The global lubricant additives market is anticipated to achieve a significant milestone, reaching a valuation of USD 21.7 billion by 2033. This growth reflects a robust compound annual growth rate (CAGR) of 4.8% throughout the forecast period. The expansion of the market is driven by increasing demand for advanced lubricants across various industries, including automotive, industrial, and manufacturing sectors. As technological advancements continue to enhance the performance and efficiency of lubricant additives, their role in improving the longevity and functionality of machinery and engines is becoming increasingly critical, further fueling market growth.
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.
Ready to Make an Informed Decision? Contact Sales Now!
The implementation of the ILSAC GF-6 standard in North America in 2020 has improved fuel economy, protection for emission systems, and engine oil robustness. This implementation is expected to drive the demand for lower viscosity index improver lubricants, which effectively reduce engine friction and are used in all types of vehicles.
To enhance vehicle efficiency and facilitate the transition to low-carbon vehicles, nations worldwide have introduced initiatives that encompass various automobile sectors including light-duty vehicles, heavy-duty vehicles, buses, motorcycles, and trucks. One notable example is the Global Fuel Economy Initiative launched by the United Nations in 2019 across 70 countries, with the goal of improving vehicle fuel economy and expediting the decarbonization of road transport by 2030. Consequently, there will be an increased demand for efficient lubricants such as bio-based and nanotube-based lubricants that can be utilized in new vehicles to achieve reduced engine friction and improved fuel economy.
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.
Explore the Full Report for Detailed Insights!
Key Segments Profiled in the Lubricant Additives Market 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube