Lubricant Additives Market Overview:
Lubricant Additives Market is expected to garner $17,153 million by 2022, registering a CAGR of 2.6% during the forecast period 2016-2022. Lubricant additives are organic or inorganic chemical compounds, which are either dissolved or suspended in lubricants and functional fluids to improve their performance.
These compounds are utilized individually or formulated as a package according to the end-use application. Consumption of lubricant additives is major in heavy-duty and passenger car lubricants in the automotive segment, followed by metalworking fluids and industrial engine oils in the industrial segment. The major additive types include dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, and emulsifiers, among others.
Constantly increasing marine and aviation transportation, growing automotive industry, and improved emission regulations in conjunction with fuel economy standards are driving the lubricant additives market growth. However, higher drain intervals for high-grade lubricants inhibit the market growth owing to lubricant solutions with decreased maintenance costs and servicing. In addition, the fluctuations in the lubricant market are responsible for the relatively low growth rate of the world lubricant additives market.
It is segmented based on type, application, and geography. Based on type, it is divided into dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, emulsifiers, and others. By application, the market is bifurcated into automotive lubricants and industrial lubricants. Automotive lubricants are further segmented into heavy-duty, passenger car, and other automotive. In addition, industrial lubricants are divided into metalworking fluids, industrial engine oils, general industrial oils, and others.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The rapidly growing economies in Asia-Pacific have tremendous potential for lubricant additives as the rapidly evolving lifestyle demographics are driving automotive sales and industrial development.
Top Investment Pockets in World Lubricant Additives Market
To explore investment opportunities, companies should focus on broadening the product portfolios of the lubricant additives with respect to specific applications. Dispersants, detergents, and viscosity index improvers are the most popular additives used in the lubricant industry. These additives are also the most lucrative segments due to their low cost and easy availability.
The lubricant additives market is segmented into four regions: North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the highest revenue-generating region for lubricant additives. The Asia-Pacific lubricant additives market was valued at $5,957.7 million in 2015 and is expected to grow at a CAGR of 2.8% during 2016‐2022. The increasing industrialization and automotive ownership are the key factors responsible for the growth of this market in the Asia-Pacific region.
The most attractive market segment in the world lubricant additives market is the LAMEA region. This region is the first preference for new entrants due to the increasing industrialization in conjunction with increasing use of high-grade lubricants. The Asia-Pacific lubricant additives market is expected to grow at a CAGR of 2.7% during the analysis period.
Heavy-duty and passenger car lubricants dominated the automotive lubricant additives market in 2015, asserting more than four-fifths of the market share collectively. These segments are estimated to grow at an expected CAGR of 2.4% and 2.6%, respectively, during the forecast period. Metalwork fluids and industrial engine oils accounted for three-sevenths and two-fifths of the market value, respectively, in the year 2015. Other lubricants segment, which includes processing lubricants, textile machinery oils, and greases, is estimated to be the fastest-growing sub segment in the industrial additive segment with a CAGR of 3.2% during the forecast period. Anti-wear agents are expected to grow with a CAGR of 3.8%, which is the highest among the lubricant additive types from 2016 to 2022, owing to the improving mileage and emission standards expected from original equipment manufacturers (OEMs) by governing bodies.
South Korea Lubricant Additives Market, 2015-2022 (Kilo Tons)
Key players are majorly adopting product launch and expansion strategies, as introduction of new and improved products is crucial for market penetration as the need for high-grade lubricants is increasing. The key players profiled in the report include BASF SE, Evonik Industries AG, Infineum International Limited, Chevron Oronite Company LLC, Chemtura Corporation, Lubrizol Corporation, Croda International PLC, Afton Chemical Corporation, Vanderbilt Chemicals LLC, and Rhein Chemie Corporation.
LUBRICANT ADDITIVES MARKET KEY BENEFITS
- The report provides a quantitative analysis of current market and estimations through 2015‐2022 that helps in identifying the prevailing market opportunities.
- The projections in the report are based on the current market trends and future market potential.
- Comprehensive analysis of geographical regions helps in determining the prevailing opportunities in these regions.
- SWOT analysis highlights the strength and opportunities of leading companies operating in the market.
- Exhaustive analysis of the world lubricant additives market by type helps in understanding the varieties of additives that are currently being used and that would gain prominence in the future.
- Key market players within the lubricant additives market are profiled in the report and their strategies are analyzed thoroughly, which helps in understanding the competitive outlook of the world lubricant additives market.
LUBRICANT ADDITIVES MARKET KEY SEGMENT
The market for world lubricant additives market is segmented as:
Market by Type
- Viscosity index improvers
- Anti-wear agents
- Corrosion inhibitors
- Friction modifiers
Market by Applications
- Passenger car
- Other automotive
- Metalworking fluids
- Industrial engine oils
- General industrial oils
Market by Geography
- North America
- South Korea
- South Africa