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Engine Oil Additives Market was valued at USD 11.05 billion in 2022 and is anticipated to grow at USD 11.49 billion in 2028 recording a CAGR of 3.55% during the forecast period 2022-2028. 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 is high in demand which will help in expanding the market size of the market. Hence, increasing demand for engine oil additives from automobile industries are 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 utilised 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 launchings by the market players. For Instance, in Jan 2019, BASF expanded its business by increasing production capacity of antioxidants for lubricants. The capacity expansions address growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives.
