Asia-Pacific region is the leading producer of engine oil additive and also has the highest market share of the global engine oil additive market. In the APAC region, China is one of the major manufacturers of engine oil additive and has accounted for 37.8% of market share.
China being the country for highest number of motorcycles on road plays a major role in the global engine oil additives market.
According to the report “Engine Oil Additives Market: By Type (Anti-Oxidants, Anti-Wear Additives, VI Improvers, Corrosion Inhibitors, Friction Modifiers, PPD) By Engine Type (Gas, Diesel, Natural Gas) End User (Passenger Car, Commercial Vehicle, Motorcycle)-Forecast 2015 – 2020”, published by IndustryARC, the global engine oil additives market estimated to reach $11.9 Billion by 2020 at a high CAGR.
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. The market is also segmented based on different engine types and end users.
Browse 83 Market Tables, 31 Figures spread through 116 Pages and an in-depth TOC on “Engine Oil Additives Market”
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. The 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. Among all these types of additives detergents, dispersants and VI improvers are widely used with engine oil. The combined market share for these three types stands at around 64% of the global engine oil additives market currently.
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 primarily. China, among all the countries is the promising market with rising demand for engine oil additives.
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The market has been analyzed by the following end user verticals in the report:
- Passenger car
- Commercial vehicles
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:
- Afton Chemical Corporation
- Lubrizol Corporation
- Chevron Corporation
- BASF SE
- Evonik Oil Additives USA Inc.
Globally there are multiple manufacturers listed in the engine oil additives market including many small and medium scale regional players. However only a few as stated above are competing in the global market with significant revenues and profits. The top OEMs is investing huge share of their profitability in R&D to create innovative products and differentiate amongst the competitors 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 according to survey and research done by IndustryARC.
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