The global lubricating oil additives market is predicted to grow at a favorable CAGR between 2018- 2023, as per the recent analysis by Market Research Future (MRFR). Lubricating oil additives, simply put, are chemical compounds that are added to the lubricating oil to offer new properties or improve the base oil’s present properties. Some additives work wonders in suppressing the base oil’s undesirable properties as well. Such additives have extensive applications in the automobile sector for efficient and safe working of the gearbox, engine, and other assemblies.
Top Industry Participants
The top participants listed in the MRFR report are BASF SE (Germany), Evonik Industries AG (Germany), Croda International PLC (UK), Lanxess (Germany), BRB International BV (Netherlands), Lubrizol Corporation (US), Chevron Oronite Company LLC (US), Krystal Lubetech Private Limited (India), Infineum International Limited (UK), Tianhe Chemicals (China), Afton Chemical (US), and more.
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Top Boosters and Challenges
The industry’s growth has been impressive in the past few years, and can be the result of the rising additive use in base oil blending for extended service life as well as better performance. Lubricating oil additives help boost oil viscosity, act as corrosion inhibitors and antioxidants in combustion engines, and bring down the oil decomposition. Therefore, their use in base oil blending has risen significantly and this trend can have an enormous impact on the market growth over the coming years.
Various factors are propelling the global lubricating oil additives market growth. As per the latest MRFR report, such factors include growing popularity of lightweight cars, an increase in the manufactures as well as sales of cars in Thailand, Indonesia, and India, breakthroughs in technology leading to the launching of new cars like aluminum trucks & smart cars, and booming automotive industry. Additional factors adding market growth include legislations targeting the fuel emission resulting in formulation changes and effecting additive selection as well as its use, strict monitoring of chemical limits in the automotive additive and fuel, growing use of low-viscosity materials, specification upgrades resulting in the mandatory and enhanced application of dispersants and antioxidants, rapid industrialization, and economic development.
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Many of the noted players in the market are progressively taking up business strategies including expansions, product launches, agreements, acquisitions and joint ventures to gain better positions in the years ahead.
To illustrate, in October 2020, BASF almost doubled its production capacity for synthetic ester base stocks at its site located in Jinshan, China. The expansion strategy adopted by the company is said to be in response to the escalating demand for lubricating oil additives in Asia Pacific, and is expected to bolster its position as a renowned supplier in the region.
The MRFR report offers an inclusive segmental analysis of the global lubricating oil additives market report based on application, type, and end user.
By end user, the global lubricating oil additives market is segmented into industrial, automotive, and others.
By type, the global lubricating oil additives market is segmented into corrosion inhibitor, anti-foam agent, friction modifier, detergent, viscosity index improver, demulsifier, antioxidant, and others.
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Based on application, the global lubricating oil additives market is segmented into process oil, industrial oil, hydraulic fluid, gear oil, engine oil, and others.
The lubricating oil additives market is regionally split into APAC or Asia Pacific, Europe, North America, MEA or Middle East & Africa and Latin America.
In 2017, APAC was the biggest market for lubricating oil additives in the world and can remain so throughout the appraisal period, on account of the automotive sector emerging as a key end-user. The automotive industry in the region is highly lucrative, especially in the developing nations like India, Indonesia, Japan, South Korea and China. The expanding industrial sector along with the soaring need to boost the productivity of the machines can most likely benefit the APAC market in the following years.
North America and Europe are some of the strongest contenders in the global market, with the former exhibiting better growth. North America’s stand as the second-leading market for automobiles has raised the significance of lubricating oil additives in the region. Also, the increased need to bring down gas emissions and elevate fuel economy and the frequent technological innovations in the automotive industry are projected to buoy the market demand in the region.
The European market is primarily headed by Germany, France, Italy and the UK, with the growth anticipated to be the result of the surge in government efforts to procure fuel economy targets the MEA and Latin American market could also witness robust growth in the future, because of the rise in technological developments along with the escalating sales of automobiles across the regions.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Lubricating Oil Additives Market
5 Industry Overview Of Lubricating Oil Additives Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
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