Engine oil additives are chemicals or specialty chemicals that are added or mixed with engine oil to enhance its performance and characteristics. Engine oil additives protect the engine form wear and tear and also improve the overall fuel economy. Engine oil additives are also referred as lubricant additives. Engine oil additives play three basic roles: (i) it enhances base oil properties, (ii) it suppresses undesirable properties, and (iii) it imparts new properties to base oil. These functions are carried out by different types of engine oil additives.
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However, engine oil additives improve the viscosity index of the engine oil. This is the major characteristic of engine oil additives. High viscosity imparts difficulty for easy flow of oil. On the other hand, less viscosity causes improper lubrication. The viscosity of the engine oil also changes due to temperature variations. Engine oil additives ensure maintenance of enough viscosity of the engine oil so that the engine functions without any lag.
Different types of engine oil additives are available in the market. Based on type, the engine oil additives market can be segmented into anti-oxidants, dispersants, detergents, corrosion inhibitors, friction modifiers, antiwear additives, and VI improvers. In terms of fuel type, the engine oil additives market can be divided into diesel, gasoline, and gas. Engine is the fundamental component of a vehicles. Thus, the engine oil additives market can also be segregated into passenger cars, commercial vehicles (LCV & HCV), off-road vehicles, motorcycles, and others. The others segment includes all the machineries where the use of engine oil or use of fuel is prominent.
Increase in demand for fuel efficient vehicles is the key driver of the engine oil additives market. Engine oil additives help enhance the engine performance by maintaining the desired properties of the engine oil. Implementation of stringent emission norms especially for vehicles is another driver of the engine oil additives market. The usage of engine oil additives leads to complete combustion of the fuel; this helps lower the emission of harmful gases. However, emergence of battery operated vehicles (BEVs) is a major restraint of the engine oil additives market. Trend of electric vehicles is gaining popularity due it to zero emission characteristics. Rise in demand for engine oil additives in automobile and machinery industries is a key opportunity for the engine oil additives market.
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In terms of region, Asia Pacific is expected to lead the global engine oil additives market, led by the rapid development and urbanization. Asia Pacific also accounts for the largest population. Demand for different types of vehicles, especially passenger cars and heavy commercial vehicles, is high in the region. North America is anticipated to constitute prominent share of the engine oil additives market in the near future. Countries in the region such as the U.S. have high per capita vehicles in the world. Europe is another lucrative region of the engine oil additives market. Most of the major automobile manufacturers are from countries in Europe. These Original equipment manufacturers are likely to offer lucrative opportunities to the engine oil additives market.
Prominent players operating in the engine oil additives market are Afton Chemical, BASF SE, Croda International Plc., Lucas Oil Products, Inc., Lubrizol, Multisol, Chevron Corporation, Evonik Industries, Infineum International Limited., and BRB International.
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