New York, NY -- (SBWIRE) -- 12/24/2020 -- The engine oil additives are specialised chemicals that are mixed or added to the engine oil in order to enhance the fuel efficiency and performance of a vehicle. The product protects the engine from all sorts of wear & tear and also improves the overall fuel capacity. The basic roles of engine oil additives are to decrease the undesirable properties of a base oil along with enhancing and imparting new properties to the base oil.

Market Drivers

The global engine oil additives market size is estimated to reach USD 15.17 billion by 2027 from USD 12.60 billion in 2019, delivering a CAGR of 2.3% during the forecast period. The market growth is aided by the increasing use of engine oil additives as per OEM specifications for lowering viscosity and improving fuel economy. In terms of end-use, the automotive segment is expected to register a CAGR of around 4.5% in the coming years due to the expansion of passenger car fleets globally.

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Regional Outlook

North America is expected to contribute prominently towards the engine oil additives market revenue share as the U.S. has the highest per capita vehicles in the world. Europe will also be a big regional ground for the engine oil additives market due to the presence of the original equipment manufacturers in the region. For commercial vehicles, America will lead the engine oil additives market, having accounted for 52.2% of the global commercial vehicle in-use fleet in 2014.

COVID-19 Impact on the Global Engine Oil Additives Market:

The latest report is the first Engine Oil Additives market research document covering the current global economic landscape severely impacted by the COVID-19 outbreak. The global health emergency has resulted in unprecedented changes in the global economy, thereby disrupting the Engine Oil Additives business sphere's functioning. The current scenario of this ever-evolving business vertical has been clearly depicted in the report, with a broad evaluation of the pandemic's present and future effects.

Key Players Profiled in the Report Include:

Afton Chemical, BASF SE, Croda International Plc., Lucas Oil Products, Inc., Lubrizol, Multisol, Chevron Corporation, Evonik Industries, Infineum International Limited.,BRB International, Total S.A, Gazpromneft Lubricants, Ltd., LUKOIL oil company, ROSNEFT, Royal Dutch Shell plc., Saudi Arabian Oil Co., Exxon Mobil Corporation, BP plc., Statoil, Sinopec Lubricant Company, Jiangsu Tech. Company Limited, Castrol Limited, and Ashland Inc.

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The Engine Oil Additives market is segmented on the basis of product types and applications offered by the market to impart an easy understanding of the Engine Oil Additives market operations and covers:

By Product Type:

· Anti-oxidants

· Detergents

· Pour point Depressants

· Anti-wear additives

· Viscosity modifiers

· Antifoam agents

· Friction modifiers

· Metal Deactivators

· Corrosion inhibitors

· Extreme pressure (EP) Additives

· Demulsifiers

· Emulsifiers

· Biocides

· Tackifiers

· Seal Swell Agent

· Oxidation inhibitors

By Application:

· Automotive

· Industrial

· Others

Regional Perspective:

The global Engine Oil Additives market has been categorized into several significant regions, such as North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. This section of the report analyzes the presence of the global Engine Oil Additives market across the major regions. It determines the market share, market size, revenue contribution, sales network and distribution channel, and other key elements of each regional segment.

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Report Highlights:

Sales & Revenue Analysis – The report includes accurate market sales volume and revenue estimations, assessed using useful analytical tools.

Supply and Value Chain Analysis: This section of the report offers a detailed examination of the global supply and value chains, which have been drastically affected by the COVID-19 pandemic.

Competitive Scenario: This section highlights both the emerging and dominant players of the global Engine Oil Additives market and summarizes their company profiles, product portfolios, production capacities, and cost and revenue analyses.

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