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According to the latest report by IMARC Group, titled “Lubricant Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global lubricant additives market size reached US$ 16.1 Billion in 2021. 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.
Market Trends:
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$ 19.2 Billion by 2027, expanding at a CAGR of 2.9% during 2022-2027.
Market Summary:
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