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Players in the lubricant additives market are moving forward with a focused approach to remain competitive
The lubricant additives market is likely to witness a CAGR of 2.68% from 2014 to 2019 in terms of volume. Asia-Pacific represents the single largest market for lubricant additives for the same period, followed by North America and Europe. In terms of applications, automotive lubricants dominated the consumption of lubricant additives. Dispersants and viscosity index improvers are the major types of lubricant additives consumed.
The players in the lubricant additive market include chemical giants such as BASF (Germany), Lubrizol (U.S.), Afton (U.S.), Chemtura (U.S.), Chevron Oronite (U.S.), Infineum (U.K.), Tianhe Chemicals Group (China), Evonik (Germany), and Croda (U.K.). There are lot of regional players that operate in this market with a primary motive to fulfill the domestic demand.
Growth of the lubricant additives market is overshadowed by several restraints, the primary one, being use of high quality fuels and lubes in developed nations. The high quality lubricants result in longevity of oils, reducing the oil drain intervals. This affects the market for lubricant additives in the developed countries. Another is an economic restraint, which had its impact around the world, mainly affecting developed economies like Europe.
In this scenario, it is extremely important that the players operating in the market remain competitive by adopting top growth strategies. The companies are increasingly expanding their capacity in the Asia-Pacific region to tap the growing lubricant additives demand. The other reasons that justify this growth strategy are easy availability of feedstock, low level of regulation, and cheap labor. The other most common growth strategy in the market is new product development, which means the companies are coming up with innovative products with the developing automotive and refining technology.
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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