The global lubricant additives market stands at US$ 13 Bn as of now and is expected to reach US$ 18.1 Bn by the year 2032 at a CAGR of 3.3% between 2022 and 2032.
Additives are known for playing a vital role in blending base oils to get formulations for improving their performance on the whole. Additives’ selection hugely depends on end-uses of lubricants, which include hydraulic systems, automotive engines, bearings, and gears. The upcoming economies are into development of aftermarkets in the form of domestic blenders.
Viscosity improvers and dispersants collectively hold more than 40% of the overall market. Dispersants come into picture when prevention of varnish or sledge or any other formation of deposit on surfaces is imperative. Gasoline and diesel engine oils are the major application areas. Viscosity index improvers have polymeric nature and, as the name suggests, work in conjunction with lubricating oils for reducing degree of the viscosity change at high and low temperatures. Also, passenger car motor oil dominates 30% of the overall market and the scenario is expected to remain the same even in the near future. This could be reasoned with Euro Norms, which call for regulating quantity of carbon monoxide, nitrogen oxide, hydrocarbons, and soot. Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘Lubricant Additives Market’.
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Key Takeaways from Lubricant Additives Market
- North America holds the largest market share as the US is subject to an ever-increasing demand for lubricants and engine restorers. The OEMs herein have actually modified the production processes for prioritizing the most-demanded and high-margin models. The US Energy Information Administration states that utility-scale electricity-generating facilities all across the US recorded 4,116 Bn KW-h of energy in the year 2021 alone.
- Coming to the Asia-Pacific, China is poised to grow inadvertently in the forecast period. The year 2020 witnessed sales of 25 Mn automobiles as per the Ministry of Industry and Information Technology.
- Europe is expected to hold a significant market share with Germany leading from the front. This could be attributed to the country being home to world class manufacturers of automobiles.
“With awareness of the fact that lubricant additives enhance the oils’ viscosity and act as corrosion inhibitors and antioxidants is bound to take the lubricant additives market by storm in the forecast period”, says an analyst from Future Market Insights.
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Competitive Landscape
- Chevron Oronite Company LLC, in September 2020, inked an agreement with quantiQ to distribute OLOA lubricant additives, PARATONE viscosity additives, OGA gasoline additives, and raw material intermediates and components inclusive of inhibitors, PIBSA, dispersants, detergents, and various other chemicals.
- Evonik Industries AG, in November 2020, came up with a new-fangled oil additives performance testing lab at Shanghai (China) with the objective of strengthening its commitment to extend support to the customers with lab testing, formulation development, and performance demonstration, that too, in real-time.
- Afton Chemical Corporation, in September 2018, completed with expanding the chemical additives’ production facility in Jurong Island (Singapore), so as to strengthen the foothold in the Asia-Pacific.
- Dover Chemical Corporation, in February 2021, released lubricity-improving polymeric ester additive called ‘DOVERLUBE 31700’ to serve the metalworking sector. It comes across as one of the patented polymeric esters that is non-staining and oil-soluble to cater to lubricant applications.
- Infineum, in June 2021, expanded single oil category II solutions for MAN B&W two-stroke engines called the new ‘Infineum M7095’ abreast with Infineum performance booster additive package that addresses demands pertaining to MAN Energy Solutions category II lubricants for various two-stroke engines that are driven by low sulfur fuels, thereby rendering protection and cleanliness.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the lubricant additives market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on function type (dispersants, viscosity index improvers, detergents, antioxidants, anti-wear additives, friction modifiers, and others), by lubricant type (automotive, metal working fluids, industrial engine oil, general industrial oil, and grease), and by end-use industry (automotive & transportation, food processing, metal working, power generation, and others).
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Future Market Insights (ESOMAR-certified market research organization and a member of the 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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