Lubricant additive offers environmental benefits and is gaining attention from major players due to increasing environmental concerns. The evolving engine oil specifications, such as GF-6, are driving the demand for innovative lubricant formulations and additives. Automotive manufacturers and lubricant formulators are compelled to develop engine oils that meet these specifications, leading to a healthy growth in the demand for engine oil lubricant additives in the future.
The performance and efficiency of modern engines rely heavily on an effective lubrication system. Lubrication plays a crucial role in cooling the internal engine parts that experience friction and generate heat, preventing overheating. As engine technology evolves, such as with Gasoline Direct Injection and Turbocharge Gasoline Direct Injection in passenger cars, lubricant standards have also advanced.
The market for lubricant additives is projected to reach US$ 13.46 billion in 2023 and US$ 21.7 billion by 2033, growing at a CAGR of 4.8% during the forecast period.
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Key Takeaways
- The market in China is expected to grow with a CAGR of 5.4% during the forecast period.
- The demand for lubricant additives in United States is expected to grow with a significant CAGR of 4.9% during the forecast period.
- By function type, viscosity index improvers segment is expected to grow with a CAGR of 5.8% during the forecast period.
- By end-use industry, automotive and transportation segment is expected to grow at a significant CAGR of 6.2% during the projected period.
“The evolving engine oil specifications and initiatives to facilitate low carbon vehicles is expected to drive market growth,” comments an FMI Analyst
Competitive Landscape
The market for lubricant additives is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Afton Chemical Corporation, BASF SE, BRB International, Chevron Chemicals, Evonik, Lubrizol, Infineum International, Croda International PLC, Dover Chemical Corporation.
Some recent developments in lubricant additives market are:
- In May 2022, BASF SE expanded its lubricant additives market by launching a new product and doubling its production capacity for Irganox.
- In October 2022, BASF Petronas Chemicals Sdn. Bhd., a joint venture between BASF SE and Petronas Chemicals Group Bhd., announced plans to double the annual production capacity of its 2-Ethylhexanoic Acid plant in Malaysia. This expansion will increase the joint venture’s capacity to 60,000 metric tons by the fourth quarter of 2024.
- In June 2021, Infineum expanded its single oil category II solutions for MAN B&W two-stroke engines.
- In February 2021, Dover Chemical Corporation launched DOVERLUBE 31700, a patented polymeric ester additive designed to enhance lubricity in the metalworking sector.
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Key Segments Profiled in the Lubricant Additives Market Industry Survey
By Function Type:
- Dispersants
- Viscosity Index Improvers
- Detergents
- Antioxidants
- Anti-wear Additives
- Friction Modifiers
- Other Functions
By Lubricant Type:
- Automotive
- Metal Working Fluids
- Industrial Engine Oil
- General Industrial Oil
- Grease
By End Use Industry:
- Automotive & Transportation
- Food Processing
- Metal Working
- Power Generation
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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