Global Lubricant Additives Market

Lubricant Additives Market Size, Share, Growth Analysis, By Type(Dispersants, detergents, anti-wear agents, antioxidants), By Application(Automotive lubricant additives, Industrial lubricant additives.), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2313 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 66 | Figures: 75

Lubricant Additives Market Insights

Lubricant Additives Market size was valued at USD 21.76 billion in 2019 and is poised to grow from USD 22.57 billion in 2023 to USD 31.29 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).

Lubricant additives refer to chemical components which are used to improve the performance of the lubricants and provide one or more functions in the fluid. Lubricant additives are generally added to base oils to make complete lubricants. Generally additives are multifunctional and provide variety of functions such as boundary lubricity, inhibiting corrosion, emulsification and anti-misting properties to name a few.

Increasing demand from automobile sector across the world is one of the major contributor to the growth of lubricant additives market. The government initiatives to decrease prices of biomass derived fuels and the use of additives in blending of base oil to increase the service life and performance of the lubricants are major market growth drivers. Strict environmental regulations regarding emissions and industrial growth in Middle East and Africa region are also driving the growth of the market. With the growing popularity of high performance lubricant in Asia Pacific region there is an opportunity for the market growth in the near future. On the other hand increasing oil change period in automobiles and machinery, fluctuating crude oil prices are some of the factors with may be detrimental to the market growth.

US Lubricant Additives Market  is poised to grow at a sustainable CAGR for the next forecast year.

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Lubricant Additives Market size was valued at USD 21.76 billion in 2019 and is poised to grow from USD 22.57 billion in 2023 to USD 31.29 billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).

lubricant additives market is partially consolidated. There are four to five top players whose moderate share account for the market demand. Major players operating in the market of lubricant additives market include Evonik Industries AG, The Lubrizol Corporation, Afton Chemical Corporation, BASF SE, Lanxess AG, Tianhe Chemicals Group, Dover Chemical Corporation, JINZHOU KANGTAI LUBRICANT ADDITIVES CO. LTD., Wuxi South Petroleum Additives Co. Ltd., and Chemtura Corporation, Infineum International Limited, among others. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. 'Infineum International Ltd.', 'Afton Chemical Corporation', 'Chevron Oronite Company LLC', 'The Lubrizol Corporation', 'BASF SE', 'Croda International Plc', 'Evonik Industries AG', 'Clariant International Ltd.', 'Vanderbilt Chemicals, LLC', 'LANXESS AG', 'BRB International BV', 'Tiarco Chemical', 'Wynn's', 'Shamrock Shipping and Trading Ltd.', 'Dover Chemical Corporation', 'Croda Singapore Pte Ltd.', 'Oceanic Lubricants Corporation', 'Dorf Ketal Chemicals India Private Limited', 'King Industries, Inc.', 'Oronite SA'

The food processing sector is expanding due to rising demand for processed foods and ready-to-eat meals. The beverage industry is seeing an increase in the consumption of healthy, natural, and convenient ready-to-drink smoothies, juices, and yogurts.

Viscosity improvers is the ongoing trend, which is expected to boost market growth. Viscosity index is defined as the change in viscosity of a fluid with respect to temperature. Higher the viscosity index of the fluid, lesser is the relative change in the viscosity of the fluid.

In 2021, Asia Pacific dominated the lubricant additives market in terms of revenue and is expected to dominate the position during the forecast period. The development of fuel efficiency standards, combined with growing environmental concerns about carbon emissions in China, India, and Japan, are expected to drive growth. Economic growth in the region, combined with industrialization, has resulted in increased vehicle production and ownership.

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Global Lubricant Additives Market

Report ID: SQMIG15A2313

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