Global Lubricating Oil Additives Market: Overview
Lubricating oil additives are used to improve the performance of lubricants and functional fluids. Each functional type of lubricating oil additives is chosen for its ability to perform one or more particular tasks in amalgamation with other additives. Specific additives are formulated into packages to be used with particular base stocks for automotive and industrial applications. The primary function of lubricating oil additives is to reduce friction, prevent wear and corrosion, and control formation of slush and oxidation.
Global Lubricating Oil Additives Market: Growth Factors
Massive popularity of lightweight vehicles, rise in the manufacture and sales of automotive in emerging countries such as India, Indonesia, and Thailand, and breakthroughs in technology resulting in the launching of new vehicles such as smart cars and aluminum trucks are some of the major factors likely to push the growth trajectory of the automotive industry. This, in turn, will accelerate the demand for lubricating oil additives market in the ensuing years.
Legislations targeting fuel emissions are resulting in formulation changes and impacting additive selection and its use. These include massive use of low-viscosity materials and stringent monitoring of chemical limits in automotive fuels and additives. Moreover, specification upgrades are leading to the enhanced and mandatory application of antioxidants and dispersants. Besides, economic development and industrialization are leading to the enhanced demand for these additives for industrial applications. All these aforementioned factors are augmenting the expansion of the lubricating oil additives market.
Global Lubricating Oil Additives Market: Segmentation
The global lubricating oil additives market can be divided based on product type and application. Based on the product type, the lubricating oil additives market is sectored into Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Additives, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Extreme-Pressure Additives, Pour-Point Depressants, and Emulsifiers. On the basis of application, the lubricating oil additives market is divided into automobile and industrial sectors.
Global Lubricating Oil Additives Market: Regional Analysis
Based on regions, the global lubricating oil additives market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to be the largest market for lubricating oil additives over the estimated timeline. The lubricating oil additives market in this region is primarily driven by the escalating demand for lubricants, especially from countries such as China, India, and other Southeast Asian countries. Huge investments in the automotive and industrial sectors in this region will further drive the regional growth.
Huge presence of the key automotive manufacturers in the countries such as the U.S. and Germany is likely to contribute towards the business space in North America and European regions.
Middle East and Africa and Latin American markets are anticipated to witness a huge growth potential over the years ahead.
Global Lubricating Oil Additives Market: Competitive Players
Some of the key players operating in the global lubricating oil additives market include Afton Chemical Corporation, BASF SE, Croda International Plc, Evonik Industries AG, Infineum International Limited, Chevron Oronite Company LLC, LANXESS Group, Shamrock Shipping & Trading Ltd., The Lubrizol Corporation, and Tianhe Chemicals Group.
Global Lubricating Oil 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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- Emerging segments and regional markets
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