Lubricant Additives Market Size is set to emerge by registering CAGR of 2.86% during the forecast period
Increase in automotive production and implementation of various heavy machinery equipments across automotive industries along with increase in utility and consumer products are amid the key factors positively impacting the Lubricant Additives Market growth. Lubricant additives are added to base oils to impart specific functional properties to lubricating oils used in automotive and industrial applications.
Further, strong demand for lubricant additives products is observed across emerging countries due to penetration of small and medium market key players.
However, Lubricant additives are produced from crude oil as raw materials, hence fluctuations in crude oil price acts as major challenge for lubricant additives market. Crude oil prices fluctuate due to uncertainties in production and exploration of fossil fuels.
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Growing automotive industry drive consumption of lubricant additives
The global automotive market growth acts as the major driver for the growth of lubricant additives market size. Major proportion of lubrication additives are used in automotive sector for manufacturing and finishing of automotive parts.
In addition, transportation and automotive market sizes are expected to increase due to increase in per capita income, establishments of automotive production facilities, and living standards of the public.
Growing consumer awareness towards efficient outcomes
Lubricant additives market growth is largely driven by increased customer awareness towards energy efficiency by optimizing the energy losses. The lubricant additives are deployed in automotive and industrial applications to reduce the friction losses in elastodynamic, hydrodynamic and boundary lubrication mediums.
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In industrial sector, lubricant additives are used to optimize the high temperature and shear modification through friction. Increasing producer’s awareness to reduce cost and increase output is boosting the lubricant additives market size.
Customer preference shifting from monograde oils to multigrade oils
Shifting of customer preference from monograde oils to multigrade oils due to their cold pumpability. Further, multigrade oils are preferred across EU and Americas over advantages of better engine start-up performance, improved mileage of engine, in particular during the cold weather conditions propel the multigrade oils market growth.
Strong preference for Bio-based lubricants is among the major lubricant additives market trend
Conventional lubricant additives release harmful residues with poor combustion and high friction compared to bio-based lubricant additives. Further, oil-based lubricant additives are poorly degradable in nature and toxic the ecosystem. In addition continuous R&D efforts are being taken place to develop lubrication additives that emit less harmful lubricant residues. Accordingly, in between 2016 to 2017, bio-based lubricant additives with advantages of no harmful residues and faster degradable rate came into existence obtained from vegetable oils or synthetic esters.
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Further, lubricant additive manufacturers are shifting from oil-based lubricants to bio-based lubricants with the increasing environmental regulations.
Asia Pacific proceeds lubricant additives market growth over rapid industrialization
The sales of automotive in the Asia Pacific region are expected to increase in upcoming years at a faster rate due to increase in per capita income, improved living standards, and government policies to support industrialization. In India, the government initiative named “make in India” is encouraging the establishment of new industries and also promotes the industrialization activities at lower cost.
Further, China is a huge production and manufacturing hub in Asia pacific region and is expecting the vigorous growth of industries such as electronics, electric components, toys, transportation equipments, and others. In addition, rapid rate of industrialization tend to drive the demand for lubricant additives. However, the foregoing trade war between China and the US is hampering the lubricant additives market growth over decline of importing raw materials from western countries.
Further, Southeast Asian countries such as India, Vietnam and others are encouraging lubrication additives market investments from foreign players to strengthen their economic conditions.
Product developments and new product launches of lubrication additives are taking place across key players
To maintain strong hold of market share, key vendors across lubricant additives market are adopting market growth trends such as organic product portfolio and high performing lubricant additives. For instance, in April 2019, Lanxess launched an organic lubricant additive for passenger cars and high performance engine oils.
Following the above, in 2019, Cepsa launched a range of high performance lubricants for heavy duty vehicles offering benefits such as increased efficiency and improved engine protection. In addition, Indian Oil launched two high performance lubricants for new generation petrol and diesel cars/SUVs/ MUVs and MPVs in the same year.
Key players operating in global lubrication additives market are Lubrizol, BASF, Chevron Oronite, Afton Chemtura, Infineum, Croda, Tianhe Chemicals Group, Evonik, and Shamrock Shipping and Trading Limited.
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