Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023
“The lubricating oil additives market is projected to grow at a CAGR of 2.64% from 2018 to 2023.”
The lubricating oil additives market is projected to grow from USD 15.57 billion in 2018 to USD 17.74 billion by 2023, at a CAGR of 2.64% between 2018 and 2023. The key driver for the growth of the lubricating oil additives market is the increasing demand from automotive industry for advanced lubricants that reduce emission and enhance drain intervals, fuel economy, and performance of engines. The primary functions of engine oil additives are to reduce friction, prevent wear and rust, and control formation of sludge and oxidation. The increasing number of passenger cars and commercial vehicles and the high industrial development in the Asia Pacific and Middle East & African regions are some of the factors contributing to the growth of the lubricating oil additives market. The fluctuating raw material prices and increasing sales of electric vehicles are considered as major restraining factors for the market.
“Based on functional type, the oxidation inhibitors segment is expected to lead the lubricating oil additives market during the forecast period.”
Based on functional type, the oxidation inhibitors segment is expected to be the fastest-growing segment of the lubricating oil additives market during the forecast period. Oxidation inhibitors are used to reduce thickening and inhibit acid formation in a wide variety of applications, such as engine oil, gear oil, hydraulic oil, automatic transmission fluid, industrial oil, and compressor oil. Oxidation inhibitors also help prevent degradation of lubricants over time.
“Based on application, the engine oil segment is projected to lead the lubricating oil additives market during the forecast period.”
Based on application, the engine oil segment was the largest segment of the lubricating oil additives market in 2017. The demand for engine oil is backed by the increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages according to the specifications of OEMs.
“The automotive segment is projected to be the fastest-growing end-use industry of the lubricating oil additives market during the forecast period.”
Based on end-use industry, the automotive segment is expected to be the fastest-growing segment of the lubricating oil additives market during the forecast period. The automotive end-use industry dominates the lubricating oil additives market due to the high demand for engine oil from passenger cars and commercial vehicles. The growth is also driven by the focus of additive manufacturers on the research & development of advanced automotive additives to reduce emission and increase the performance of automotive lubricants.
“Rising demand from APAC is a key factor that is expected to drive the lubricating oil additives market.”
The Asia Pacific region is expected to witness the highest growth during the forecast period; this growth can be attributed to the high demand for lubricants from countries such as China, India, and other southeast Asian countries. The growth in the industrial sector and the increase in automotive sales are other major factors expected to drive the lubricating oil additives market in the Asia Pacific region.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. The break-up of the primary interviews is given below:
• By Company Type: Tier 1-54%, Tier 2-35%, and Others-11%
• By Designation: C-level-44%, Director-level-34%, and Others-22%
• By Region: APAC-63%, North America-12%, Europe-18%, MEA-4% and South America-3%
Note: 1. Other designations include sales managers, marketing managers, and product managers. 2. Tiers of companies are defined based on their total revenues in 2017. Tier 1 = >USD 1 billion, Tier 2 = USD 100 million to USD 1 billion, and Tier 3 =
Key companies profiled in this market research report include Afton Chemical (US), Chevron Oronite (US), BASF (Germany), Evonik Industries (Germany), Lubrizol (US), and Lanxess (Germany).
This report covers the market for lubricating oil additives and its applications across different industry verticals and regions. It aims at estimating the market size and the potential of the lubricating oil additives market based on functional type, application, end-use industry, and region. The report also includes an in-depth competitive analysis of key market players, along with their company profiles, recent developments, and key market strategies.
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The report will help market leaders/new entrants by providing them the closest approximations of revenues in the lubricating oil additives market. This report will also help stakeholders better understand the market’s competitive landscape, and gain insights to position their businesses and formulate market strategies. The report will also help stakeholders understand the pulse of the market and acquire information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers
• Market Penetration: Comprehensive information on lubricating oil additives offered by top market players
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the lubricating oil additives market
• Market Development: Comprehensive information about lucrative emerging markets-the report analyzes the markets for lubricating oil additives across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the lubricating oil additives market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the lubricating oil additives market