The lubricating oil additives market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Lubricating oil additives are specialty chemicals used to enhance the performance of lubricants and functional fluids. Lubricating oil additives are formulated based on the ability to perform one or more specific functions. The major use of lubricating oil additives is in automotive engine crankcase lubricants. Other applications include automotive hydraulic fluids and gear oils, industrial lubricants and metalworking oils.
The major lubricating oil additive types include
- Oxidation inhibitors
- Antiwear agents
- Extreme-pressure additives
- Viscosity index improvers
As lubricating oil additives are one of the major products used in automotive engine crankcase lubricants, hydraulic fluids and gear oils, demand from these markets is expected to increase the growth of lubricating oil additives market. Demand from automotive engine crankcase lubricants, hydraulic fluids and gear oils markets are actually increasing because of growing population and extra income in developing countries. Additionally, rising demand from various other industrial lubricants and metalworking oils is likely to drive lubricating oil additives market.
Drivers and Restraints of Lubricating Oil Additives Market
Growing investments in automotive engine crankcase lubricants, hydraulic fluids and gear oils markets in regions like Asia and the Americas are likely to offer tremendous possibilities for lubricating oil additives market in the future. As the business requires low intensive capital and has higher accessibility to raw material, many multinational businesses are investing in the market.
Certain lubricating oil additives have an adverse effect on human surroundings if exposed to it for a longer duration. Their acute toxicity often makes environmental regulatory institutions to implement strict regulations on lubricating oil additives usage. Existing and future regulations concerning the use of crude oil based lubricating oil additives are likely to hinder the market growth.
Lubricating Oil Additives Market by Region
North America was the largest consumer of lubricating oil additives and this pattern is anticipated to continue to be identical over the following few years. Consumption in the USA is showing upward trend because of increase in economic activity. Growing demand for automobile, aircrafts, heavy machinery and construction and other industries will drive lubricating oil additives market in the USA. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Consumption of lubricating oil additives in the Asia is likely to grow at a significant rate due to demand from automobile, aircrafts, heavy machinery and industrial lubricants and functional fluids. Demand from Europe was low relatively and is likely to stay same in the next few years.
Top players in this market include Afton Chemical Corporation, BASF SE, BRB International BV, Wuxi South Petroleum Additive Co., Chevron Corp., Croda Lubricants, DOG Chemie, Dorf Ketal, Dover Chemical, Eni SpA., Evonik Industries AG, Infineum International Limited, Jinzhou Kangtai Lubricant Additives Co. Ltd, King Industries Inc., Multisol Group, RT Vanderbilt Holding Company, Rhein Chemie Additives, Shepherd Chemical Company, The Elco Corporation, The Lubrizol Corporation, Tianhe Chemicals Co. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth