Market Revenue Engine Oil Additives Industry Outlook 2021 | Page 2

functioning of engine oil as well as the robustness of the engine. In addition, they develop the physical
and chemical properties of the engine. It has been noted that the producers of various oils make use
of the similar base stock for each formulation and they can opt for diverse additives for a different
application. The prominent factors that are playing a major role in raising the share of the market
include augmented demand from the automobile and machinery industry, rise in the industrialization,
intensified investments in the research and development activities, and technological advancements.
The only factors that are turning to be huge market challenges for the market growth include costly
raw materials and the risks involved with the use of these chemicals. Engine Oil Additives Market is
segmented on the basis of engine type as Gas, Diesel, and Natural Gas.
Among the engine types, the segment of gas as well as diesel are accounting for the largest share in
the market. Engine Oil Additives Market is segmented on the basis of end user as Passenger Car,
Commercial Vehicle, Motorcycle and Others. Among all the end users, the segment of passenger cars
is covering the largest share.
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In addition, commercial Vehicles are also attaining a speedy growth gradually. It has been anticipated
that the Engine Oil Additives Market will witness a huge growth in the near future due to widening
scope and applications across various sectors. Engine Oil Additives Market is segmented on the basis
of geographical region as North America, Europe, Asia-Pacific, and Rest of the World.
As far as the geographical location is concerned, Asia-Pacific is lately considered as the largest market
and it is estimated that the region will display a huge growth in the next couple of years.
Currently it is accounting for the largest share in the market. China is deemed as the major contributor
to the growth of the market, the reason being augmented demand for passenger cars and commercial
vehicles.