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Lubricant Additives Market - Global Outlook & Forecast 2022-2027

TO BE PUBLISHED : Sep 2022 | Pages : 256

THE GLOBAL LUBRICANT ADDITIVES MARKET WAS VALUED AT USD 10 BILLION IN 2021 AND IS EXPECTED TO REACH USD 13.2 BILLION BY 2027, GROWING AT A CAGR OF 4.63%.

Lubricant Additives Market Size, Share, & Trends Analysis Report by 

  • Type: Dispersant, Detergent, Oxidation Inhibitors, Anti-Wear Agent, Friction Modifiers, and Others
  • Application: Automotive Fluid, Industrial Fluid, and Driveline Fluid
  • Region: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Market Trends, Competitive Landscape, Share, Growth Potential & Forecast, 2022 – 2027

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Most Exhaustive Report

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256 Pages

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82 Tables

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118 Charts

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5 Regions

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21 Countries

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14 Companies

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3 Market Segment

LUBRICANT ADDITIVES MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (2027) USD 13.2 Billion
Market Size (2021) USD 10 Billion
CAGR (2022-2027) 4.63%
Base Year 2021
Forecast Year 2022-2027
Market Segments Type and Application
Geographic Analysis North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered US, Canada, Brazil, Mexico, Rest of Latin America, South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa, Germany, Italy, France, UK, Russia, Rest of Europe, China, Japan, India, Australia, South Korea, and Rest of APAC

MARKET INSIGHTS

The global lubricant additives market is expected to reach USD 13.2 billion by 2027, growing at a CAGR of 4.63%. Lubricant additives such as viscosity index improvers, dispersants, detergents, friction modifiers, corrosion, and rust inhibitor are vital components in formulating finished lubricant products and base oil. Lubricant additives play a vital role in enhancing the overall functioning of base oil and extending the equipment life of machines and engines.

Globally, the demand and adoption of high-performance lubricant additives are high for numerous reasons, such as the increasing production of vehicles, increasing use of marine voyages, and rising integration of sophisticated technology in the industrial units the market growth. This existing and upcoming demand can be broadly classified into product types and application segments.

Europe and North America regions are expected to witness high demand for high-performance lubricant products during the forecast period due to the increasing adoption of 40 BN cylinder oil in marine equipment and the rising demand for hybrid vehicles in these regions. Thus, this offers vendors many opportunities during the forecast period.

MARKET DYNAMICS: KEY TRENDS, DRIVERS, AND RESTRAINTS

Escalating Demand for Vehicles in Emerging Economies

With the increasing production and demand for vehicles in emerging economies, the market for lubricant additives has witnessed significant growth over the past years. Emerging economies such as India, China, South Korea, and Brazil has become production hub for commercial and passenger vehicles because of the availability of low-cost labor, easy access to raw materials, and continuous investment from foreign players due to government support that helped MNCs set up their automotive assembly plants in their countries. In the automotive industry, lubricant additives are used in engine oil, gear oil, hydraulic fluid, and transmission fluid.

Growing Demand for Multifunctional Lubricant Additives

The increasing advancement in engine design and the inclination of customers toward high-performance products is driving the demand for multifunctional lubricant additives products. Multifunctional additives offer numerous benefits in a single product. It imparts excellent anti-wear, extreme pressure, corrosion resistance, and antioxidant properties to automotive and industrial lubricants. In addition, it also helps the company to save time & cost.

Volatility in Crude Oil Prices

The major challenge faced in the lubricant additive industry is the volatility in crude oil prices. Crude oil is the prime raw material to produce lubricant additives feedstock such as ZDDP, para cresol, isobutylene, and polytetrafluoroethylene (PTFE). An increase or change in the price of crude oil directly impacts the price of lubricant additives. Thus, fluctuating crude oil price poses a major threat to vendor profit margins.

SEGMENT ANALYSIS

TYPE

A dispersant is the most used lubricant additive in industrial and automotive oil. Approximately 75%-80% of their usage is used in heavy-duty diesel engine lubricants and gasoline engine. The prime function of dispersant is to keep suspended particles such as sludge, varnish, and dirt away from diesel engine oil to minimize the damage to engine equipment.

APPLICATION

Automotive lubricants held the largest share in the lubricant additives market in 2021, and it is also expected to lead the market during the forecast period. This is primarily due to the increasing production of commercial vehicles, passenger vehicles, and two-wheelers worldwide that consume engine oil not only for lubrication but also for preventing the accumulation of suspended particles over engine components.

GEOGRAPHICAL ANALYSIS

APAC was the third largest and fastest growing market for lubricant additives. The region was led by China, India, and South Korea, where lubricant additives product is witnessing a surge in demand from the automotive & transportation sectors, increasing mining activities, and the manufacturing & machinery sector driven by the increasing regulation to reduce carbon emissions. In addition, the implementation of manufacturing-friendly policy such as “Vocal for Local” and “Make in India” that intends to promote industrial output in India is offering domestic players to expand their footfall in the lubricant additives market.

COMPETITIVE LANDSCAPE

The global lubricant additives market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There is a significant number of global and domestic vendors across the geographies. High entry barriers characterize the market as new entrants require high technical skills to produce lubricant additives products and its package. Additionally, the industry requires high investment in setting up the production unit and extensive testing of their product to receive a license to operate in a particular market. Thus, new players hesitate to enter the market due to these factors.

Key Vendors profiled in the report are

RECENT DEVELOPMENTS

In November 2020, Evonik expanded its oil additives performance lab, state-of-the-art laboratory facilities, and testing services across China. This new performance test lab is equipped with an FE8 bearing wear test, FZG efficiency test rig, mini traction, and the Denison HF-0 test rig that would enable the company to meet the increasing technical demand in the lubricant industry by formulating high-performance and fuel-efficient additives for lubricant industry.

In November 2021, Evonik announced “Brenntag Bulgaria EOOD” as its new distributor partner for lubricant additives in Greece.

In October 2021, Evonik announced Umongo Petroleum (PTY) Ltd as its new distributor partner for lubricant additives in South Africa. However, Umongo Petroleum (PTY) Ltd started offering the lubricant additives product in January 2022. This partnership would enable Evonik to expand its lubricant additives product line across South Africa.

Frequently Asked Questions

HOW BIG IS THE GLOBAL LUBRICANT ADDITIVES MARKET?

The global lubricant additives market was valued at USD 10 billion in 2021 and is expected to reach USD 13.2 billion by 2027.

WHAT IS THE GROWTH RATE OF THE GLOBAL LUBRICANT ADDITIVES MARKET?

The global lubricant additives market is expected to grow at a CAGR of 4.63%.

WHO ARE THE KEY PLAYERS IN THE LUBRICANT ADDITIVES MARKET?

Key players include BASF, Lanxess, The Lubrizol Corporation, Solvay, and Chevron Oronite (Chevron Corporation).

WHAT ARE THE GROWTH FACTORS IN THE GLOBAL LUBRICANT ADDITIVES MARKET?

Growing demand for multifunctional additive and increasing disposable income are the major growth factor in the market.

WHICH REGION IN EXPECTED TO HOLD THE LARGEST SHARE IN THE GLOBAL LUBRICANT ADDITIVES MARKET?

North America to hold the largest share in the market.

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The global lubricant additives market is expected to reach USD 13.2 billion by 2027, growing at a CAGR of 4.63%.

The following factors are likely to contribute to the growth of the global lubricant additives market during the forecast period:

  • Growing Demand for Multifunctional Additive
  • Increasing Disposable Income

Base Year: 2021

Forecast Year: 2022–2027

The study considers the present scenario of the lubricant additives market and its market dynamics for 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Key Vendors

  • BASF
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Lanxess
  • The Lubrizol Corporation
  • Solvay
  • Chevron Oronite (Chevron Corporation)

Other Prominent Vendors

  • King Industries, Inc
    • Business Overview
    • Product Offerings
  • DOUBLE BOND CHEMICAL. IND CO., LTD
  • Evonik
  • Chetas Biochem
  • Liqui Moly Gmbh
  • Ganesh Benzoplast
  • Shenyang Skychen Chemical Co., Ltd
  • Clariant
  • Croda International Plc

Market Segmentation by Type

  • Dispersant
  • Detergent
  • Oxidation Inhibitors
  • Anti-Wear Agent
  • Friction Modifiers
  • Others

Market Segmentation by Application

  • Automotive Fluid
  • Industrial Fluid
  • Driveline Fluid

Market Segmentation by Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Russia
    • Rest Of Europe
  • APAC
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of The Middle East & Africa

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