The global in use passenger car fleet has been increasing; hence engine oil additives market volume for passenger car is estimated to grow at a CAGR of 4.3% from 2014 to 2020. Across Americas, the number of commercial vehicles in use is very high, accounting for 52.2% of the global commercial vehicle in use fleet in 2014. Due to this reason, America leads among the top 3 geographies for contributing to the engine oil additives market for commercial vehicles.
Engine Oil Additives are basically specialty chemicals mixed with the engine oil to enhance properties of engine oil as well the overall efficiency or durability of the engine. These additives help in protecting the engine from any wear & tear and also improve the overall fuel economy.
Engine Oil Additives Market had sales revenue of around $9.9 Billion in 2014, where APAC was a leading region with around 37% revenue share. Increasing number of in-use vehicles as well new registrations in APAC region is driving the market growth. China, among all the countries is the promising market with rising demand for engine oil additives. China is another major manufacturer of engine oil additive and has accounted for 37.8% of market share. Being the country for highest number of motorcycles on road, China plays a major role in the global engine oil additives market. Americas, Europe, APAC and rest of the world are studied by IndustryARC in detail in this research report.
The market is segmented on the basis of different types of additives such as anti-oxidants, detergents, dispersants, anti-wear additives, VI improvers, corrosion inhibitors, friction modifiers, pour point depressants and others (Others include metal deactivators, emulsifiers and more). Market is also segmented based on different engine types and end users. End user verticals like: Passenger car, Commercial vehicles, Motorcycles and Others. Engine Types being: Gasoline, Diesel, Natural Gas and Others.
Prominent Players of the Market:
Globally there are many manufacturers listed in the engine oil additives market including many small and medium scale regional players. Out of all those only a few as stated above are competing in the global market. Every company is investing huge share of their profitability for R&D to come up with innovative products to differentiate themselves in the market. Engine oil additives market is set to experience a lot of change in future in terms of demand and other technical aspects. Among more than 40 players studied in this market research report, few are:
- Evonik Industries
- Infineum International Ltd.
- Petroleum Chemicals, LLC
- The Lubrizol Corporation
- Vanderbilt Chemicals, LLC
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