Pune, India, April 2021, MRFR Press Release/Market Research Future has published a Half - cooked research report on the Global Plant-Based Burgers and Patties Market.
According to the MRFR analysis, the global engine oil additives market size was valued at around USD 9.5 billion in 2019 and is expected to reach around USD 11 billion by the end of 2027 at a CAGR of 3.5%.
Engine oil additives are chemical compounds that are used to enhance the performance of engine oils. Additives are selected based ontheir ability to perform specific functions in combination with other additives. They are formulated for use with a specific base oil and for a specified end-use application. The major functional additive types are anti-oxidant, dispersants, detergents, anti-wear agents, viscosity modifiers, demulsifiers, and extreme-pressure additives.
High demand from the automotive industry and rising industrialization globally are factors that are expected to propel the growth of the global engine oil additives market. Furthermore, the advancement in engine oil additives and the development of various additives as per end-use industry is further fueling the growth of the global market. However, the high cost of raw materials and stringent government regulations hamper the growth of the market.
The global engine oil additives market is fragmented with numerous global, regional, and local players. Manufacturers focus on developing advanced engine oil additives made from high-quality materials and expanding their production capacity to maintain supply-demand balance. Furthermore, producers increasingly focus on a strategic alliance with stake holders to gain a maximum share of the global market. Moreover, due to the coronavirus outbreak globally, the automotive industry witnessed a decline in demand. Furthermore, a steep fall in crude oil prices during 2020 had a significant impact on base oil prices and single additives.
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- This segment is further segmented into anti-oxidants, detergents, corrosion inhibitors, dispersants, friction modifiers,and others.
- The anti-oxidantssegment accounts for the largest market and is expected to witness notable growth during the forecast period in terms of volume. This growth is attributed to the increased demand for anti-oxidant additives from the automotive industry.
- The detergents segmentis expected to witness healthy growth during the forecast period. It is widely used as engine oil additives for neutralizing strong acids present in the lubricant and wide usage in automotive oils.
- Corrosion inhibitors is projected to be the fastest-growing segment during the assessment period. This is due to the growing demand for durable and efficient engine oils.
- Dispersants is expected to witness moderate growth due to the growing demand for dispersing agent in engine oils.
- Friction modifier has witnessed significant growth owing to an increase in demand for fuel-efficient engine oils.
- The others segment includes anti-wear additives, pour point depressants, viscosity index improvers, anti-foaming agents, etc.
- This segment is further segmented into automotive, industrial, and others.
- The automotive segmentholds the largest share of the global engine oil additivesmarket owing to the increased demand for engine oil additives to protect engine oils, growing demand for specific end-use demand, and rapid growth in the automotive industry.
- The industrial segmentis expected to witness the fastest growth in the global engine oil additives market owing to the rising industrialization in developing economies of Asia-Pacific.
- The others segment includes marine, aviation, railway, etc.
- North America: Market growth is driven by the presence of large-scale manufacturers in the region and established end-use industries.
- Europe: Stringent government regulation and increased focus on R&D to develop high-quality engine oil additives is driving the market in the region.
- Asia-Pacific: This is the largest and fastest-growing regional market due to rising industrialization and growing demand for automotive engine oils.
- Latin America: The growing demand from major end-use industriesis fuelingthe market growth in the region.
- Middle East & Africa: The rising awareness and high demand from the automotive sector and strict environmental regulations are fueling the demand for engine oil additivesin the region.