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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Engine Oil Additives Market: By Type, By Fuel Type, By End User and Geography
Engine Oil Additives Market: By Type, By Fuel Type, By End User and Geography
Engine Oil Additives Market was valued at US$ 12.05 billion in 2023 and is anticipated to grow at US$ 15.49 billion in 2030 recording a CAGR of 5.2% from 2024-2030. Increasing production of automobiles and demand for conventional and synthetic products are the key factors driving this industry. Over the past years, automotive vehicle sales have shown a constant rise as a result of the growing population and consumer spending capacity. All moving parts in any industry require lubrication mainly used in small electric motor bearings hence lubricant additives used in engine oils are high in demand which will help in expanding the market size of the market. Hence, increasing demand for engine oil additives from automobile industries is fueling the market growth. 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. The global market is surging owing to frequent acquisitions and launches by the market players. For Instance, in Jan 2019, BASF expanded its business by increasing the production capacity of antioxidants for lubricants. The capacity expansions address the growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives.
Study Period
2024-2030Base Year
2023CAGR
5.2%Largest Market
Asia-PacificFastest Growing Market
North America
Increase in demand for fuel efficient vehicles, implementation of stringent emission norms especially for vehicles, rise in demand for engine oil additives in automobile and machinery industries and high growth in emerging economies are some key factors influencing the market growth. However, factors such as rising demand for battery operated vehicles (BEVs) may restrict the market growth.
Asia Pacific accounted for larger revenue share in global engine oil additives market with considerable CAGR. The growth in this region is due to increasing population and rapid industrialization. Also, rising demand for several types of vehicles is high exclusively for passenger cars and heavy commercial vehicles in the region. In addition, North America held considerable market share during estimated period. U.S is the major contributor for the growth of the market in this region as it has high per capita vehicles in the world.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 12.05 billion |
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Market Size in 2030 |
US$ 15.49 billion |
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Market CAGR |
5.2% |
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By Type |
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By Fuel Type |
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By End User |
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The engine oil additives market size was valued at US$ 12.05 billion in 2023
The engine oil additives market key players are: Afton Chemical BASF SE Croda International Plc. Lucas Oil ProductsInc. Lubrizol Multisol Chevron Corporation Evonik Industries Infineum International Limited. BRB International
The engine oil additives market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
16. Key Assumptions and Acronyms
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.