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Lubricating Oil Additives Market size was valued at USD 18.62 billion in 2022 and is poised to grow from USD 19.05 billion in 2023 to USD 22.33 billion by 2031, growing at a CAGR of 2.3% in the forecast period (2024-2031).

The competitive environment of the Lubricating Oil Additives market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. 'BASF SE', 'Evonik Industries AG', 'Infineum International Limited', 'Chevron Oronite Company LLC', 'Chemtura Corporation', 'The Lubrizol Corporation', 'Croda International PLC', 'Afton Chemical Corporation', 'Vanderbilt Chemicals LLC', 'Rhein Chemie Corporation', 'Total Group (France)', 'Valvoline LLC (U.S.)', 'The FUCHS Group (Germany)', 'Shield Lubricants (India)'

The growing sales of commercial and passenger vehicles increase the use of lubricating oils to improve the efficiency of working fluids, thereby boosting the industry Expansion potential of large automakers that Hyundai, Toyota, VW Group, Tata Motors and GM do it up. This leads to the use of lubricating oils in high revolutions per minute (RPM) engines to improve efficiency, thereby animating market growth.

Every industry, including pharmaceuticals and foods, requires individualized lubricants.

Asia-Pacific is the dominant region in 2022 with over 34.0% revenue share. Fuel efficiency standards in China, India and Japan, as well as growing environmental concerns about carbon emissions, are expected to increase Coupled with technology, economic of growth in the region will lead to more manufacturing and transportation. Asia-Pacific is predicted to witness the fastest growth. Owing to the increasing demand of the automotive industry, China, Japan and India are the key countries contributing to the market growth of this industry. ASEAN is an attractive market to invest in due to the region’s economic diversity, growing sectors, rising household incomes, and perhaps most importantly, the region’s latent potential to become the world’s top economy one future so Potentially lucrative niche opportunities are emerging for companies that operate there.

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Global Lubricating Oil Additives Market

Product ID: SQMIG35A2880