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 engine oil additives 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.
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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. 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.
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.
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The market is analyzed by the following end user verticals:
- 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 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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