Global Driveline Additives Market: Overview
Driveline additives are designed to optimize automotive performance. In order to achieve optimal lubrication, proper knowledge of both equipment and properties of the base fluids and additives is essential. The additive added to transmission fluid formulations or gear oils decreases friction and removes heat. Intense pressure anti-wear additives are utilized to preclude wearing, scuffing, spalling, pitting, scoring, and various types of distress that may cause in equipment failure and downtime. Protection against copper corrosion, oxidation, rust, thermal degradation, and foaming is provided by using driveline additive.
Global Driveline Additives Market: Growth Factors
The driveline additives market is driven by factors such as the increasing need of extended service drain breaks for axle fluids & transmission fluids and growth in vehicles production. Moreover, increasing consumer preference toward improving fuel efficiency of vehicles and increase in on-road and off-road vehicle parking are further factors accelerating the market growth. Furthermore, close collaboration between automotive original equipment manufacturers (OEMs), lubricant and additive suppliers, and increasing investments in developing regions are other factors growing the demand of the market. Nevertheless, some factors are expected to hinder the market growth such as high cost of driveline additives as compared to conventional additives and changeable raw material prices. The implementation of stringent emission regulations globally and continuous requirement for hardware durability are expected to create significant opportunities for the market players.
Global Driveline Additives Market: Segmentation
The global driveline additives market is segmented on the basis of product, additive type, application, and region. Based on product, the market is fragmented into transmission fluid additives, gear oil additives, and others. In terms of application, the market is segregated into passenger vehicle, commercial vehicle, and off-highway vehicle. The additive type segment of the market is further segmented into anti-wear agents, viscosity index improvers, dispersants, detergents, corrosion inhibitors, emulsifiers, friction modifiers, antioxidants, and others.
Global Driveline Additives Market: Regional Analysis
Asia Pacific holds the significant market share and is expected to dominate the global driveline additives market during the forecast period. The prime factor responsible for immense growth of market in region is the presence of developing economics such as China and India in the region. In addition, rapid growth of the automobile industry in countries, such as India and China is projected to augment the market growth during the forecast period. China is dominating the market globally due to the vast growth in its economy, increase in population, rise in industrialization and expansion of the automotive industry. Stringent government regulation pertaining to volatile organic content (VOC) emissions from automobiles in the region is expected to boost the market in Asia Pacific. The market in Europe and North America is expected to expand at a high pace during the forecast period. The market in Middle East & Africa and Latin America is likely to expand at a lower rate comparatively during the forecast period.
Global Driveline Additives Market: Competitive Players
Some of the important major players in the global driveline additives market are International Petroleum and Additives Company Inc., Petroleum Chemicals, LLC, BRB International B.V., VPS Lubricants, The Lubrizol Corporation, LLC, BASF SE, Infineum International Ltd., Vanderbilt Chemicals, Afton Chemical Corporation, Chevron Oronite Company, LLC., AB Petrochem Pvt. Ltd., Lubrilic Corporation, and Evonik Industries.
Global Driveline Additives Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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