The global engine oil additives market was valued at USD 11.05 billion in 2022 and is anticipated to grow at USD 11.49 billion in 2028 recording a CAGR of 3.55% during the forecast period 2022-2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Global Engine Oil Additives Market: By Type (Anti-Oxidants, Dispersants, Detergents, Corrosion Inhibitors, Friction Modifiers, Antiwear Additives and VI Improvers), By Fuel Type (Diesel, Gasoline and Gas), By End User (Passenger car, Commercial vehicles, Motorcycles and Others) and Geography- Global/Region/Country Forecast to 2028”.

 

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Increase in demand for fuel efficient vehicles is accelerating the Global Engine Oil Additive Market

Chemical substances are called as engine oil additives that boost the performance of engine oils.  These additives are chosen for their ability of accomplishing particular goals. They are made for functioning with particular base oil and for a particular application. Most common kinds of functional additives are detergents, extreme-pressure additives, anti-wear agents, dispersants, antioxidants, demulsifies and viscosity modifiers. The most usual end-use application of engine oil is in automobiles. Engine oil additives are also used in a huge array of industrial applications such as industrial engine oils and metalworking fluids and so on. The worldwide market is fueling due to the frequent releases and acquisitions by the major players. For example, BASF expanded its business in Jan 2019 by increasing production capacity of antioxidants for lubricants. The capacity expansions address huge demand for antioxidants from the growing number of vehicles in Asia and growing global demand for long-life lubricant additives.

 

There are a few major factors enhancing the market growth such as high growth in emerging countries, growing demand for fuel efficient vehicles, increasing demand from machinery and automobile industries for engine oil additives and implementation of strict emission norms particularly for vehicles. On the other hand, one of the major factors restrains the growth of market includes growing demand for battery operated vehicles (BEVs).

 

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Regional Analysis - Global Engine Oil Additives Market

On the basis of regional analysis, the global engine oil additives into major regions such as Europe, North America, Middle East, Latin America, Africa and Asia Pacific. Among all these regions, Asia Pacific witnesses major revenue share in the global engine oil additives market growing at significant CAGR rate. This region is witnessing growth because of the fast industrialization and growing population. In addition, a few more factors that fuel the Asia Pacific market are growing demand for numerous kinds of vehicles is high entirely for heavy commercial vehicles and passenger cars in the region. Moreover, North America held significant market share during the anticipated time span. U.S is the leading contributor for the market growth in this region since it has high per capita vehicles in the entire world.

 

Competitive Analysis – Global Engine Oil Additives Market

Major players working in the global engine oil additives market are Afton Chemical, BASF SE, Croda International Plc, Lubrizol, Multisol, Chevron Corporation, Evonik Industries, Infineum International Limited, and BRB International.

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