Lubricant Additives Market

Lubricant Additives Market Size

Lubricant Additives Market size was USD 16.85 billion in 2021 and projected to grow from USD 17.8 billion in 2023 to USD 23.1 billion by 2032, exhibiting a CAGR of 2.9% during the forecast period.

Lubricant additives are chemical compounds that provide several functions when utilized in different rate of treatments. Lubricant additives when combined with base oils generate finished lubricants. Additives possess several functions to enhance the existence and generation of finished lubricants. The utilization of lubricant additives is important in passenger car, heavy-duty lubricants, metalworking fluids and mechanical engine oils. Lubricant additives play an important role in energy and emissions management in different automobile and end-use industries.

Market Highlights

Lubricant Additives Market is expected to project a CAGR of 2.9% during the forecast period, 2022-2032

Lubricant Additives Market is expected to reach USD 23.1 billion, growing at a CAGR of 2.9% during forecast period owing to the increasing demand for lubricant additives in the automotive industry. The purchase of passenger and commercial vehicles is increasing which is anticipated to drive the lubricant additives market in the forecast period. The increasing living standards, varying customer preferences and growing per income are expected to boost the growth of the market. Growing export opportunities for lubricating oil additives may also drive the market growth.

Lubricant Additives Market Segmentation

Dispersants segment is expected to grow with high CAGR during the forecast period

Lubricant Additives Market is classified based on the Type into Antioxidants, Improvers, Detergents, Viscosity Index Improvers, Dispersants, Friction Modifiers, Corrosion Inhibitors, Anti-Wear Additives, Others. Dispersants segment is expected to dominate the market in the forecast period owing to their importance as additives in forming additive packages for automotive and industrial fields. Dispersants aid in suspending the insoluble contaminants in oil to prevent the formation of sludges. Dispersants are widely used to minimize the varnish or other deposit formation on surfaces.

Automotive segment is expected to grow with high CAGR during the forecast period

Lubricant Additives Market is classified based on the Application into Automotive {Passenger Car Motor Oil, Heavy Duty Motor Oil, Others}, Industrial {Metal Working Fluid, General Industrial Oil, Industrial Engine Oil, Others. Automotive segment dominated the major market in 2021 and is expected to continue its dominance over the forecast period owing to the increasing preference of customers in accepting passenger car motor oils. The requirement of lubricant additives is growing due to the high use of lubricants to prevent friction-related issues and confirm smooth and efficient operation.

Market Dynamics  

Growth Drivers

Rapid Industrialization is Expected to Boost the Growth of the Market

Lubricants are widely used in various industries as they aid in proper operating of equipment with good efficiency and maximum safety. Lubricants have various applications and are utilized in oil & gas, automotive, textile, power generation, glass, paper and pulp, agriculture, chemicals and petrochemicals, manufacturing, pharmaceuticals, food & beverages and other industries. The necessity of lubrication for machinery in all the industries is essential which is creating demand for growth of the market.

Advancements in Technology is Expected to Boost the Growth of the Market

Modern engines in terms of authenticity and effectiveness rely on the success of the lubricating system. Lubrication aid in cooling the internal parts of engine which are acting by producing friction and heat which concludes in overheating. The advancements in engine technology relate to lubricant adhesives market may boost the market growth. The execution will boost the demand for low viscosity index improvers lubricants. The growth of several industries ensures in creating demand for lubricants additives. Growing demand for industrial lubricants majorly from the textile industries is anticipated to lubricants additives market growth.

Restraint

Variable Price of Raw Material May Restrain the Growth of the Market

The differing price of raw materials utilized in producing lubricant additives is expected to restrain the market growth. The lengthy research and development procedure involved in the lubricant additives package may hamper the growth of the market.

Recent Developments

• In October 2022, an alliance between BASF SE and Petronas Chemicals Group Bhd., BASF Petronas Chemicals Sdn. Bhd., declared the extension of 2-Ethylhexanoic Acid plant in Malaysia to boost the annual production capacity.

• In May 2022, BASF initiated the Next-generation Antioxidant named Irgatec CR 76 which was anticipated to provide extraordinary thermal stability and protection against oxidative degradation in lubricants.

Lubricant Additives Market

Key Players Covered:

• Dorfketal Chemicals (I) Pvt. Ltd
• King Industries Inc.
• BASF SE
• Multisol
• Infineum International Limited
• DOVER CHEMICAL CORPORATION
• Chevron Corporation
• Evonik Industries AG
• Lanxess
• D.O.G Chemie
• Jinzhou Kangtai Lubricant Additives Co. Ltd
• Afton Chemical
• Vanderbilt Holding Company Inc.
• BRB International
• Shepherd Chemical
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Lubricant Additives Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific region is expected to dominate the market in forecast period owing to the expansion of food processing field in countries of this region due to the increasing popularity of processed, packaged frozen foods, baby food, dairy etc. The high investments in food and beverage industry is creating demand for machinery and is expected to create demand for lubricant additives market.

Impact of Covid-19 on Lubricant Additives Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. There was a negative impact on the lubricant additives market during the pandemic period due to shutdown of various industries, unavailability of labour and disruptions in the supply chains which resulted in the downfall of the Lubricant Additives Market. Covid-19 had a negative impact on the growth of the Lubricant Additives Market.

Lubricant Additives Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Lubricant Additives Market Scope and Segments:

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