New York, U.S., Sept. 26, 2022 (GLOBE NEWSWIRE) — Lubricating Oil Additives Market Insight
According to a comprehensive research report by Market Research Future (MRFR), “Lubricating Oil Additives Market Insights by End User, Type, Application and Region – Forecast to 2030“, the market is expected to grow at a CAGR of 3.87% to reach $21.80 billion by 2030.
Market scope:
Lubricating oil additives are chemical substances that are added to lubricating oil to impart new properties or improve existing properties of the base oil. Some additions also help inhibit unwanted properties of the base oil. In order to ensure that the engine, gearbox and other components operate safely and efficiently, these additives are mainly used in the automotive industry. Additionally, this chemical is used to increase the life of compressors and refrigeration systems. Pour point depressants and viscosity index improvers reduce undesirable characteristics of base oils, while antifoaming agents, corrosion inhibitors and antioxidants are additions that improve the current properties of the oil. lubricating oil. Base oils also have additional properties through detergents, extreme pressure additives and emulsifiers.
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Report Scope:
Report attribute | Details |
Market size 2030 | $21.80 billion |
CAGR | 3.87% (2022-2030) |
Year of reference | 2021 |
Forecast period | 2022–2030 |
Historical data | 2020 |
Forecast units | Value (USD billion) |
Report cover | Revenue forecasts, competitive landscape, growth factors and trends |
Segments Covered | By end user, type, application and region |
Geographical areas covered | North America, Europe, Asia-Pacific and Rest of the World (RoW) |
Key Market Drivers | Rising demand for additives in the automotive industry is expected to propel the market |
These additives improve the qualities of lubricants, allowing the engine to run more efficiently and economically. |
Competitive dynamics:
- Lubrizol Corporation (USA)
- BASF SE (Germany)
- Infineum International Limited (UK)
- Tianhe Chemicals (China)
- Chevron Oronite Company LLC (USA)
- Afton Chemical (USA)
- Evonik Industries AG (Germany)
- Croda International PLC (UK)
- BRB International BV (Netherlands)
- Lanxess (Germany)
- Krystal Lubetech Private Limited (India)
Market USP:
Market factors
The lubricating oil additives market is mainly driven by factors such as growing demand from automotive and industrial sectors. While the main obstacles to lubricating oil additives include the push towards alternative fuels, growing competition from an unstructured and fragmented industry, and a decline in the use of metal parts by automakers. A significant opportunity is the growing need for renewable energy.
Growing need of automotive additives industry is expected to drive the expansion of the market throughout the forecasted period. These additives improve the properties of the lubricant, allowing the engine to run more efficiently and at lower cost. These compounds also act as antioxidants to extend equipment life, prevent corrosion and improve viscosity index.
This will probably lead to an increase in product demand in the coming years. As a detergent, lubricating oil additives can be used to prevent dirt from entering oil compositions. The wide range of applications of these additives is expected to fuel the growth of the market over the projected period.
Market limits
While the main obstacles to lubricating oil additives include the push towards alternative fuels, growing competition from an unstructured and fragmented industry, and a decline in the use of metal parts by automakers. Major producers of lubricating oil additives are struggling with fierce competition from unorganized companies that offer cheap and substandard products. Local and gray market actors are examples of unorganized market actors; local players offer products produced in-house under their own local brands, while gray market players import and sell products through unlicensed resellers.
Browse the in-depth market research report (100 pages) at Lube Oil Additives https://www.marketresearchfuture.com/reports/lubricating-oil-additives-market-6316
COVID-19 Analysis:
Almost all sectors of society have been affected by the global epidemic. The lubricating oil additives market witnessed negative growth due to global supply chain disruptions and falling oil prices. Declining demand from the auto industry is causing this problem.
South Asian countries that make up APAC, including India, Bangladesh, Sri Lanka and Central Asian countries, have seen a decrease in automobile traffic. This has reduced the region’s need for fuels and lubricating oil additives. China, which currently dominates the APAC market for lubricating oil additives, initially suffered greatly from the pandemic.
Market segmentation :
Per end user
During the period under review, the automotive industry gained the majority of market share.
By type of additive
During the review period, the antioxidant category is expected to experience significant expansion. Since mineral oils react with oxygen in the air to produce organic acid, antioxidants help prevent oxidation of the oils. Certain oxidation by-products, including peroxide, alcohols, acids, esters, aldehydes, and ketones, make oil more viscous, produce varnish and sludge, and damage metal components prone to oxidation . Antioxidants are therefore additives that help to enhance the oxidation resistance of the base oil and allow lubricants to function properly at higher temperatures.
By request
During the study period, the motor oil segment is expected to witness significant growth. Engine oil additives are designed to protect against mechanical wear and corrosion in a variety of engine types including stationary natural gas engines, heavy duty diesel engines, marine diesel engines, motorcycle, recreational vehicle engines and heavy duty diesel engines. By increasing fuel efficiency, it helps improve vehicle performance. At different temperatures, it also provides excellent lubrication and reduces the environmental effect. Over the projection period, there will likely be an increase in the amount of additives added to engine oil to comply with strict environmental standards.
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Geographical analysis:
In 2017, the largest lubricating oil additives market share was held by Asia-Pacific. The growing demand for the product in the automotive industry, especially in developing countries like China, India, Japan, Indonesia and South Korea, should be credited. Additionally, the lubricating oil additives market is expected to grow over the forecast period owing to the expansion of the industrial sector and the need to improve machinery efficiency.
Other important markets for lubricating oil additives are North America and Europe. Since North America is the second largest producer of automobiles, there will likely be an increase in the demand for lubricating oil additives in the coming years. The market for the product is expected to grow in Europe due to the growing need to reduce gas emissions and improve fuel economy, as well as technological developments in the automotive industry. Germany, UK, France and Italy are major contributors to the market expansion in this region. Finally, due to technological developments and growing demand for automobiles in these countries, the markets in the Middle East, Africa and Latin America are expected to witness considerable growth during the projection period.
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