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Jul 17, 2020 5:00 PM ET

Driveline Additives Market Size Forecast to Reach $7.62 Billion by 2025

Driveline Additives

iCrowd Newswire - Jul 17, 2020

Driveline Additives Market size is forecast to reach $7.62 billion by 2025, after growing at a CAGR of 6.20% during 2020-2025. Driveline additives are lubricant additives which are designed to optimize automotive performance. In order to achieve optimal lubrication, proper knowledge of both equipment and properties of the base fluids and additives is essential. The additive added to transmission fluid formulations or gear oils decreases friction and removes heat. Protection against oxidation, copper corrosion, thermal degradation, rust and foaming is provided by using driveline additives due to which the driveline additives market is expected to grow during the forecast period.

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By Vehicle – Segment Analysis

Passenger vehicles segment held a significant share in driveline additives market in 2019. According to OICA, the number of passenger vehicles production increased from 68,539,516 units in 2015 to 71,750,946 units in 2018. Driveline additives are used to lubricate transmissions, axle differentials, final drives, and wet brakes used in heavy duty off-highway equipment. Rise in the number of vehicles manufactured annually, need for longer service drain intervals for transmission fluids and axle fluids are anticipated to increase the driveline additives market in near future. Moreover, gear oil additives are majorly used in automotive, and various industrial purposes.

However, due to the outbreak of the novel coronavirus (COVID-19), automobile and component manufacturing plants are being shuttered around the world, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically and almost every major industry event is either being cancelled or going the digital way. The impact of coronavirus on other markets, and particularly China, has also led to disruption in supply chains. This is particularly concerning considering that the global automotive industry reportedly imports more than $34 billion in parts from China.

By Application – Segment Analysis

Transmission fluid additives segment held a significant share in driveline additives market in 2019. New technology developments such as dual-clutch transmission (DCT) call for power train fluids with better fuel efficiency, and thus, manufacturers are widening their focus on transmission fluid additives. Moreover, increasing demand for high-performance fuels is further compelling OEMs to retool every facet of approach, which is boosting the adoption of transmission fluid additives.

By Additive Type – Segment Analysis

Detergents segment held a significant share in driveline additives market in 2019 growing at a CAGR of 6.41% during the forecast period. Detergents are cleaning agents that adhere to dirt particles and prevent them from sticking to metal surface. Dispersants help in preventing the formation of varnish, sludge and various deposits on critical metal surfaces. Extreme pressure additives react with metal surfaces at high temperatures throughout the operation, creating a coating that can withstand extreme pressure and heat. This coating protects two metal surfaces in contact from scouring. Anti-wear additives perform in a similar manner as extreme pressure additives, but operate under lower pressures and loads.

Geography- Segment Analysis

Asia Pacific dominated the driveline additives market with a share of more than 42%, followed by North America and Europe. Moreover, consumer’s increasing disposable income in the region has increased their expenditure on the vehicles due to which driveline additives demand has increased drastically. China is having the major market share in the region owing to its vast economy growth, expansion of automotive industry and rise in industrialization. According to OICA, the motor vehicle production increased from 51,846,421 units in 2016 to 52,656,826 in 2018. This is primarily because of higher demand from the automotive industry due to a growing population which in turn is increasing the driveline additives market.

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Drivers – Driveline Additives Market

Stringent EU regulations regarding the reduction of VOC emissions in automobiles technologies are driving the demand for driveline additives market. Government regulations in the Asia Pacific countries and US, especially regarding air pollution, will continue to be a driving force for the adoption of driveline additives. These regulations have led to the shift in demand from conventional additives to environmentally-friendly products. Also, increasing production of vehicles and, changing vehicle specifications are other factors anticipated to boost growth of the global driveline additives market.

Challenges – Driveline Additives Market

High cost of driveline additives as compared to conventional driveline additives is a key factor restraining growth of the driveline additives market. Furthermore, volatile prices of raw materials required for the production of driveline additives is another factor expected to hamper growth of the global driveline additives market over the forecast period.

Investment/ Product Launch

Key Takeaways

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the driveline additives market. In 2019, the market of driveline additives has been consolidated by the top five players accounting for xx% of the share. Major players in the driveline additives market are BRB International B.V., The Lubrizol Corporation, Vanderbilt Chemicals, LLC, Chevron Oronite Company, LLC, Infineum International Limited, Afton Chemical Corporation, BASF SE, and Lubrilic Corporation among others.

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