01-Oct-2020 | Zion Market Research
According to the report published by Zion Market Research, global demand for the Lubricating Oil Additives market was valued at approximately USD 16 Billion in 2019 and is expected to generate revenue of around USD 20 Billion by end of 2026, growing at a CAGR of around 3 % between 2020 and 2026. The rising requirement for oil additives in different applications in the industrial and automotive industries is powering the development of the global market for lubricating oil additives.
Major players active in the global lubricating oil additives market comprise Lanxess, Afton Chemical, BASF, Chevron Oronite, Lubrizol, and Evonik Industries. Lubrizol Corporation, a primary company in the global market for lubricating oil additives, is a specialty chemical firm that works below two business categories: Lubrizol Advanced Materials and Lubrizol Additives.
The Dispersants Category Predicted To Add Up For The Biggest Share Of The Global Market For Lubricating Oil Additives
On the basis of functional type, the dispersants category is predicted to add up for the biggest share of the global market for lubricating oil additives in 2019. Dispersants assist keep products of oxidation and insoluble contaminants suspended in the oil to avoid formation of sludge. Dispersants are one of the primary additives in lubricants since they assist keep varnish, sludge, oxidation products, dirt, and water in a dispersed form.
Engine Oil Category Predicted To Add Up For The Biggest Share Of The Global Market For Lubricating Oil Additives
On the basis of application, the engine oil category is predicted to add up for the biggest share of the global market for lubricating oil additives. This development is supported by the rising rate of motorization all over the world and the solid aim of additive makers on R&D activities to create resourceful additive packages as per the needs of OEMs.
Automobile Category Predicted To Add Up For The Biggest Share Of The Global Market For Lubricating Oil Additives
On the basis of sector, the automobile category is predicted to add up for the biggest share of the global market for lubricating oil additives. This can be credited to the high requirement for engine oil from commercial vehicles and passenger cars, and the technical enhancements of additives to increase the efficiency of automotive lubricants and lower emission.
Asia Pacific Predicted To Add Up For A Primary Share Of The Global Market For Lubricating Oil Additives
Asia Pacific is predicted to add up for a primary share of the global market for lubricating oil additives, due to the huge requirement for additives from the industrial and automotive industries of nations such as India, China, and other southeast Asian nations.
Browse the full “Lubricating Oil Additives Market (Product Type (Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Additives, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Extreme-Pressure Additives, Pour-Point Depressants, and Emulsifiers), Application (Automobile and Industrial Sectors)): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/lubricating-oil-additives-market
The global Lubricating Oil Additives Market is segmented as follows:
By Functional Type:
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