Increasing disposable income, technologically advanced products, and rising demand from the automotive and industrial sector are some of the reasons fueling the market growth during the forecast years.

Engine Oil Market Size – USD 16.38 Billion in 2020, Growth - CAGR of 2.6%, trends – industrialization, and growth in the automotive industry

According to the current analysis of Reports and Data, the global Engine Oil market was valued at USD 16.38 Billion in 2020 and is expected to reach USD 20.19 Billion by the year 2028, at a CAGR of 2.6%. Lubricating oil additives are chemical compounds that enhance the performance of functional oils and lubricants.

The lubricating oil additives enhance the performance of the lubricants and fluids thus are responsible for providing an efficient and economical performance of machines and appliances. Furthermore, these additives help in preventing corrosion, reducing friction, and extending the durability of the hardware. Moreover, lubricating oil additives are also used as detergents in oil formulations to stabilize dirt. The various functions of these additives are likely to support the market growth during the forecast years.  Rapidly increasing transportation, rising demand for engine oil from passenger cars and commercial vehicles, growing automotive and industrial industry, improved regulations regarding fuel emissions and the advantages of additives to reduce emission and increase the efficiency of automobiles and lubricants are the factors driving the growth of lubricant oil additives market. Lubricant performance is enhanced through additive, which is substance synthesized for anti-friction properties and improve the chemical and physical properties of base oils, also increasing the equipment life.

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Top Companies: Afton Chemical, Chevron Oronite, BASF, Evonik Industries, Croda International

Further Key Finding from the Report Suggestion:

• Lubricating Oil additives market is anticipated to grow at a CAGR of 3% in the Asia-Pacific followed by North America and Europe, with 2.2% and 2.6% CAGR, respectively. Rapid urbanization and increasing industrialization are the key factors to accelerate market growth during the forecast period across all regions
• As of 2020, Dispersants were valued at USD 5.47 Billion and are expected to dominate the market during the forecast period.
• Manufacturers are focusing on various research development activities to formulate efficient additive packages as specified by OEMs.
• The growing trend towards lightweight vehicles would be causative of an increase in the market demand during the forecast years.
• Engine oil lubricants occupy more than 50% lubricant oil additives market owing to their increased demand.
• The Middle East and the Africa region are expected to witness lucrative growth as market players prefer these regions due to the increasing industrialization as well as the presence of high-grade lubricants.
• Fluctuations in prices of raw material additives and the increasing demand for electric vehicles is likely to restrict the market growth during the forecast period

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Lubricating Oil Additives market is segmented into:

Functional Type (Revenue in USD Million; Volume in Tons, 2020–2028)

• Dispersants
• Detergents
• Anti-oxidants
• Anti-wear agents
• Extreme Pressure additives
• Viscosity Index Improvers

Application Type (Revenue in USD Million; Volume in Tons, 2020–2028)       

• Engine Oil
• Gear Oil
• Process Oil
• Industrial Oil
• Hydraulics Fluid
• Metal Working Fluid

Sector Type (Revenue in USD Million; Volume in Tons, 2020–2028)

• Automotive
• Industrial

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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