Lubricant Additives Market to Surpass 31.29 Billion by 2030 Drives Due to Rising Sales of Passenger Automobiles
SkyQuest projects that the lubricant additives market will attain a value of USD 31.29 billion by 2030, with a CAGR of 3.7% over the forecast period (2023-2030). The global lubricant additives market is experiencing significant growth, primarily driven by the increasing demand for lubricant additives in the automotive industry. This demand is fueled by the rising sales of passenger automobiles and commercial vehicles worldwide. Lubricant additives play a crucial role in improving the performance and durability of various automotive lubricants.
Westford, USA, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the lubricant additives market is witnessing a growing trend of increased usage of additives in base oil blending. This trend is driven by the desire for longer service life and improved performance of lubricants. Additives play a crucial role in enhancing the viscosity of oils, acting as antioxidants and corrosion inhibitors in combustion engines, and reducing oil decomposition.
Browse in-depth TOC on the “Lubricant Additives Market”
- Pages – 157
- Tables – 66
- Figures – 75
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Lubricant additives are integral chemical components or substances that serve specific functions when added to fluids. These additives are combined with base oils to create finished lubricants that enhance the performance and longevity of machinery and equipment in the lubricant additives market. Lubricant additives can be organic or inorganic substances that are either dissolved or present as solids within the oil.
Prominent Players in Lubricant Additives Market
- Infineum International Ltd.
- Afton Chemical Corporation
- Chevron Oronite Company LLC
- The Lubrizol Corporation
- BASF SE
- Croda International Plc
- Evonik Industries AG
- Clariant International Ltd.
- Vanderbilt Chemicals, LLC
- LANXESS AG
- BRB International BV
- Tiarco Chemical
- Shamrock Shipping and Trading Ltd.
- Dover Chemical Corporation
- Croda Singapore Pte Ltd.
- Oceanic Lubricants Corporation
- Dorf Ketal Chemicals India Private Limited
- King Industries, Inc.
- Oronite SA
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Industrial Lubricant is Expected to Dominate the Market Due to Declining Cost Competitiveness
Industrial lubricant segment held a significant share of over 35% in the global volume of the lubricant additives market. This segment is expected to experience the highest growth rate in the coming years.
The market in Europe and North America are known for their stringent emission standards, which have led to meagre permissible emission limits in these regions. This regulatory environment has driven Original Equipment Manufacturers (OEMs) to invest in advanced technologies for vehicle engines, aiming to meet these stringent requirements in the lubricant additives market.
Dispersant Segment is Expected to Grow the Market Due to the Rising Usage of Making Additive Packages
Dispersant segment is expected to attain the highest lubricant additives market share during the forecast period. In the automotive and industrial segments, the dispersant is one of the critical additives used in making additive packages, i.e., lubricant mixed with additives. It inhibits sludge formation by suspending the insoluble contaminants in the oil.
Regional markets in the Asia Pacific emerged as the dominant region in the lubricant additives market, capturing a substantial revenue share of over 34%. The growth in this region is primarily attributed to several factors, including the development of fuel efficiency norms and increasing environmental concerns related to carbon emissions in countries such as China, India, and Japan.
A comprehensive analysis of the major players in the lubricant additives market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Lubricant Additives Market
- BASF SE, a leading chemical company, unveiled a new product and simultaneously increased its production capacity for Irganox, a renowned brand of antioxidant additives in 2022. This strategic move by BASF aimed to strengthen its position in the lubricant additives market. The expansion occurred at BASF’s facility on Jurong Island, Singapore, where the company further diversified its business portfolio.
- BASF Petronas Chemicals Sdn. Bhd., a joint venture between BASF SE and Petronas Chemicals Group Bhd., recently announced plans to expand its 2-Ethylhexanoic Acid (2-EHAcid) plant in Malaysia. This expansion project aimed to double the annual production capacity of 2-EHAcid to 60,000 metric tons by the fourth quarter of 2024.
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Key Questions Answered in Lubricant Additives Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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