Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Lubricant Additives Market Size is Expected to Grow from USD 17.5 Billion in 2023 to USD 25.8 Billion by 2033, at a CAGR of 3.96% during the forecast period 2023-2033.
Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Lubricant Additives Market Size, Share, and COVID-19 Impact Analysis, By Product (Dispersants, Viscosity Index Modifiers, and Detergents), By Application (Automotive and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.
The lubricant additives market involves manufacturing and selling chemical substances, or additives, which are intended to improve the performance of lubricants by enhancing features such as minimizing friction, wear, and oxidation, and boosting viscosity. Lubricant additives are chemical substances that are blended into base oils to improve their performance and impart certain characteristics, like minimizing friction, improving wear resistance, and preventing oxidation. Lubricant additives greatly enhance the viscosity of the oil. It functions as an antioxidant and corrosion inhibitor in combustion engines and lower oil decomposition. In addition, greater use of additives in base oil blending guarantees longer service life and performance. Therefore, these additives play a critical role in the automotive sector by enhancing oil viscosity and functioning as corrosion & oxygen inhibitors for combustion engines. Furthermore, growing sales of machinery in industries is a major growth factor. The post-pandemic revival and its follow-up reorientation of supply bases from China to Vietnam, India, etc. as part of 'China plus one' operations, have led to the establishment of new manufacturing units. These manufacturing investments are largely driven by automotive, electronics, consumer goods, and building materials. However, the lubricant additives market is restrained by environmental regulations and the high cost of raw materials.
The viscosity index modifiers segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 18.72% during the forecast period.
Based on the product, the global lubricant additives market is divided into dispersants, viscosity index modifiers, and detergents. Among these, the viscosity index modifiers segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 18.72% during the forecast period. Viscosity index improvers are polymer-based additives that are used to diminish the effect of rising temperature on lubricant viscosity. It finds extensive applications in gear oils, multi-grade engine oils, automatic transmission fluids, hydraulic fluids, greases, and power steering fluids.
The automotive segment held the highest share in 2023 and is anticipated to grow at a CAGR of 59.24% during the forecast period.
Based on the application, the global lubricant additives market is divided into automotive and industrial. Among these, the automotive segment held the highest share in 2023 and is anticipated to grow at a CAGR of 59.24% during the forecast period. This is an account of consumers' inclination towards high-performance operational efficient engine fuel. Lubricant additives like dispersants, viscosity index improvers, antioxidants & friction modifiers are extensively used in automobile fuel systems, both gasoline & diesel engines, due to their outstanding oxidative stability, higher solvency & low volatility.
North America is anticipated to hold the highest share of the global lubricant additives market over the projected period.
North America is anticipated to hold the highest share of the global lubricant additives market over the projected period. This is pursued by the implementation of stringent environmental regulations intended to reduce carbon emissions. As such, the demand for lubricant additives across different industries is anticipated to increase, as these are important in minimizing machinery wear and tear, as coolants, as well as optimizing the overall efficiency of the vehicle.
Asia Pacific is estimated to grow at the fastest CAGR of the global lubricant additives market during the forecast period. This is marked by the presence of ample skilled labor at low prices and easy access to land and resources. The changing production landscape in favor of the emerging economies of the Asia Pacific, especially China, India, Thailand, Vietnam, and Indonesia, is anticipated to have a positive impact on lubricant additives market growth during the forecast period.
Company Profiling
Major vendors in the global lubricant additives market are BASF SE, BRB International B.V., Chevron Oronite Company LLC, Afton Chemical Corp., Daelim Co. Ltd., Deutsche Oelfabrik Gesellschaft Fur Chemische Erzeugnisse M.B.H. & Co. Kg, Dorf-Ketal Chemicals India Pvt. Ltd., Dover Chemical Corp., The Elco Corp. (Italmatch Chemicals S.p.A.), Eni S.p.A., Evonik Industries AG, Xinxiang Richful Lube Additive Co. Ltd., Jinzhou Kangtai Lubricant Additives Co. Ltd., RT Vanderbilt Holding Company, Inc., Infinium International Ltd., King Industries, Inc., Metall-Chemie GmbH & Co. KG, LANXESS AG, Lehmann & Voss & Co. KG., Lubrizol Corp., and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global lubricant additives market based on the below-mentioned segments:
Global Lubricant Additives Market, By Product
Global Lubricant Additives Market, By Application
Global Lubricant Additives Market, By Regional
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