Lubricants Additives Market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Lubricant Additive Market
Lubricant additives are organic or inorganic compounds dissolved or suspended as solids in oil. They typically range between 0.1 to 30 percent of the oil volume, depending on the machine. The basic roles of additives are enhance existing base oil properties with antioxidants, corrosion inhibitors, anti-foam agents and demulsifying agents, suppress undesirable base oil properties with pour-point depressants and viscosity index (VI) improvers, impart new properties to base oils with extreme pressure (EP) additives, detergents, metal deactivators and tackiness agents. These compounds are utilized individually or formulated as a package according to the end-use application. Consumption of lubricant additives is major in heavy-duty and passenger car lubricants in the automotive segment, followed by metalworking fluids and industrial engine oils in the industrial segment. The major additive types include dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, and emulsifiers, among others.
Market Dynamics: Lubricants Additives Market
Increasing marine and aviation transportation, growing automotive industry, and improved emission regulations in conjunction with fuel economy standards are driving the lubricant additives market growth. The enhancement in durability allows effective use of energy resources, provides capabilities to employ alternative fuels, and maintains low levels of exhaust emissions. The use of environment-friendly fuels, including renewable fuels, in both automotive and industrial engines, is expected to drive the demand for lubricant additives over the forecast period. However, higher drain intervals for high-grade lubricants inhibit the market growth owing to lubricant solutions with decreased maintenance costs and servicing. In addition, the fluctuations in the lubricant market are responsible for the relatively low growth rate of the world lubricant additives market.
Market Scope: Lubricants Additives Market
Lubricants additives market is segmented based on product type, application
Based on product type, market is segmented into the following:
- Viscosity index improvers
- Anti-wear agents
- Corrosion inhibitors
- Friction modifiers
Based on the application, market is segmented into the following:
- Automotive lubricants
- Industrial lubricants
Regional Analysis: Lubricants Additive Market
Geographically, lubricants additive market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific Lubricants Additive Market has lucrative growth attributed to rapidly growing economies in Asia-Pacific and rapidly evolving lifestyle demographics are driving automotive sales and industrial development. The increasing industrialization and automotive ownership are the key factors responsible for the growth of this market in the Asia-Pacific region. Latin America Lubricants Additive Market will be the second most growing market, leaving behind developed economies, such as North America and Europe. Europe Lubricants Additive Market will experience the slowest growth among all the regions due to economic slowdown and use of high quality lubricants.
Competition Assessment: Lubricants Additive Market
Some of the players in the lubricants additive market include:
- Chevron Corp
- Afton Chemical Corporation
- The Lubrizol Corporation
- Infineum International Limited
- BASF SE
- BRB International BV
- Wuxi South Petroleum Additive Co.
- Croda Lubricants
- DOG Chemie
- Dorf Ketal
- Dover Chemical
- Eni SpA.
- Evonik Industries AG
- Jinzhou Kangtai Lubricant Additives Co. Ltd
- King Industries Inc.
Notable Market Developments: Lubricants Additive Market
- In September 2017, BASF commissioned technical lab at Innovation Campus Asia Pacific, located in Navi Mumbai, India.