PRESS RELEASE
Published on March 1, 2023
“Browse 332 market data tables and 75 figures spread over 308 pages and in-depth TOC on ‘Lube Oil Additives Market'”
Lubricating Oil Additives Market by Type, Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil), Sector (Automotive & Industrial) and Region
Lubricating oil additives are chemical compounds that are added to the base oil to improve its lubricity. These additives are used to reduce friction and wear, improve oxidative stability, reduce foaming, and protect against corrosion and rust. The most commonly used additives are detergents, dispersants, viscosity index improvers, antioxidants and anti-wear agents.
The lubricant oil additives market the size is estimated to be USD 18.2 billion in 2021 and is expected to reach USD 20.4 billion by 2026, with a CAGR of 2.3% during the forecast period. Lubricating oil additives are used to improve the performance of lubricants and functional fluids. Each additive is selected for its ability to perform one or more specific functions in combination with other additives. Selected additives are formulated into packages for use with a specific base and application. Motor oils are the largest application of lubricating oil additives.
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On the basis of type, the lubricating oil additives market is segmented as viscosity index improvers, dispersants, detergents, antioxidants, anti-wear agents, rust and corrosion inhibitors, friction modifiers, extreme pressure additives , pour point depressants and others. Viscosity index improvers are estimated to hold the largest share in the lubricating oil additive market followed by dispersants. Antioxidants are the fastest leading type of lube oil additive. Antioxidants are additives that help increase the oxidation resistance of the base oil and also allow lubricants to perform effectively at higher temperatures. Antioxidants used as additives are zinc dithiophosphate (ZDP), alkyl sulfides, aromatic sulfides, aromatic amines, and hindered phenols.
On the basis of application, the lubricating oil additives market has been mainly segmented into engine oil, hydraulic fluid, gear oil, metallurgical fluid, transmission fluid, grease, compressor oil, and others. Lubricating Oil Additives Market Size for Engine Oil Applications accounted for the largest share of global lubricating oil additives, in terms of value, in 2020. Lube Oil Additives Market for motor oil has been driven by the developing economies of APAC. North America and Europe are embarking on the use of low-viscosity SAPS motor oil, which has a higher additive dosage than regular motor oil.
On the basis of sector, the lubricating oil additives market has been mainly segmented into the automotive and industrial sector. The Lube Oil Additives market size for the automotive sector accounted for the largest share of the global Lube Oil Additives, in terms of value, in 2020. The Lube Oil Additives market for in the automotive sector has been driven by complex engines and advanced lubricants. It is also driven by tight regulation in the developed economies of North America, Europe and APAC.
By region, APAC is estimated to be the largest market for lubricating oil additives in 2020. APAC accounted for the largest share of 36.3%, in terms of value, of the global additives market of lubricating oil in 2020. The lubricating oil additives APAC market is also expected to register the highest CAGR, in terms of value, during the forecast period. Growing awareness about the benefits of lube oil additives plays a key role in the growth of the lube oil additives market in the region. Increasing emission norms in developing countries including China and India are expected to further drive the demand for lube oil additives during the forecast period.
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Major market players profiled in the report include BASF SE (Germany), Chevron Oronite Company LLC (US), The Lubrizol Corporation (US), Afton Chemical (US), Evonik Industries AG (Germany), LANXESS AG ( Germany), Croda. International Plc. (UK), Infineum International Limited (UK), ADEKA CORPORATION (Japan), BRB International (Netherlands), International Petroleum and Additives Company (IPAC) (USA), Tianhe Chemicals (China), Vanderbilt Chemicals, LLC (USA ), MOL-LUB Ltd. (Hungary), Eni SpA (Italy), Clariant AG (Switzerland), Jinzhou Kangtai Lubricant Additives Co., Ltd. (China), Eurolub GmbH (Germany), Wuxi South Petroleum Additives (China), Dorf Ketal (India), Cerion Nanomaterials (USA), Shamrock Shipping and Trading Ltd. (Cyprus), Jinzhou Runda Chemical Co., Ltd. (China), MidContinental Chemical Company (USA) and Wynn’s (USA). They have adopted strategies such as new product launches, mergers and acquisitions, and expansion in order to gain an edge over their competitors.
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