Lubricating Oil Additives Market Overview:
Lubricating oil additives enhance the present properties of the base oil, along with adding some new ones. The global Lubricating Oil Additives Market is projected to be worth USD 21.80 Billion by 2030, registering a CAGR of 3.87% during the forecast period (2022 – 2030). reveals Market Research Future (MRFR) in a detailed report. The report further encapsulates drivers such as the automotive industry that would ensure the lubricating oil additives market’s growth. Its use in compressors and refrigeration system, as anti-foaming agents, corrosion inhibitors, and antioxidants, and in detergents, extreme-pressure additives, and emulsifiers have given lubricating oil additives a wider field to operate. The manufacturing sector is one such industry where these lubricating oil additives can find varied uses. These applications across sectors can help the lubrication oil additives market gain higher valuation during the forecast period.
However, dwindling crude oil prices can hinder the expected progress speed of the market. Due to this, revenue generation can face some flacks in diverse regions. But its market proliferation is so thorough that the demand created by the end-users can steer it away from plummeting.
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Segmentation:
The global lubricating oil additives market can be segmented by end-user, type, and application.
Based on end-user, the global lubricating oil additives market can be segmented into automotive, industrial, and others.
Based on the type of additive, the global lubricating oil additives market includes antioxidant, demulsifier, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others.
By application, the global lubricating oil additives market comprises engine oil, gear oil, hydraulic fluid, industrial oil, process oil, and others.
Regional Analysis:
Region-wise, the lubricating oil additives market spans across namely Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and the Middle East & Africa (MEA).
The APAC region has the largest market share as the owing to the burgeoning automotive sector. China, India, Japan, Indonesia, and South Korea are countries that are recording substantial growth in the automotive sector. Moreover, these countries are developing financially and investing significantly in other industries owing to which lubricating oil additives market is witnessing unprecedented growth.
North America holds the second position and revamping automotive sector is assisting the region in claiming the spot. Eco-friendly concerns have given rise to efforts in the reduction of gas emissions and enhancement of fuel efficiency. Europe’s growth lies in the automotive sector is providing substantial backing. Major countries from the region are Germany, the U.K., France, and Italy who are contributing considerably. The MEA and the LATAM can also expect growth in moderate scale due to economic tweaks.
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Market Insight:
Companies are thriving on various applications of tactics such as merger, acquisition, product launches, and others. For instance, Italmatch Chemicals is planning to acquire Afton Chemical’s metalworking fluid business which can prove beneficial for the former’s portfolio and help in further expansion. Lanxess, meanwhile, manages to take over Chemtura which will boost its additives market.
Leading players in the global lubricating oil additives market are the Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), Krystal Lubetech Private Limited (India), and others.
Industry News:
Valvoline has recently come up with a new lubricating oil additives Modern Engine Full Synthetic Motor Oil to combat carbon build up and increase fuel efficiency. This oil is specially made for cars manufactured post-2012. These cars get easily heated owing to their superior technology, and Valvoline’s product counters this shortfall.
Petro-Canada Lubricants’s Duron next generation has the best technology combined with world-class additives that can increase the performance of engines and deliver better fuel efficiency. It further protects the engine from mal-effects and enhances durability.
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