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Market Research Future Insights
According to MRFR analysis, the global Engine Oil Additive market is expected to register a CAGR of ~4.21% from 2022 to 2030 and hold a value of over USD 22.05 Billion by 2030.
Engine oil additives are chemicals that are used to enhance the performance of engine oils. The selection of additives is based on their ability to perform certain tasks alone or in combination with other additions. They are made to function with a certain base oil and for a specific purpose. Among the most popular kinds of functional additives include dispersants, antioxidants, anti-wear agents, detergents, demulsifiers, viscosity modifiers, and extreme-pressure additives. The largest end-use for engine oil is in the automotive industry. Additionally, a wide range of industrial uses, including metalworking fluids, industrial engine oils, and so forth, require engine oil additives. Globally, the pandemic had a profound effect on people's lives. Every company must battle on two fronts to survive this era of forced recession—financial and health. There is growing indication that the recovery period will stretch far into the beginning of next year.
Regional Analysis
North America has the greatest market for engine oil additives because of its extensive manufacturing sector, stringent laws, and well-established automotive industry. European businesses with a long history, cutting-edge technology, and strict regulatory regulations are fueling demand for engine oil additives.
Due to the region's increasing vehicle industry, Asia-Pacific is the geographical market that is expanding at the highest rate. The largest development potential is in developing nations such as China, Thailand, and India.
Given the growing focus on improving industrial productivity and more consumer knowledge, the demand for engine oil additive is rising throughout the Middle East and Africa. Due to increased demand from the major end-use industries in the area, the market for Engine Oil Additives in Latin America is predicted to expand considerably.
Market Segmentation
The Global Engine Oil Additive market has been segmented into Information Type and End-User.
Based on the Information Type, the market has been segmented into Anti-Oxidants, Detergents, Corrosion inhibitors, and Dispersants.
Based on the End-User, the market has been segmented into Automotive, Industrial.
Key Players
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