Lubricant Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global lubricant additives market reached a value of around US$ 15.4 Billion in 2018. The market is further projected to reach a value of US$ 18.5 Billion by 2024, exhibiting a CAGR of more than 3% during 2019-2024. Lubricant additives are chemicals used for enhancing the functioning of lubricating oils by helping the engine oil to stay longer and making the engine safe under all operating conditions. They typically range between 0.1% to 30% of the oil volume, depending on the application.
Additives can be of various types, some additives impart new and useful properties to the lubricant, whereas, others enhance properties that are already present. Some lubricants also act to lower the rate at which unwanted changes take place in the product throughout its service life. A number of factors are currently catalysing the global demand for lubricant additives.
Many lubricant additives contain anti-wear, anti-rust or anti-corrosive characteristics, which prevent damage to coatings and surfaces inside the engine.
Some lubricant additives are also used to maintain the required physical properties (such as viscosity) at all temperatures and operating conditions. This provides adequate flow and viscosity of the engine oil in all situations.
Additives with antioxidant properties aid in slowing down the oxidation process and the build-up of unwanted engine contaminants and oil thickening. They also help in keeping the engine surfaces and parts clean along with controlling deposit mediated engine oil thickening.
Additives with friction or viscosity modifying properties can also help in increasing the fuel economy. This is by decreasing the friction between moving surfaces or allowing favourable viscosity profiles that further provides improved efficiency.
Advanced lubricant additives also benefit the environment as they can aid in reducing carbon dioxide emissions from vehicles and also allow the effective use of energy resources.
Based on the type, the market has been segmented as dispersants, viscosity index improvers, detergents, antiwear and antioxidants, corrosion inhibitors, friction modifiers and emulsifiers.
On the basis of the end-use, automotive lubricants represent the largest segment. Other major segments covered in the report include metalworking fluid, industrial engine oil, process oil and grease.
On the basis of the distribution channel, the report has segmented the market into institutional and retail.
Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific currently represents the largest market.
The competitive landscape of the market has also been examined with some of the key players being 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 and King Industries Inc.
This report provides a deep insight into the global lubricant additives market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the lubricant additives industry in any manner
Key Questions Answered in This Report:
How has the global lubricant additives market performed so far and how will it perform in the coming years?
What are the key regions in the global lubricant additives market?
What are the key product types in the global lubricant additives market?
What are the key end-use segments in the global lubricant additives market?
What are the major distribution channels in the global lubricant additives market?
What are the various stages in the value chain of the global lubricant additives industry?
What are the key driving factors and challenges in the global lubricant additives industry?
What is the structure of the global lubricant additives industry and who are the key players?
What is the degree of competition in the global lubricant additives market?
How are lubricant additives manufactured?
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