric cars are the future of automotive industry. They do not require petroleum fuel and hence environment friendly as there is less gas emission or zero emission. That is why these are also termed as green vehicles sometimes. A consumer can choose from different types of electric vehicles such as hydrogen, plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicle (HEV). Hydrogen cars use hydrogen fuel cells which create electricity to drive the motor.

Plug-in hybrid cars combine an electric battery with gasoline engine; the cars can go up to 30 to 35 miles with the help of battery and then switches to internal combustion engine. On the other hand, the fully battery powered electric vehicle can go up to 100 miles with 8 hours of charging. Despite having huge popularity these vehicles have some drawbacks such as the charging time, battery weight & space, cost and others.

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Electric vehicles do not have any internal combustion engine; their system is based on electric motor. There is nothing much to lubricate as there is no piston in the vehicle. This creates an uncertainty for the automotive lubricants industry and poses a question on the future of lubricants and additives manufacturers. Engine oil is the major lubricant used in gasoline and diesel engine vehicles for efficient functionality of the internal combustion engine. Electric vehicles do not require engine oil and this has created panic for big oil companies which manufacture engine oil and its additives. Currently global engine oil additives market is valued at $9.9bn, which can be dropped down in future if the sales of electric vehicles continue to rise. According to European Automobile Manufacturers Association (ACEA), electrically chargeable vehicle share can reach up to 8% by 2025 in the global market. In U.S., the sales of electric vehicles growing at an annual growth rate of 36.2% with 501,369 numbers (including PHEVs and HEVs) of vehicle sold in 2013.

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The only satisfaction to the lubricants manufacturers is that, it will take long time for this new age vehicle to capture significant share in the automotive industry. Also the electric vehicles require grease for its rotating devices, so the opportunity or competition will exist on other lubricants like grease. Many lubricant manufacturers are investing on research and development to bring changes in the lubrication technology which can lower the emission of hazardous gases in the environment. However, in the longer term, they have to discover other opportunities in the market to save their presence.

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