Lubricant Additives Market: Global Size, Share, Analysis, Opportunities & Forecast by 2023
Global lubricant additives market is projected to reach a value of US$ 18 Billion by 2023, expanding at a CAGR of 3% during 2018-2023.
The global lubricant additives market has witnessed a moderate growth over the past several years. Owing to increasing governmental interventions to achieve higher fuel economy along with the expanding automotive industry, the demand for lubricant additives is escalating across the globe.
According to the latest report by IMARC Group, titled “Lubricant Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global lubricant additives market reached a value of US$ 15 Billion in 2017. Lubricant additives refer to chemicals that are designed and optimized to meet the performance requirements of engines. Over the years, a wide variety of hybrid compounds and blends have been engineered to create better additives which act as antioxidants and corrosion inhibitors in combustion engines as well as help in improving the viscosity of the oil and reducing oil decomposition. Many original equipment manufacturers (OEM), oil companies and lubricant additive manufacturers have collaborated to advance the fuel efficiency and durability of vehicles, and to reduce carbon emissions into the environment.
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Lubricant additives offer several advantages to the end-users, such as enhanced vehicle reliability, minimized costs, and reduced friction. Besides this, the development of advanced lubricant additives has helped in extending oil drain service intervals and improving engine durability while reducing CO2 emissions from cars and commercial vehicles. These lubricants also provide the vehicle manufacturers to meet warranty requirements such as protection of emission control systems as well as protect the owner’s investment in the vehicle. Moreover, the governments of various nations have invested in R&D activities for developing superior products that adhere to environmental regulations. Apart from this, the use of environment-friendly and renewable fuels will influence the demand for lubricant additives. Looking forward, the market is projected to reach a value of US$ 18 Billion by 2023, expanding at a CAGR of 3% during 2018-2023.
• Based on type, the market has been segmented as dispersants, viscosity index improvers, detergents, anti-wear and antioxidants, corrosion inhibitors, friction modifiers and emulsifiers. Amongst these, dispersants dominate the market, holding the largest share.
• On the basis of end-use, automotive lubricants represent the largest segment, accounting for the majority of the global share. Other major segments include metalworking fluids, industrial engine oils, process oils and greases.
• The market has been categorized on the basis of distribution channels into institutional and retail. Currently, institutional is the leading distribution channel, dominating the global market.
• Region-wise, Asia Pacific exhibits a clear dominance in the global lubricant additives market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined with some of the leading 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.
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