Global Lubricant Additives Market 2015-2019
About Lubricant Additives
Lubricant additives are chemical compounds that are used to improve the performance of lubricant formulations. In addition to improving the performance characteristics of lubricating oils, these additives aid significantly in the development of prime movers and industrial machinery. The development of modern passenger car engines, hypoid gears, automatic transmissions, high-speed gas and steam turbines, rail and marine diesel engines, industrial processing machinery, as well as many other types of equipment, would have been greatly retarded in the absence of these additives and the associated performance benefits. These additives also play a significant role in the emissions and energy management in various automotive and industrial end uses.
Technavio's analysts forecast the global lubricant additives market to grow at a CAGR of 2.68% during 2014-2019.
Covered in this Report
The report presents data on the following segments of the market:
Technavio Announces the Publication of its Research Report – Global Lubricant Additives Market 2015-2019.
Technavio recognizes the following companies as the key players in the Global Lubricant Additives Market: Afton, BASF, Chevron Oronite, DOW, Lonza and Lubrizol.
Other Prominent Vendors in the market are Chemtura, Croda, Elco, Evonik and King Industries.
Commenting on the report, an analyst from Technavio’s team said, “One major trend in this market is the shift from Monograde Oils to Multigrade Oils. There is a rapid shift in preference from monograde to multigrade oils across the world. The trend is predominant in North America and Europe. Multigrade oils are preferred in these regions on account of their better cold pumpability. ”
According to the report, one key driver of this market is the growing Awareness of Need for Energy Efficiency. Lubricant additives influence energy efficiency by reducing energy losses. The use of lubricant additives helps in reducing friction losses in hydrodynamic, elastohydrodynamic and boundary lubrication regimes. The loss of energy depends on the viscosity and chemical composition of the type of lubricant used.
Further, the report states that one of the major challenges is the increased Adoption of Hybrid Electrical Vehicles. With increasing environmental regulations and pollution control measures, there is an increasing prominence of HEVs that are powered by a combination of electric motor and IC engines.
Afton, BASF, Chevron Oronite, DOW, Lonza and Lubrizol, Chemtura, Croda, Elco, Evonik, King Industries
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