Lubricant Additives Market Global Information by Function (Dispersants, Antioxidants, Rust & Corrosion Inhibitors, Viscosity Index Improvers, Anti-Wear Agents, Extreme Pressure Additives, Detergents, Anti-Foaming Agents, Friction Modifiers, Demulsifiers, Emulsifiers, Tackifiers, Pour Point Depressants and others), Type (Engine Oils, Hydraulic Fluids, Transmission Fluids, Steering Fluids, Absorber Fluids, Gear Oils, Turbine Oils, Metalworking Fluids, Grease and others), End-Use Industry (Automotive, Aerospace & Defense, Energy, C...
ID: MRFR/CnM/1618-HCR | February 2021 | Region: Global | 140 pages
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Lubricant Additives Market Overview
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.
Market Dynamics
Drivers
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.
Restraints
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.
Technology Analysis
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.
Study Objectives
- The lubricants additives market report helps in understanding the premise of the worldwide market schemes and operations that will help in solving the rising requirements of the worldwide target audience and further, talk about the market factors and dynamics like drivers that will push the market followed by the difficulties that will limit the market from developing during the period. The report covers the market viewpoints that will improve the extent of the market before the end of the global forecast period in 2028.
- The market report features the division and segmentation of the global market operations in both the domestic and the international market scenario and further, talks about the availability of essential resources, raw materials, and skilled labor that will help the market a huge window to dwell upon and increase the chances of attaining a higher market revenue.
- The market report further helps in understanding the global factors that are bringing about the new market competition during the forecast period. The market report draws a competitive market graph based on the recent developments, acquisitions, mergers, joint ventures, and others, that are a part of the global market report and functioning.
Segment Overview
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
Regional 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.
Competitive Landscape
The report discusses the enhanced market competition that is a result of the efforts of the following market players:
- Afton Chemical (US)
- Total (France)
- Croda (UK)
- Chevron Oronite (US)
- BRB International (Netherland)
- Lanxess (Germany)
- BASF (Germany)
- Infineum (UK)
- Evonik Industries (Germany)
- Lubrizol (US)
Recent Developments
- Due to the advent of the novel coronavirus disease from China, the GDP of the country has to face a decline in its GDP. In 2020, China’s GDP was valued at a declined market value by 1.9% by the IMF. However, for the first year of the forecast period that is 2021, the GDP is estimated to reach a sum of 8.2%. This means that the economic growth that was moderate in the period is having a better position that is directly impacting the demand quantum followed by the purchasing power and availability of dispensable income of the target audience. This is likely to provide the Chinese market great growth opportunities to expand and grow upon during the forecast period that will be ending in 2028.
- The construction sector is witnessing a major demand for infrastructural development. Hence, the construction of tall buildings and hotels is in full swing that promises a good base for the market to grow in China, as a part of the APAC region during the forecast period of 2021-2028.
- HiTEC 2597 is a new market product that was launched by Afton Chemical. This is a type of circulating oil additive. A circulating oil additive is also known as a rust and oxidation inhibitor. The oil is known to be used in various kinds of market applications like gear, bearing, and hydraulic.
- In May 2020, a prominent and popular market player - Nestle decided to increase its investment strength by enhancing its footprints and further, promise a better portfolio in its production countries. Nestle has a plan of investment that is worth USD 103.4 million. The idea behind this is to expand its hand at the existing pet food plant in Tianjin and opt for its first production facility in Asia for plant products.
Report Overview
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.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 3% |
| Base Year | 2021 |
| 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.
