Lubricant Additives Market 2020-2028: COVID-19 Impact, Demand Analysis, Industry Size, Share, Growth Factor, Revenue

Posted by Shahbaz on October 12th, 2022

According to our latest market study on “Lubricant Additives Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agents, Emulsifiers, and Others) and Application (Automotive and Industrial),” the lubricant additives market size is expected to grow from US$ 15,584.9 million in 2021 to US$ 19,880.1 million by 2028; it is expected to grow at a CAGR of 3.5% from 2021 to 2028. The report highlights key factors governing the growth of this market, It also profiles prominent market players, along with their developments, in the lubricant additives market.

Lubricant additives are organic or inorganic chemicals that are dissolved or suspended in a solid form in oil. The concentration of these chemicals varies from 0.1% to 30% of the oil volume, depending on the type of equipment that needs oil as a lubricant. A rise in the sales of passenger and commercial vehicles is driving the market in the automotive sector. Lubricating oil additives are widely employed in transmission fluids, engine oils, hydraulic fluids, and gear oils that are commonly used in the automotive and other industries. A surge in marine and aviation transportation is predicted to contribute to the global lubricant additives market growth in the coming years. The use of lubricant additives is on the rise in developing regions, such as Asia Pacific, the Middle East & Africa, and South & Central America, which creates a huge impact on the overall market. Asia Pacific accounts for the largest share of the overall lubricant additives market.

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Impact of COVID-19 Pandemic on Lubricant Additives Market 

The COVID-19 pandemic led to adverse effects in many industries, such as the chemical & materials, as they faced unprecedented challenges due to disruptions in supply chains, and disharmony in manufacturing, delivery schedules, and sales of various goods. The demand for lubricant additives decreased due to disturbances in the operations of several industrial sectors. Many lubricant additives production sites were either closed partially or completely in 2020. Moreover, fluctuations in raw material costs and availability resulted in the volatility of prices of lubricant additives. However, with economies reviving gradually since 2021, the demand for lubricant additives is expected to increase globally in the coming years.

Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION are among the key players in the colloidal silica market. These market players emphasize on developing high-quality and innovative products and expanding their product portfolios to address continuously evolving customer demands.

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