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Asia-Pacific is the Leading Consumer of the Lubricant Additives
Lubricant additives market: A paradigm shift towards fuel economy
The lubricant additives market is undergoing focus change towards fuel economy. It is an established fact that, the only way to reduce environmental damage, is through fuel efficiency. Fuel efficiency is directly linked to fuel economy. To achieve fuel economy, technological advancements are taking place at a rapid pace. This has resulted in improved engines, energy efficient, and environment friendly fuels. To comply with these changes, there is requirement of improved lubricant additives. Also, improving automotive technology, such as, Dual Clutch Technology (DCT) is being considered as a future revolution for automobile sector. For this, there is a need to innovative lubricant additives. Big players such as Lubrizol (U.S.), Afton Chemical (U.S.), BASF (Germany) and others are investing in Research and Development (R&D) to boost the lubricant additives market.
Lubricant additives market: Growing demand from Asia-Pacific
Asia-Pacific is the leading consumer of the lubricant additives. APAC accounts for nearly 30% share of the overall lubricant additives market. The demand in the region is strong due to the development of automotive and industrial markets and lower costs of production in the emerging economies, such as, China and India. This has projected Asia-Pacific as a global manufacturing and commercial hub where several major companies are placing themselves to target high growth markets. Cheap labor and easily available raw material are major factors that attract manufacturers in the region.
Expansion: Top growth strategy adopted
Global players have adopted a focused approach of expanding into emerging markets of Asia-Pacific as their strategy to remain competitive in the business. Major manufacturers of lubricant additives namely, Lubrizol (U.S.), BASF (Germany), Chemtura (U.S.), Infineum (U.K.), Afton (U.S.) and Evonik (Germany) are establishing their manufacturing plants in China and India for optimal business opportunities.
Lubricant Additives Market by Function Type (Dispersants, VII, Detergents, Antiwear, Antioxidants, Corrosion inhibitors, Emulsifiers, & Others), and Application (Automotive & Industrial Lubricants) - Global Trends & Forecast to 2019
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