PRESS RELEASE
Posted on March 27, 2023
Expert Market Research’s new report titled “Global Lubricating Oil Additives Market Size, Share, Price, Growth, Trends, Report and Forecast 2023-2028”, provides an in-depth analysis of the global Lubricating Oil Additives market lubricating oil, assessing the market. based on its segments such as functional type, application, industry and major regions. The report tracks the latest industry trends and studies their impact on the global market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT models and Porter’s five forces.
Get a free sample report with the table of contents: https://www.expertmarketresearch.com/reports/lubricating-oil-additives-market/requestsample
Highlights of the report include:
Market Overview (2018-2028)
- Historical market size (2020): 16.34 billion dollars
- Forecast CAGR (2023-2028): 2.6%
- Market Size Forecast (2026): 19.06 billion dollars
The global lube oil additive industry is being driven by an increase in vehicle sales as lube oil aids engine performance. Advances in internal combustion engine design increase heat and stress on the engine’s internal components. As a result, the use of lubricating oil additives in high rpm engines is increasing, spurring the growth of the market. Meanwhile, advances in bearing and gear technology are increasing demand for lubricating oil additives. In addition, the growing demand for bio-based lubricants due to their environmental friendliness is driving the growth of the lubricating oil additives market.
Lubricating Oil Additives Industry Definition and Major Segments
Lubricating oil additives are substances commonly used to improve the performance of lubricants, functional fluids and engine durability. They are used to improve the efficiency of oils by increasing qualities such as corrosion resistance. Lubricating oil additives also have beneficial properties that improve the functionality of oils, which is why they are increasingly used in a variety of industrial and automotive applications.
Read the full report with table of contents: https://www.expertmarketresearch.com/reports/lubricating-oil-additives-market
According to the type, the industry can be divided into:
- dispersants
- Viscosity index improvers
- detergents
- Anti-wear agents
- Antioxidants
- Rust and corrosion inhibitors
- Friction modifiers
- Emulsifiers
- Extreme Pressure Additives
- Depletion Point Depressants (PPDs)
- others
On the basis of applications, the industry is divided into:
- Motor oils
- Gear oils
- Process oils
- Industrial oils
- Hydraulic fluids
- Fluids for metal work
- others
According to the sector, the industry can be segmented into:
- Automotive sector
- Industrial Sector
Regional markets include:
- North America
- europe
- Asia Pacific
- Latin America
- Middle East and Africa
Lubricating Oil Additives Market Trends
The growing demand for lubricating oil additives market is being driven by the initiation of large construction projects, rapid economic expansion, and the introduction of beneficial government policies. Furthermore, the emergence of smart cities is increasing the use of lube oil to increase energy efficiency, which is likely to support the lube oil additive market. As one of the largest consumers of lubricating oil additives, with applications ranging from turbine oil to transformer oil, the power industry is expected to drive market expansion during the forecast period . The increase in demand due to the adaptability of motor oils makes them suitable for use in the transport industry. The growing number of vehicles in China, as well as expanding transportation demand in India and ASEAN countries, is driving the demand for lubricating oil additives in the transportation industry in APAC. Although the market was affected by the national lockdowns and mobility restrictions induced by the COVID-19, the significant demand for motor oils in industrial applications is expected to increase the growth of the industry in the coming years.
Key market players
Major market players are The Lubrizol Corporation, Chevron Oronite SA, Afton Chemical Corporation, Evonik Industries AG, BASF SE and others.
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