Lubricant Additives Market Growth Factors, Types and Application, Demand to 2022

Posted by Moin Patni on November 26th, 2018

Lubricant Additives Market

Lubricant Additives Market Introduction: Lubricant Additives Market is expected to grow to USD 17.1 Billion in 2022 growing at the CAGR of 3.2% since 2018 and is expected to continue till 2022.

Lubricant Additives are used to improve the performance, enhance efficiency and protect engine; due to these functions lubricant additives are utilized in various industries. Growth of the automobile industry, low cost of production along with, various base oil (petroleum oil, synthetic oil and vegetable oil) used in preparing lubricant additives are some of the drivers of this market. However, economic restraint and high drain intervals for high grade lubricants will hinder the market growth.

Lubricant Additives Market Key Players: Lubricant Additives Market are: BASF SE, Chemtura Corp., Chevron Oronite, Croda International, Evonik Industries, Infineum International, Lubrizol Corp, Shamrock Shipping & Trading Limited, Tianhe Chemicals, Afton Chemical Corporation and others.

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Lubricants is the reduction of friction and wear and in some case reduces relative movement of two bearing surfaces possible only with its presence. At times when saving energy & resources along with cutting emission becomes central environmental matters; lubricants are increasingly attracting public awareness due to their properties. Stringent environmental regulations regarding permitting carbon emission in atmosphere and increasing sales of automotive industry specially passenger car that has high performance and long service intervals are driving this market. However, fluctuation in price of raw materials such as calcium carbonate, zinc metal, and crude oil will hinder the growth of the market.

Lubricant Additives Market Segmentation: Lubricant Additives Market is majorly segmented on the basis of by type and by application. Based on type the market is segmented into surface protective additives, performance enhancing additives and lubricants protective additives. On the basis of application, the market is classified into automotive and industrial. Automotive is future sub-segmented into heavy duty motor oil passenger, car motor oil and industrial is sub-segmented into industrial engine oil and metal working.

Lubricant Additives Market Regional Analysis: Geographically, Asia Pacific emerged as the largest market for lubricant additives followed by North America and Europe in 2018. The Asia Pacific region accounted for largest market share of lubricant additives market in 2018 and is estimated to retain its dominance over the forecast years due to increasing demand from automotive and various industrial sector specifically in China, India, Japan, Vietnam, Thailand, Taiwan, and South Korea. In addition to this, the growth of Lubricant Additives is largely driven by development fuel efficiency norms combined with increasing environmental concerns about carbon emission in developing economies. Moreover, economic growth in this region along with industrialization has enabled greater production and sales of lightweight and heavy-duty vehicles. Furthermore, increased investment by key operating players in their R&D activities and shifting of lubricant additives production units as well as significantly increasing end use industries in this region is estimated to drive the lubricant additives regional market growth.

North American market is predicted to witness steady growth due to increasing demand from automotive sector. In North America, U.S. and Canada are among the major contributor in the regional market growth owing to the rising sale of passenger vehicles as well as growing tendency for possession of individual vehicle. Europe is predicted to witness moderate growth due to growing automotive production and sales in various countries such as Germany, Italy, UK, France, and Spain. Middle East & African market is estimated to register above average growth owing to increasing industrial set up specifically in Qatar, Turkey, the United Arab Emirates, Oman, and Saudi Arabia. Latin American countries such as Brazil and Mexico are expected to register moderate growth due to strong consumer base for automotive industry.

Lubricant Additives Market Growth / Application: Lubricant oil comprises of a base stock blended with various additives to enhance performance and maintain the same due to which lubricant additives is used majorly in automotive and various industries specifically heavy-duty motor oil, passenger car motor oil, industrial engine oil and metal working fluids. Various functions of lubricant additives such as enhancement of performance and efficiency, reduction in wear and tear of materials and metals, lower toxicity along with low cost, change in legislative and environment regulations, technology development in marine and automotive industries are some of the drivers of this market.

Lubricant Additives are predominantly added to lubricants to enhance specific favourable properties.  Lubricant Additives market is predicted to witness moderate growth due to its significant usage in automotive & industrial sector. Among application segment, industrial lubricant is expected to register strong growth in the near future on account of improving and modernizing manufacturing process in numerous end use industries. Furthermore, growing per capita disposable income has led to increase the demand for passenger cars among the middle-class population in developing countries which in turn opened the new avenues for the product market over the forecast period.

The market is expected to grow significantly over the forecasted period. Lubricant oil comprises of a base stock blended with various additives to enhance performance and maintain the same due to which lubricant additives is used majorly in automotive and various industries specifically heavy-duty motor oil, passenger car motor oil, industrial engine oil and metal working fluids. Various functions of lubricant additives such as enhancement of performance and efficiency, reduction in wear and tear of materials and metals, lower toxicity along with low cost, change in legislative and environment regulations, technology development in marine and automotive industries are some of the drivers of this market.

Lubricant Additives Market Competitive Landscape: Lubricant Additives report analyses the degree of competition among the major players as well as industry growth and market scenario. The global lubricant additives market includes various players operating in the market which comprised of large scale and medium size producers. The important market players operating in the global lubricant additives industry is focusing towards growth association specifically by Asia Pacific as medium scale and small-scale producers are from this region specifically from China, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of lubricant additives to meet the increasing demand for lubricant additives.

Lubricant Additives Market is segmented on basis of application namely, automotive and industrial. The application of Lubricant Additives in automotive industry is maximum owing to increasing sales in the automotive industry especially in emerging countries.

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