Global engine oil additive market is valued 10,853$ million in the year 2017 and is anticipated to grow at a CAGR of 3.2% during the forecast period 2018-2023. Engine oil market is segmented based on the type available in which dispersants is valued high among all the types which is valued $2,426.7 million in the year 2017 and is expected to grow at a CAGR of 3.4% from the year 2018-2023, and followed by VI Improvers which is valued $2,322.4 million in the year 2017 and is expected to grow at a CAGR of 2.7% from the year 2018-2023. Due to high sales of two-wheelers the Global Engine Oil Additive Market is expected to witness a growth in market share during the forecast period of 2018-2023 with a high CAGR of 3.9%.
What is Engine Oil Additive Market?
Engine oil additive is mixed with engine oil to improve the performance of engine and protect engine from any type of failure. Engine oil additives are chemical compounds which are added with engine oil to provide new properties or to enhance the present properties of the base oil. Engine oil additive is segmented based on the type available each type has different types like viscosity index improvers stabilizes the engine oil and enables it to continue to be effective over a range of different temperature. Antioxidants helps to slow down the process of oxidation and thus the formation of deposits this keeps the engine clean and enhances the life of the engine oil whereas the detergents will prevent the formation of rust to the parts of the vehicle.
Depending on type engine oil additives can be categorized into demulsifier, antioxidant, viscosity index improver, anti-wear additives, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others. VI Improvers are generally are large sized polymer additives which are used for blending multi-grade engine oil, it also helps to prevents viscosity loss of oil.
What are the major applications for Engine Oil Additive Market?
The end users industry analysis on automotive for engine oil additive is passenger car, commercial vehicles, motor oils and in many other industries. 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 engine oil additives market. Our findings on industry analysis impart oils and grease is the most commonly used lubricants in industries. Metal working fluids mainly designed to provide cooling and prevent metal build up on wheel.
Market Research and Market Trends of Engine Oil Additive Market:
- Aoki a Japan based company is addressing the main issue faced by many car manufacturing company that is developing a super diesel cleaner addictive which solves the issue of maintaining the cleanliness of diesel particulate filters. This diesel cleaner system will enhance the performance of the engine and also improves the performance of the car. According to this analysis the newly diesel cleaner technology is expected to upsurge the market growth of engine oil additives market.
- Vehicle technology office (VTO) supporting R & D on lubricants. The extensive research on the development of better base oil and oil additives will support the market. This research primarily focused on analyzing the development of oil, which will have the ability to enhance the mechanical efficiency of internal combustion engines by 10% by preventing increased wear or any damage to the emission after treatment system. Particularly by using an ionic liquids as lubricants may result in 30% less friction than by using other lubricants.
- VTO is also developing tribochemical films which acts as a protective layer on the metal surface. By developing this tribochemical films reduces the friction, wear and improve fuel economy. This newly developed technology is anticipated to act as a key driver for increasing the Engine Oil Additive market industry share.
- Technical innovation in Gas to liquid technology could lead to performance improvements in lubricants. This technology is the process of converting natural gas which is obtained from Pennzoil into a base oil. Applying sensors technology for real time monitoring to enable real time analysis of lubricants and equipment performance will play an important role in lubricant management.
Who are the Major Players in Engine Oil Additive market?
The companies referred in the market research report includes BASF SE, Croda Internation Plc, Infineum International Ltd, The Lubrizol Corporation, Vanderbit Chemicals LLC and more than 10 other companies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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