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Engine oil additive is a substance that is combined with engine oil to boost engine performance and prevent it from failure. Engine oil additives are chemical substances that are mixed with the basic engine oil to give it new properties or improve existing ones. There are several types of additives available, including viscosity index improvers, which stabilize the engine oil and allow it to remain effective over a wide temperature range.
Antioxidants help to slow down the oxidation process and the production of deposits, which keeps the engine clean and extends the life of the engine oil while detergents aid to prevent rust on the vehicle's parts. Engine oil additive types are classified as anti-wear agents, anti-oxidants, viscosity index improvers, ep additives, detergents, corrosion inhibitors, dispersants, and others depending on their function. Viscosity Index (VI) Improvers are large-sized polymer additives that are employed in the mixing of multi-grade motor oils. They also aid to minimize oil viscosity loss. Following are three basic functions of additives:
With rising demand for engine oils, engine oil additives are in high demand. As all operating equipment in any sector requires lubrication, lubricant additives used in engine oils are in high demand, which further assists in the engine oil additives market growth.
Considering the halt in transportation and industrial activity, stakeholders across the lubricants value chain (including raw material suppliers, lubricant players, contract/toll manufacturers, channel partners, and customers) have witnessed a major impact as a result of the pandemic. Worker shortages, global travel restrictions, and a disrupted supply chain were just a few of the issues wreaking havoc. Despite the fact that factories continued to operate, delay in raw material deliveries and little to no supply of manufactured goods left no choice but to limit production and lower capacity utilization.
The report covers the following key insights:
On the basis of end-use, the market is segmented into industrial and automotive.
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The global engine oil additives market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the dominant market attributed to the rising demand from the industrial sector. North America is one of the key markets for engine oil additives due to the presence of numerous manufacturers. Europe is expected to show moderate growth attributed to the growth in the automotive sector. Latin America and the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the estimated period.
The report includes the profiles of key players such as BASF SE, LANXESS, Evonik, Lubrizol Corporation, Croda International Plc, Royal Dutch Shell, Infineum International Ltd, and others.
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