HYDERABAD, India (Feb. 2, 2016) — The engine oil additives market is estimated to reach $11.9 billion by 2020 at a high compound annual growth rate (CAGR), according to a report.
China, with the highest number of motorcycles on the road, plays a major role in the global engine oil additives market, according to the report, “Engine Oil Additives Market Analysis” published by India-based IndustryARC, a market research report, business consulting services and business analytics firm.
The study breaks down the market by additive type — including anti-oxidants, detergents, dispersants, anti-wear additives, VI improvers, corrosion inhibitors and friction modifiers, as well as by engine type (gasoline, diesel, natural gas) and by end user (passenger car, commercial vehicle, motorcycle). The combined market share for these types stands at around 64 percent of the global engine oil additives market currently, according to the report.
Engine oil additives are specialty chemicals mixed with engine oil to enhance its properties. These additives help in protecting engines from any wear and tear and also improve a vehicle's overall fuel economy, the study said. The engine oil additives market had sales revenue of approximately $9.9 billion in 2014, wherein the Asia-Pacific (APAC) region dominated with about 37 percent revenue share. IndustryARC said an increasing number of in-use vehicles as well new registrations in the APAC region is primarily driving the market growth. China, among all the countries, is the promising market, with rising demand for engine oil additives.