ID: MRFR/CnM/9100-HCR | February 2023 | Region: Global | 180 Pages
Anti-Wear Additives Market Is Projected To Be Worth USD USD 914.8 Million By 2028, Registering A CAGR Of 2.65% During The Forecast Period (2021 - 2028)
$914.8 million
2.65%
North America
2021 - 2028
Market Synopsis
According to MRFR analysis, the global Anti-wear Additives Market is projected to be worth USD USD 914.8 million by 2028, registering a CAGR of 2.65% during the forecast period (2021 - 2028), The market was valued at USD 798 million in 2020.
Anti-wear additives prevent wear and loss of the metal surfaces during boundary film and mixed-film lubrication. It is triggered by elevated temperature or pressure at the contact surfaces and forms a protective layer to reduce the wear. The anti-wear additives chemically react with the metal contact surfaces to protect them from corrosive acids, wear, and oxidation of the base oil. These additives have a chemical composition based on phosphorous and zinc compounds, often zinc dialkyl dithiophosphate (ZDDP). These are commonly employed in gear oils, engine oils, hydraulic oils, automatic transmission fluids, and some greases.
The major factors favoring the growth of the market are surging demand for anti-wear additives across various end-user industries, especially automotive industries. Increasing automotive production with a growing fleet of vehicles is fueling the market growth, owing to its extensive consumption in gearbox for the protection of its metal surfaces.
The technological advancement of new automobiles such as smart cars and aluminum trucks creates a lucrative opportunity for the growth of the anti-wear additives market. However, various regulations created to reduce greenhouse gas emissions in the environment negatively impact the market's growth.
Supplier Analysis
The supply chain includes raw material suppliers, anti-wear additives producers, distribution channels, and end use. Raw material procurement is the key to an optimized supply chain; hence, manufacturers maintain an effective supplier–manufacturer relationship through collaborations. Furthermore, the players with vertically integrated business models are expected to have a competitive edge over other market players.
The distribution channel consists of distributors, retailers, wholesalers, and e-commerce merchants. The distributors are companies engaged in long-term sales agreements with producers. Furthermore, the sale of products through e-commerce channels increases in the market; manufacturers use third-party online platforms to sell their products. The adoption of e-commerce as a distribution channel is expected to increase during the forecast period with the increasing digitalization and growth of the e-commerce industry.
Impact of Covid-19:
The pandemic of COVID-19 has resulted in a lockdown across regions, border restrictions, and breakdown of transportation networks. This is expected to significantly affect the chemicals & materials supply chains, global trade, and production capabilities across the world. The global economy is projected to decline by around 1% or more instead of registering a 2.5% growth projected by the World Economic Situation, and Prospects report 2020. The world economy contraction rate is expected to be more than 1% or possibly more than what was experienced in the 2009 global financial crisis (i.e., ~2.5%) if the governments (in the developing as well as developed countries) fail to provide the required income support and help lift consumer spending.
Amid the COVID-19 pandemic, economies across the globe are under lockdown; this has uprooted the supply chains worldwide, severely disrupting trade and major economic activities. As a result of lockdown across geographies, the production facilities have faced major disruptions. Additionally, closures of borders and export bans have led to a fluctuation in raw material prices and supplies; this has severely affected the production of anti-wear additives. Some market players build stocks of raw materials as part of their extensive business continuity planning measures to avoid disruptions in production. However, with the extension of lockdown and trade restriction measures, the demand for the product continues to plummet and, thus, affects the players' revenue operating in the anti-wear additives market.
Market Drivers
Market Restraints
Segmentation
By Type
By Application:
By End-use Industry
By Region
Regional Analysis
Key Players
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 2.65% (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Application, End-use and Region |
Geographies Covered | North America, South America, Europe, Asia-Pacific, Middle-East, and Africa |
Key Vendors | Chemtura Corporation, Evonik, Lubrizol, Infineum, Chevron Oronite, Vanderbilt Chemicals, Tianhe Chemicals Group, Afton Chemical Corporation |
Key Market Opportunities | The growth of the market are surging demand for anti-wear additives across various end-user industries, especially automotive industries |
Key Market Drivers |
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Anti Wear Additives Market is predicted to grow at Significant through forecast period of 2020-2027.
The forecast period for Anti Wear Additives Market research report is 2020-2027.
Global Anti Wear Additives Market is dominated by APAC region.
Increase the demand for Industrial cleaning sector
The prominent players operating in the Anti Wear Additives Market include
Anti Wear Additives Market is predicted to grow at Significant through forecast period of 2020-2027.
The forecast period for Anti Wear Additives Market research report is 2020-2027.
Global Anti Wear Additives Market is dominated by APAC region.
The prominent players operating in the Anti Wear Additives Market include