New York, NY – Lubricating Oil Additives Market is projected to be worth USD 21.80 Billion by 2030, registering a CAGR of 3.87% during the forecast period (2021 – 2030).
Chemical compounds added to lubricating oil to give new properties or improve the existing properties of the base oil are known as lubricating oil additives. Some additions also aid in the suppression of the base oil’s unwanted qualities. These additives are mostly used in the automotive sector to ensure that the engine, transmission, and other components operate safely and efficiently. Furthermore, this product is employed in compressors and refrigeration systems to extend the machine’s life. Anti-foaming agents, corrosion inhibitors, and antioxidants are additions that improve the lubricating oil’s current properties, whilst pour-point depressants and viscosity index improvers help decrease the base oils’ unfavorable features. Detergents, extreme-pressure additives, and emulsifiers also give the base oils additional qualities.
During the projected period, the growing demand for additives in the automotive industry is expected to propel market expansion. These additives improve the qualities of lubricants, allowing the engine to run more efficiently and economically. Furthermore, these substances protect against corrosion, enhance viscosity index, and function as antioxidants to extend the life of the hardware. In the years ahead, this is likely to increase demand for the product. Lubricating oil additives can also be employed as detergents to keep dirt out of oil compositions. During the forecast period, the diverse uses of these additives are expected to drive market expansion.
The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest share of the global lubricating oil additives market in 2017. This can be attributed to the increased demand for the product in the automotive sector, especially in emerging economies such as China, India, Japan, Indonesia, and South Korea. Moreover, the growth of the industrial sector and the need for increasing the efficiency of machines are likely to fuel the growth of the lubricating oil additives market during the forecast period.
North America and Europe are the other substantial markets for lubricating oil additives. North America being the second-largest region in automotive production, the demand for lubricating oil additives is expected to increase in the coming years. The rising need to reduce gas emissions and enhance fuel economy, coupled with advancements in the automotive sector, is projected to boost the demand for the product in Europe. The major countries in this region contributing to market growth are Germany, the UK, France, and Italy. Lastly, the markets in the Middle East & Africa and Latin America are estimated to witness significant growth during the forecast period owing to technological advancements and the increasing demand for automobiles in these regions.
Considering the type of additive, the global lubricating oil additives market has been divided into antioxidant, demulsifier, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others.
The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Some of the leading players in the global lubricating oil additives market are the Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), and Krystal Lubetech Private Limited (India).