The Engine Oil Additive Market is expected to reach about 11 billion by the end of the forecast year. Engine oil additives are chemical substances that are used to increase the performance of engine oils. When paired with other additions, additives are chosen for their ability to achieve specific objectives. They're made to function with a specific base oil and for a specific application. Among the most frequent types of functional additives include antioxidants, dispersants, detergents, anti-wear agents, viscosity modifiers, demulsifiers, and extreme-pressure additives. Engine oil's most common end-use application is in automobiles. Engine oil additives are also utilized in a wide range of industrial applications, including metalworking fluids, industrial engine oils, and so on.
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The engine oil additives market is growing rapidly as a result of extensive research and development efforts by leading producers to develop oil additives and improved base oils. In addition, the growing automobile industry and industrialization in a developing country are propelling the Engine Oil Additive Market forward. The engine oil additives market is being driven by the increased demand for fuel-efficient automobiles. Engine oil additives boost engine performance by preserving the good characteristics of the engine oil. The implementation of strict emission laws, notably for cars, is another driver of the Engine Oil Additive Market. Engine oil additives allow for complete combustion of the fuel, resulting in lower emissions of harmful gases. However, fluctuating oil prices and restrictive government regulations are projected to stifle global business growth.
The COVID-19 pandemic has wreaked havoc on people's lives all around the globe. Every company must battle on two fronts to survive this forced recession: health and finances. With the global recession costing hundreds of billions of dollars, there is growing evidence that the recovery will take much longer than expected, maybe well into early next year.
Based on the application, the Engine Oil Additive Market is segmented into antioxidants, detergents, corrosion inhibitors, dispersants, friction modifiers, and others.
Based on the end-users, the Engine Oil Additive Market is segmented into automotive, industrial, and others.
Based on the region, the Engine Oil Additive Market is segmented into North America, Europe, Asia-pacific, the Middle East Africa, and Latin America.
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The North American market for engine oil additives is the largest due to the extreme region's large-scale manufacturing, strict regulations, and established automotive sector. In Europe, government regulations, contemporary technology, and well-established businesses are boosting demand for engine oil additives. Because of the region's increasing vehicle sector, Asia-Pacific is the fastest-growing regional market. Emerging economies like India, China, and Thailand have the greatest development potential. As a result of greater emphasis on improving industrial productivity and increased knowledge among end-users, demand for Engine Oil additives is growing in the Middle East and Africa. Because of increased demand from the region's primary end-use sectors, the Latin American market for Engine Oil additives is predicted to rise significantly.
The major key players in the market are BASF SE, Evonik, LANXESS, Chevron Oronite, Croda International Plc, Lubrizol Corporation, Infineum International Ltd., Vanderbit Chemicals LLC, Lanzhou Lanlian Additive Co. Ltd., Jinzhou Kangtai Lubricant Additives Co. Ltd., Wuxi South Petroleum Additive Co. Ltd., and Afton Chemical Japan Corporation.
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