Easy Availability of Lubricant Additives to Spur Its Commercial Growth

Posted by Neha Bora on December 3rd, 2019

As per the report by Grand View Research, Inc., the lubricant additives market is poised to rise to a valuation of USD 18.85 billion and is estimated to witness a CAGR of 2.5% over the forecast period (2015-2024). Growing automobile, manufacturing, and construction industries, with no stringent environmental regulations, will drive the demand for modest quality lubricant additives.

Strict rules regarding the permissible amount of carbon release in the atmosphere is anticipated to remain a major driving factor for lubricant additives in the years to come. In addition, easy availability and low labor cost of feedstocks are foremost factors that attract companies in the region.

One of the major driving factors is rising automobile sales, mainly in passenger cars with long service intervals and high performance that will boost the demand for the market. In addition, emerging aftermarket for automobiles in developing economies and subsequent formation of domestic blenders is anticipated to propel the growth over the forthcoming period. On the other hand, growing demand toward substitute fuels and high quality of lubes and fuels in emerging countries is anticipated to hamper the lubricant additives industry in the forecast period.

Lubricant additives play a huge role in blending the base oil and further formulations since they are required to enhance the performance and specification of oils. Furthermore, a slight difference in base stock will affect the behavior of additives used in a lubricant formulation and it may not perform as projected.  The lubricant industry resolved these challenges by repeatedly emerging novel additives and redefining blending policies by blending diverse categories of base oils. This had a major influence on the market development in the past and is anticipated to also drive the market in the future.

Access Press Release of Lubricant Additives Market @ https://www.grandviewresearch.com/press-release/global-lubricant-additives-market

Asia Pacific region led the lubricant industry additives industry with demand share that is anticipated to only grow higher in the years to come. The development is anticipated to be driven by fuel efficiency rules along with increasing environmental concerns about carbon emission in India, Japan, and China.

Leading players operating in the lubricant additives market include Chemtura Corp., BASF SE, Croda International, Chevron Oronite, Evonik Industries, Lubrizol Corp, Infineum International, Tianhe Chemicals, and Shamrock.