ID: MRFR/CnM/1618-HCR | February 2021 | Region: Global | 140 pages
The future for the lubricants additives market trends for the ongoing forecast period of 2021-2028 looks promising. During the historic forecast period that ended in 2019, the global market size was valued at a global figure of USD 14.99 billion. For the current forecast period, the global market is expected to register a global CAGR of 3.04%. By the end of the period in 2028, the market is expected to attain a final market revenue worth USD 18,884.23 million.
COVID 19 Analysis
The absurd spread of the novel Covid pandemic among different areas of the world had sent the common man into doubt and thus, questions regarding the medical care framework are being faced. The speculations are huge and concerns regarding the essential way of life followed by individuals from one side of the world to the other are creating worry. The spread of the pandemic has constrained the public authority to impose an array of limitations and lockdowns that don’t have many positives and advantages to offer to the global audience during the forecast period that will be ending in 2028. These lockdowns have constrained both the part and full-time workers to get leave their places and move to their hometowns. This has additionally caused the inaccessibility of work and availability of skilled labor. The further results in the closing down of numerous organizations followed by the functional inability of their manufacturing and production units. Because of the lockdown, the lubricants additives market size has been exposed to risks and dangers.
The global market players and the public authorities like centers and governments are focusing on the emerging need for the market to return to daily functioning. For the same, restrictions are being lifted followed by the increase in investments that is a result of the variation in market products and services that promise a higher degree of profitability. The investment will help in enhancing the service and product portfolio followed by their grand launch in the international market to meet the rising needs of a global target audience.
The lubricants additives market share has many aspects to expand upon during the forecast period. Environmental concerns are a major factor that predicts the future of any global market as climate change is an important and considerable fact in the 21st century. Lubricant formation and use are highly dependent on environmental concerns. The lubricant additives are important ingredients in the preparation of modern lubricants that will act as major driving forces for the market during the forecast period that will be ending in 2028.
Viscosity index improvers, as a part of the lubricants additives market share, tend to use high-VI hydraulic and gear oils. Viscosity index improvers are susceptible to mechanical shearing that is likely to hinder the application’s expansion during the forecast period. Also, extended oil change intervals in machinery and automobiles coupled with the impact of the pandemic on the market operations for the forecast period ending in 2028 is likely to restrain the market from growing during the forecast period.
There has been a huge implication since the lubricants additives market size is increasing and hence, stringent environmental regulation regarding the emission degrees and industrial growth in regional markets like that of the Middle East and Africa are the major factors that will drive the global growth for the market during the forecast period of 2021-2028. Also, the growing popularity of high-performance lubricants in the APAC region will give rise to great expansion opportunities for the market during the period that will be ending in 2028.
The lubricants additives market revenue is set to increase in the forecast period owing to the splendid performance of the market segments in both the regional and international markets. The market has been segmented based on the following:
Based on functions
The market products help conduct functions like emulsifiers, anti-oxidants, anti-wear agents, pour point depressants, detergents, dispersants, viscosity index improvers, friction modifiers, and others.
Based on market applications
The market applications are gear and engine oil, process and industrial oil, hydraulics fluid, and metalworking fluids.
Based on sector
The market sectors are automotive and industrial.
Global Lubricant Additives Market Share, by End-Use Industry, 2018 (%)
Source: MRFR Analysis
The distribution of the market segments, assets, raw materials, skilled professionals, and resources play a major role in predicting the regional performance that is involved in the global market functioning. The lubricants additives market trends show that the APAC region will dominate the global growth of the market during the forecast period that will be ending in 2028. The APAC region is emerging as one of the most favored locations for the market manufacturers as this region offers a low-cost production and there is a vivid presence of the rapidly growing markets in the region like South Korea, India, and China. There has been an increased annual vehicle sales recorded followed by supportive legislation and regulations that will have a positive impact on the market size in this region.
The report discusses the enhanced market competition that is a result of the efforts of the following market players:
The lubricants additives market report discusses the potential of the market segments and the market dynamics that will help the market to grow during the forecast period and cover the losses incurred during the pandemic year of 2020. The market report discusses the rising market competition followed by the recent developments undertaken from 2021 to 2028.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Function, Type, End-User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Afton Chemical (US), LANXESS (US), Chevron Corporation (US), BRB International (Netherlands), Evonik AG (Germany), Croda International PLC (UK), Infineum International Limited (UK), The Lubrizol Corporation (UK), Tianhe Chemicals (China), DOVER CHEMICAL CORPORATION (US), SHEPHERD CHEMICAL COMPANY (US), DOG Chemie (Germany), JINZHOU KANGTAI LUBRICANT ADDITIVES CO. LTD (China), Wuxi South Petroleum Additives Co. Ltd (China)|
|Key Market Opportunities||Introduction of dual clutch transmission, wherein, gears can be changed without interrupting the power flow from the engine to the transmission|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The APAC region is predicted to dominate the global market operations during the period.
The market is expected to attain a global CAGR worth 3.04%.
The market is expected to attain a global figure worth USD 18,884.23 million.