Market Analysis
The global lubricating oil additives market is predicted to grow at a favorable CAGR between 2018- 2023, as per the recent analysis by Market Research Future (MRFR). Lubricating oil additives, simply put, are chemical compounds that are added to the lubricating oil to offer new properties or improve the base oil’s present properties. Some additives work wonders in suppressing the base oil’s undesirable properties as well. Such additives have extensive applications in the automobile sector for efficient and safe working of the gearbox, engine, and other assemblies.
Various factors are propelling the global lubricating oil additives market growth. As per the latest MRFR report, such factors include growing popularity of lightweight cars, an increase in the manufactures as well as sales of cars in Thailand, Indonesia, and India, breakthroughs in technology leading to the launching of new cars like aluminum trucks smart cars, and booming automotive industry. Additional factors adding market growth include legislations targeting the fuel emission resulting in formulation changes and effecting additive selection as well as its use, strict monitoring of chemical limits in the automotive additive and fuel, growing use of low-viscosity materials, specification upgrades resulting in the mandatory and enhanced application of dispersants and antioxidants, rapid industrialization, and economic development.
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On the contrary, the burgeoning need for electric cars and fluctuations in the price of raw material are factors that may limit the global lubricating oil additives market growth over the forecast period. Besides, the shortage of supply due to the COVID-19 outbreak is also impacting the market growth.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global lubricating oil additives market report based on application, type, and end user.
By end user, the global lubricating oil additives market is segmented into industrial, automotive, and others.
By type, the global lubricating oil additives market is segmented into corrosion inhibitor, anti-foam agent, friction modifier, detergent, viscosity index improver, demulsifier, antioxidant, and others.
Based on application, the global lubricating oil additives market is segmented into process oil, industrial oil, hydraulic fluid, gear oil, engine oil, and others.
Regional Analysis
By region, the lubricating oil additives industry report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America, Middle East and Africa. Of these, the APAC region will spearhead the market over the forecast period. The booming industrial sector, need to increase the efficiency of machines, and surging demand for lubricating oil additives in the automobile sector in South Korea, Indonesia, Japan, India, and China are adding to the global lubricating oil additives market growth in the region.
The global lubricating oil additives market in North America is predicted to have healthy growth over the forecast period. The burgeoning demand for lubricating oil additives for the region being the second-largest in automotive production is adding to the global lubricating oil additives market growth in the region.
The global lubricating oil additives market in Europe is predicted to have notable growth over the forecast period. Advances in the automotive sector, coupled with the growing need to curb gas emissions improve fuel economy, are adding to the global lubricating oil additives market growth in the region. Italy, France, the UK, and Germany have the maximum share in the region.
The global lubricating oil additives market in Latin America and the MEA is predicted to have sound growth over the forecast period. Burgeoning demand for automobiles coupled with technological advances is adding to the global lubricating oil additives market growth in the region.
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Key Players
Leading players profiled in the global lubricating oil additives market report include Krystal Lubetech Private Limited (India), Lanxess (Germany), BRB International BV (Netherlands), Croda International PLC (UK), Evonik Industries AG (Germany), Afton Chemical (US), Chevron Oronite Company LLC (US), Tianhe Chemicals (China), Infineum International Limited (UK), BASF SE (Germany), and Lubrizol Corporation (US).
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