Engine Oil Additives Market Report Overview
-
Request a Free Sample to learn more about this report
The global engine oil additives market size was USD 12.6419 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with indoor plants experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 18.265 billion in 2031, exhibiting a CAGR of 3.78% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Engine oil additives are an ingredient that is combined with engine oil to fuel engine performance and prevent further failure. It is a chemical compound that is used to improve the lubricant performance of base oil.
Several factors estimated to expand market growth are increased demand for engine oil in the automotive and industrial sectors. Increased competition from fragmented and unorganized market coupled with increased demand for passenger vehicles from emerging economies is estimated to surge market growth. Rise in the need for improved quality of industrial lubricants and increased demand for renewable energy. These factors are estimated to fuel market growth in the forthcoming years. The oil is usually mixed with the basic engine oil to improve existing quality or add new properties. It is used to improve the quality of current base oil and to improve mask unfavorable base oil qualities. These features of the product are predicted to drive market growth. On the contrary, the rise in demand for electric and hybrid vehicles is anticipated to harm market growth.
COVID-19 Impact: Halt in Transportation and Shortage of Labors to Obstruct Market Growth
Halt in transportation and industrial activities to minimize market growth. Global travel restrictions coupled with the shortage of labor due to lockdown restrictions to harm market growth. Disruption in supply and chain and limited production harm market growth. Delay in raw material delivery and lower capacity utilization to standstill market growth.
LATEST TRENDS
"Increased Demand for Improved Quality of Industrial Lubricants "
High demand for improved quality industrial lubricants among end-user is estimated to fuel market growth. The majority of lubricant manufacturers focus on the development of anti-forming, rust-preventive, anti-oxidant, waterproof, and non-toxic. Increased competition from fragmented and unorganized markets coupled with increased demand for passenger vehicles from emerging economies is estimated to surge market growth. Rise in the need for improved quality of industrial lubricants and increased demand for renewable energy. These factors are estimated to fuel market growth in the forthcoming years. The oil is usually mixed with the basic engine oil to improve existing quality or add new properties, which is predicted to expand market growth.
Engine Oil Additives Market Segmentation
-
Request a Free Sample to learn more about this report
- By Type
Based on type, the market is divided into gasoline, diesel, natural gas, and others.
Gasoline is expected to be the top part of the segmentation type.
- By Application
Based on the application, the market is divided into passenger car, commercial vehicle, motorcycle, and others.
Passenger car is expected to be the top part of application segmentation.
DRIVING FACTORS
"Increased Need for Renewable Energy to Surge Market Growth "
High demand for renewable energy in the power generation sector and overpriced petroleum are estimated to fuel market growth. Growing demand for the power energy sector and a rise in number of wind turbines are anticipated to fuel market growth. High need to improve gearbox or to bear failure is anticipated to surge market growth. Increased adoption of advanced technologies coupled with growing R&D activities is estimated to expand market growth in the forthcoming years.
"Increased Demand for Engine Oils in Automotive Sector to Fuel Market Growth "
Increasing demand for engine oils in automotive sector is estimated to fuel market growth. Growing demand for automotive sector coupled with oil is usually mixed with the basic engine oil to improve existing quality or add new properties. It is used to improve the quality of current base oil and to improve mask unfavorable base oil qualities. These features of the product are predicted to drive market growth.
RESTRAINING FACTORS
"Growing Demand for Electric and Hybrid Vehicles to Harm Market Growth "
A rise in demand for electric and hybrid vehicles is anticipated to harm market growth in the forthcoming years.
Engine Oil Additives Market Regional Insights
-
Request a Free Sample to learn more about this report
"Rise in Demand for Engine Oil in Industrial Sector to Drive Market Share "
Asia Pacific is estimated to dominate the engine oil additives market share owing to the rise in demand from the industrial sector. The presence of the significant number of key players is estimated to fuel market growth. Increased demand for engine oil in the automotive and industrial sectors. Increased competition from fragmented and unorganized market coupled with increased demand for passenger vehicles from emerging economies is estimated to surge market growth. Rise in the need for improved quality of industrial lubricants and increased demand for renewable energy. These factors are estimated to fuel market growth in the forthcoming years.
North America is anticipated to account for the second-largest position in the market owing to a rise in engine oil demand, coupled with extensive demand for the product in all operating equipment, which is anticipated to accelerate market growth.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Chevron Oronite (U.S.)
- Infineum (U.S.)
- Jinzhou Xinxing (China)
- Tianhe (China)
- Jinzhou Kangtai (China)
- Chemtura (U.S.)
- Afton (U.S.)
- Lubrizol (U.S.)
- Wuxi South (China)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 12.6419 Billion in 2021 |
Market Size Value By |
US$ 18.265 Billion by 2031 |
Growth Rate |
CAGR of 3.78% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the engine oil additives market expected to touch by 2031?
The global engine oil additives market size is expected to reach USD 18.265 billion in 2031.
-
What CAGR is the engine oil additives market expected to exhibit by 2031?
The engine oil additives market is expected to exhibit a CAGR of 3.78% by 2031.
-
Which are the driving factors of the engine oil additives market?
Drivers of this engine oil additives market are increased need for renewable energy and increased demand for engine oils in automotive sector.
-
Which are the top companies operating in the engine oil additives market?
Chevron Oronite, Infineum, Jinzhou Xinxing, Tianhe, Jinzhou Kangtai, Chemtura, Afton, Lubrizol, and Wuxi South are the top companies operating in the engine oil additives market.
