The global engine oil additives market size is predicted to elevate from 2024 to 2032.
The demand for engine oil is surging in the market due to its superior properties, such as lubrication, antioxidants, viscosity index improvers, and so on. This also helps slow the oxidation process and deposit production, which helps keep the engine clean and extends the life of the machine without getting it to rust.
Oil additives are used as they provide proper lubrication and give the engine lubricity and viscosity. The engine oil used to lubricate combustion engines comprises a higher percentage of essential oils and fewer additives. They are chosen as per their capacities to perform specific tasks. These engine oils are designed with a certain base oil to perform particular tasks.
Fortune Business Insights provides this information in its report” Engine Oil Additives Market, 2024-2032.”
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Segmentation:
On the basis of type, the market is segmented into antioxidants, anti-wear agents, viscosity index improvers, EP Additives, detergents, corrosion inhibitors, and dispersants.
Based on the end-use industry, the market is divided into industrial and automotive.
As per its geography, the market is fragmented into regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage:
The report provides valuable insights into key drivers and challenges impacting market trends in the upcoming years. Moreover, it studies the market exhaustively by splitting it into regions and segments. Growth rate estimates, market share projections, and valuation of each segment are also given. Strategic decisions and tactical moves made by prominent companies in the recent past are also listed.
Drivers and Restraints:
Increasing Usage of Engine Oil to Bolster Market Growth
Given the strong demand for engine oil from transportation and industrial sectors, the engine oil additives growth and the product’s rising appeal also contributes to its increased consumption. Due to its superior properties, it extends the life of engine oil and keeps the engine clean. Also, it minimizes oil viscosity loss. The rigorous emission rules are one of the driving factors that account for the increase in engine oil usage.
One of the restraints of the market can be the fluctuation in raw materials prices.
Regional Insights:
Presence of Numerous Leading Manufacturers in Asia Pacific to Propel Market Growth
Asia Pacific is the dominant region in the market. Due to the rising demand from the industrial sector, it is leading the market in the first position.
North America is the second leading key player in the market. It is leading the market due to the presence of various manufacturers of engine oil additives.
Europe is said to show benign growth, whereas Latin America, the Middle East & Africa are expected to exhibit comparatively higher CAGR by 2024-2032.
Competitive Landscape:
Partnership Among Companies to Secure Their Brand Market
Players in the market have launched numerous. To back their position in the market, companies have been applying for schemes such as partnerships, mergers, and so on. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
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Key Industry Development:
- November 2021: In Greece, Evonik’s oil additives business announced Breentag Bulgaria EOOD as its new distribution partner, so they restructured their product distribution.
- February 2021: BASF increased the prices of its lubricant components portfolio (base stocks and lubricant oil additives) by 10% internationally, owing to growing raw material prices.
List of Key Players Mentioned in the Report:
- BASF SE
- LANXESS
- Evonik
- Lubrizol Corporation
- Croda Internatinal Plc
- Royal Dutch Shell
- Infineum Internatinal Ltd.
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