Lubricant Additives Market:
Lubricant Additives Market is expected to grow to USD 17.1 billion in 2022 growing at the CAGR of 3.2% since 2016 and is expected to continue till 2022.
Lubricant Additives are used to improve the performance, enhance efficiency and protect engine; due to these functions lubricant additives are utilized in various industries. Growth of the automobile industry, low cost of production along with, various base oil (petroleum oil, synthetic oil and vegetable oil) used in preparing lubricant additives are some of the drivers of this market. However, economic restraint and high drain intervals for high grade lubricants will hinder the market growth.
Lubricant Additives are predominantly added to lubricants to enhance specific favourable properties. Lubricant Additives market is predicted to witness moderate growth due to its significant usage in automotive & industrial sector. Among application segment, industrial lubricant is expected to register strong growth in the near future on account of improving and modernizing manufacturing process in numerous end use industries. Furthermore, growing per capita disposable income has led to increase the demand for passenger cars among the middle class population in developing countries which in turn opened the new avenues for the product market over the forecast period.
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Lubricant Additives Market is segmented on the basis of applications namely automotive and industrial. It is future segmented into heavy duty motor oil passenger car motor oil, industrial engine oil and metal working. Passenger car motor oil had the largest share for lubricant additives in 2013 and is expected to dominate the market over the forecasted period. In addition to this industrial engine oil had the largest market share in 2015 and is expected to maintain its share even in the future.
Lubricant Additives is used majorly in automotive and various industries specifically heavy duty motor oil, passenger car motor oil, industrial engine oil and metal working fluids. Various functions of lubricant additives such as enhancement of performance and efficiency, reduction in wear and tear of materials and metals, lower toxicity along with low cost, change in legislative and environment regulations, technology development in marine and automotive industries are some of the drivers of this market.
Lubricant Additives Market is majorly segmented on the basis of by type and by application. Based on type the market is segmented into surface protective additives, performance enhancing additives and lubricants protective additives. On the basis of application the market is classified into automotive and industrial. Automotive is future sub-segmented into heavy duty motor oil passenger, car motor oil and industrial is sub-segmented into industrial engine oil and metal working.
Lubricant Additives report analyses the degree of competition among the major players as well as industry growth and market scenario. The global lubricant additives market includes various players operating in the market which comprised of large scale and medium size producers. The important market players operating in the global lubricant additives industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of lubricant additives to meet the increasing demand for lubricant additives.
Shamrock Shipping & Trading Limited,
Afton Chemical Corporation.
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