Lubricating Oil Additives Market Research Report – Forecast to 2030

Lubricating Oil Additives Market: Information by End-User (Automotive, Industrial, and Others), Type (Antioxidant, Viscosity Index Improver, Detergent, and Others), Application (Engine Oil, Gear Oil, and Others), and Region—Forecast till 2030

ID: MRFR/CnM/4855-HCR | February 2023 | Region: Global | 100 Pages         

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Lubricating Oil Additives Market

Lubricating Oil Additives Market is projected to be worth USD 21.80 Billion by 2030, registering a CAGR of 3.87% during the forecast period (2022 - 2030).

Segmentation
By End-User Automotive Industrial
By Type Antioxidant Viscosity Index Improver Detergent
By Application Engine Oil Gear Oil
Key Players
Companies Profiled   Lubrizol Corporation (US)    BASF SE (Germany)    Infineum International Limited (UK)    Tianhe Chemicals (China)    Chevron Oronite Company LLC (US)    Afton Chemical (US)    Evonik Industries AG (Germany)    Croda International PLC (UK)    BRB International BV (Netherlands)    Lanxess (Germany)    Krystal Lubetech Private Limited (India).
Drivers
Market Driving Forces   Increasing demand for additives in the automotive industry
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Lubricating Oil Additives Market Overview Lubricating Oil Additives Market is projected to be worth USD 21.80 Billion by 2030, registering a CAGR of 3.87% during the forecast period (2021 - 2030). Chemical compounds added to lubricating oil to give new properties or improve the existing properties of the base oil are known as lubricating oil additives. Some additions also aid in the suppression of the base oil's unwanted qualities. These additives are mostly used in the automotive sector to ensure that the engine, transmission, and other components operate safely and efficiently. Furthermore, this product is employed in compressors and refrigeration systems to extend the machine's life. Anti-foaming agents, corrosion inhibitors, and antioxidants are additions that improve the lubricating oil's current properties, whilst pour-point depressants and viscosity index improvers help decrease the base oils' unfavorable features. Detergents, extreme-pressure additives, and emulsifiers also give the base oils additional qualities. During the projected period, the growing demand for additives in the automotive industry is expected to propel market expansion. These additives improve the qualities of lubricants, allowing the engine to run more efficiently and economically. Furthermore, these substances protect against corrosion, enhance viscosity index, and function as antioxidants to extend the life of the hardware. In the years ahead, this is likely to increase demand for the product. Lubricating oil additives can also be employed as detergents to keep dirt out of oil compositions. During the forecast period, the diverse uses of these additives are expected to drive market expansion.

Global Lubricating Oil Additives Market Share, by End-User, 2017 (%)


Lubricating Oil Additives Market Share


Source: MRFR analysis


Regional Analysis


The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest share of the global lubricating oil additives market in 2017. This can be attributed to the increased demand for the product in the automotive sector, especially in emerging economies such as China, India, Japan, Indonesia, and South Korea. Moreover, the growth of the industrial sector and the need for increasing the efficiency of machines are likely to fuel the growth of the lubricating oil additives market during the forecast period. 


North America and Europe are the other substantial markets for lubricating oil additives. North America being the second-largest region in automotive production, the demand for lubricating oil additives is expected to increase in the coming years. The rising need to reduce gas emissions and enhance fuel economy, coupled with advancements in the automotive sector, is projected to boost the demand for the product in Europe. The major countries in this region contributing to market growth are Germany, the UK, France, and Italy. Lastly, the markets in the Middle East & Africa and Latin America are estimated to witness significant growth during the forecast period owing to technological advancements and the increasing demand for automobiles in these regions.


Market Segmentation


The global lubricating oil additives market has been segmented on the basis of end-user, type, application, and region.


Based on end-user, the global lubricating oil additives market has been segregated into automotive, industrial, and others.


Considering the type of additive, the global lubricating oil additives market has been divided into antioxidant, demulsifier, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others.


By application, the global lubricating oil additives market has been categorized as engine oil, gear oil, hydraulic fluid, industrial oil, process oil, and others.


The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.


Key Players


Some of the leading players in the global lubricating oil additives market are the Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), and Krystal Lubetech Private Limited (India).Recent Development


BASF India Limited, a subsidiary of BASF SE, opened a new technical laboratory for fuel and lubricant solutions at its Navi Mumbai factory in India on September 7, 2017. The laboratory works on oil packages for turbines, hydraulics, and compressors, as well as the latest-generation tractors, intending to improve fuel efficiency and extend the life of complex machinery. Afton Chemical said in November 2021 that it will be raising its lubricant oil additive pricing by up to 9% accounting for a moderate share of the market demand.

Intended Audience



  • Lubricating oil additives manufacturers

  • Traders and distributors of lubricating oil additives

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Report Scope:

Report Attribute/Metric Details
  Market Size   2030 : USD 21.80 Billion
  CAGR   3.87% (2022-2030)
  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   End-User, Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), and Krystal Lubetech Private Limited (India).
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   increasing demand for additives in the automotive industry


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Frequently Asked Questions (FAQ) :

Lubricating oil additives are added to lubricating oil to improve existing properties while providing new properties to the base oil. Their major end-use industries include automotive and industrial sectors.

Asia Pacific holds the largest share in the global lubricating oil additives market followed by North America and Europe, respectively.

BASF SE (Germany), the Lubrizol Corporation (US), Infineum International Limited (UK), Chevron Oronite Company LLC (US), Tianhe Chemicals (China), Afton Chemical (US), Croda International PLC (UK), Evonik Industries AG (Germany), BRB International BV (Netherlands), Krystal Lubetech Private Limited (India), and Lanxess (Germany), are some of the leading players in the global lubricating oil additives market.

Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global lubricating oil additives market adopt to gain a larger competitive advantage.