According to the latest report by IMARC Group, titled “Lubricant Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global lubricant additives market size reached US$ 15.4 Billion in 2018. Lubricant additives refer to organic or inorganic chemical compounds that are suspended or dissolved in engine oils and functional fluids to enhance their overall performance. They assist in improving the existing base oil properties with anti-foam and demulsifying agents and suppressing the undesirable properties with pour-point depressants. They are also used for imparting new properties to base oils with extreme pressure (EP) additives. Lubricant additives help in averting reaction with moisture present in the environment by creating a protective chemical barrier that safeguards the machinery from internal rust.
Lubricant additives offer numerous advantages to end users including minimized costs, reduced friction and enhanced vehicle reliability. Moreover, the development of advanced lubricant additives has aided in extending oil drain service intervals, improving engine durability, and reducing CO2 emissions from passenger cars and commercial vehicles. Apart from this, the growing demand for lubricants for use in automotive and industrial engines is boosting the market growth. This is supported by the introduction of high-performance engines along with the implementation of stringent emission standards in various countries. Looking forward, the market is projected to reach a value of US$ 18.5 Billion by 2024, expanding at a CAGR of more than 3% during 2019-2024.
- Based on the type, the market has been segmented into dispersants, viscosity index improvers, detergents, anti-wear and anti-oxidants, corrosion inhibitors, friction modifiers, and emulsifiers. At present, dispersants represent the most popular type of lubricant additives, holding the largest share.
- On the basis of the end use, the market has been classified into automotive lubricant, metalworking fluid, industrial engine, process oil and grease. Currently, automotive lubricant accounts for the majority of the market share.
- The market has been bifurcated on the basis of the distribution channel as retail and institutional segments. Presently, the institutional segment exhibits dominance in the market.
- Region-wise, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the share.
- The competitive landscape of the market has also been examined with some of the key players being Afton Chemical Corporation, Chevron Corp., Infineum International Limited, The Lubrizol Corporation, BRB International BV, BASF SE, Croda Lubricants, Wuxi South Petroleum Additive Co., Dorf Ketal, DOG Chemie, Eni SpA., Dover Chemical, Jinzhou Kangtai Lubricant Additives Co. Ltd., King Industries Inc. and Evonik Industries AG.
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