HOME Top Market Reports Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023

Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: June 2018
Report Code: CH 6337

 

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The lubricating oil additives market was valued at USD 14.99 Billion in 2017 and is projected to reach USD 17.74 Billion by 2023, at a CAGR of 2.64% between 2018 and 2023.  The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.

Objectives of the Study

  • To define, describe, and forecast the global lubricating oil additives market, in terms of value and volume, on the basis of functional type, application, sector, and geography
  • To forecast the market size with respect to 5 main regions-North America, Europe, APAC, South America, and the Middle East & Africa
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the lubricating oil additives market
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
  • To analyze the opportunities in the lubricating oil additives market for stakeholders and draw a competitive landscape for market leaders
  • To analyze competitive developments such as investments & expansions; joint ventures; mergers & acquisitions; product developments; and research & development (R&D) activities in the lubricating oil additives market
  • To strategically profile key players and comprehensively analyze their core competencies

Both, the top-down and bottom-up approaches were used to estimate and validate the size of the lubricating oil additives market, and to estimate the size of various other dependent submarkets. This research study involved the extensive use of secondary sources, directories, and databases, such as Hoovers, Bloomberg, Chemical Weekly, Factiva, ICIS, and the Securities and Exchange Commission (SEC), among other government and private websites, to identify and collect information useful for a technical, market-oriented, and commercial study of the lubricating oil additives market.

Lubricating Oil Additives Market

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The lubricating oil additives market has a diversified and established ecosystem of upstream players-such as raw material suppliers-and downstream stakeholders-such as manufacturers, vendors, end users, and government organizations. Key players operational in the market include Afton Chemical (US), Chevron Oronite (US), BASF (Germany), Evonik Industries (Germany), Lubrizol (US), and Lanxess (Germany).

Key Target Audience

  • Manufacturers, dealers, and suppliers of lubricating oil additives
  • Raw material manufacturers of lubricating oil additives
  • Regional manufacturers of lubricating oil additives
  • Government and regional agencies
  • Research and development institutions

Scope of the Report

The global lubricating oil additives market has been covered in detail in this report. Current market demand and forecasts have also been included to provide a comprehensive market scenario.

Lubricating Oil Additives Market, By Functional Type:

  • Dispersants
  • Detergents
  • Anti-oxidants
  • Anti-Wear Agents
  • Extreme Pressure Additives
  • Viscosity Index Improvers

Lubricating Oil Additives Market, By Application

  • Engine Oil
  • Gear Oil
  • Process Oil
  • Industrial Oil
  • Hydraulics Fluid
  • Metalworking Fluid

Lubricating Oil Additives Market, By Sector

  • Automotive
  • Industrial

Lubricating Oil Additives Market, By Region

  • Asia Pacific
  • North America
  • Europe
  • Middle East & Africa
  • South America

The market has been further studied for key countries in each of these regions.

Available Customization

Along with the market data, MarketsandMarkets offers customizations according to the specific needs of the company. The following customization options are available for the report:

Regional Analysis

  • Country-level analysis of the lubricating oil additives market based on functional type, application, and sector.

Company Information

  • Detailed analysis and profiles of additional market players

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Unit Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Top-Down and Bottom-Up Approach
    2.3 Data Triangulation
           2.3.1 Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Market Opportunities in the Lubricating Oil Additives Market
    4.2 Lubricating Oil Additives Market, By End-Use Industry
    4.3 Lubricating Oil Additives Market, By Application
    4.4 Lubricating Oil Additives Market in APAC, By Country and Application

5 Market Overview (Page No. - 35)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Demand From Automotive Industry
                    5.2.1.2 High Industrial Growth in APAC and Middle East & Africa
           5.2.2 Restraints
                    5.2.2.1 Fluctuating Raw Material Prices
                    5.2.2.2 Increasing Electric Vehicles Sales May Affect the Demand for Lubricants, Especially in North America and Europe
           5.2.3 Opportunities
                    5.2.3.1 Increasing Export Opportunity for Different Functional Types of Lubricating Oil Additives in APAC
           5.2.4 Challenges
                    5.2.4.1 Expensive R&D Process to Formulate Additive Package in Compliance With Stringent Environmental Regulations
    5.3 Porter’s Five Forces Analysis
           5.3.1 Threat of New Entrants
           5.3.2 Threat of Substitutes
           5.3.3 Bargaining Power of Suppliers
           5.3.4 Bargaining Power of Buyers
           5.3.5 Intensity of Competitive Rivalry

6 Lubricating Oil Additives Market, By Functional Type (Page No. - 40)
    6.1 Introduction
    6.2 Dispersants
    6.3 Viscosity Index Improvers
    6.4 Detergents
    6.5 Anti-Wear Agents
    6.6 Anti-Oxidants
    6.7 Rust & Corrosion Inhibitors
    6.8 Friction Modifiers
    6.9 Emulsifiers
    6.1 Extreme Pressure Additives
    6.11 Pour Point Depressants (Ppd)
    6.12 Others

7 Lubricating Oil Additives Market, By Application (Page No. - 55)
    7.1 Introduction
    7.2 Engine Oils
    7.3 Gear Oils
    7.4 Process Oils
    7.5 Industrial Oils
    7.6 Hydraulic Fluids
    7.7 Metalworking Fluids
    7.8 Others

8 Lubricating Oil Additives Market, By Sector (Page No. - 63)
    8.1 Introduction
    8.2 Automotive Sector
    8.3 Industrial Sector

9 Lubricating Oil Additives Market, By Region (Page No. - 67)
    9.1 Introduction
    9.2 APAC
           9.2.1 China
           9.2.2 India
           9.2.3 Japan
           9.2.4 South Korea
           9.2.5 Indonesia
           9.2.6 Thailand
           9.2.7 Malaysia
           9.2.8 Rest of APAC
    9.3 North America
           9.3.1 US
           9.3.2 Canada
           9.3.3 Mexico
    9.4 Europe
           9.4.1 Germany
           9.4.2 Russia
           9.4.3 France
           9.4.4 Italy
           9.4.5 Spain
           9.4.6 UK
           9.4.7 Turkey
           9.4.8 Poland
           9.4.9 Rest of Europe
    9.5 Middle East & Africa
           9.5.1 Africa
           9.5.2 Saudi Arabia
           9.5.3 Rest of the Middle East & Africa
    9.6 South America
           9.6.1 Brazil
           9.6.2 Argentina
           9.6.3 Rest of South America

10 Competitive Landscape (Page No. - 100)
     10.1 Overview
     10.2 Market Ranking
             10.2.1 Ranking of the Key Players, 2017
     10.3 Competitive Scenario
             10.3.1 New Product Launches
             10.3.2 Mergers & Acquisitions
             10.3.3 Investments & Expansions
             10.3.4 Partnerships & Agreements

11 Company Profiles (Page No. - 105)
     11.1 Lubrizol Corporation
             11.1.1 Business Overview
             11.1.2 Products Offered
             11.1.3 Recent Developments
             11.1.4 SWOT Analysis
             11.1.5 MnM View
     11.2 Chevron Oronite
             11.2.1 Business Overview
             11.2.2 Products Offered
             11.2.3 Recent Developments
             11.2.4 SWOT Analysis
             11.2.5 MnM View
     11.3 Afton Chemical
             11.3.1 Business Overview
             11.3.2 Products Offered
             11.3.3 Recent Developments
             11.3.4 SWOT Analysis
             11.3.5 MnM View
     11.4 Infineum
             11.4.1 Business Overview
             11.4.2 Products Offered
             11.4.3 Recent Developments
             11.4.4 SWOT Analysis
             11.4.5 MnM View
     11.5 Evonik Industries
             11.5.1 Business Overview
             11.5.2 Products Offered
             11.5.3 Recent Developments
             11.5.4 SWOT Analysis
             11.5.5 MnM View
     11.6 BASF
             11.6.1 Business Overview
             11.6.2 Products Offered
             11.6.3 Recent Developments
             11.6.4 MnM View
     11.7 Lanxess
             11.7.1 Business Overview
             11.7.2 Products Offered
             11.7.3 Recent Developments
             11.7.4 MnM View
     11.8 Croda
             11.8.1 Business Overview
             11.8.2 Products Offered
             11.8.3 MnM View
     11.9 BRB International
             11.9.1 Business Overview
             11.9.2 Products Offered
             11.9.3 Recent Developments
             11.9.4 MnM View
     11.10 Total
             11.10.1 Business Overview
             11.10.2 Products Offered
             11.10.3 Recent Developments
             11.10.4 MnM View
     11.11 Other Key Players
             11.11.1 Tianhe Chemicals
             11.11.2 Vanderbilt Chemicals
             11.11.3 Baker Hughes
             11.11.4 Clariant
             11.11.5 Jinzhou Kangtai Lubricant Additives
             11.11.6 Eurolub
             11.11.7 Wuxi South Petroleum Additives
             11.11.8 ENI
             11.11.9 Dorf Ketal
             11.11.10 Cerion
             11.11.11 Shamrock Shipping & Trading Ltd
             11.11.12 Jinzhou Runda Chemical
             11.11.13 Midcontinental Chemical Company
             11.11.14 Wynn’s
             11.11.15 International Petroleum and Additives Company, Inc.

12 Appendix (Page No. - 141)
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Authors Details


List of Tables (92 Tables)

Table 1 Lubricating Oil Additives Market, By Functional Type, 2016–2023 (USD Million)
Table 2 Lubricating Oil Additives Market, By Functional Type, 2016–2023 (Kiloton)
Table 3 Lubricating Oil Additives Market for Dispersants, By Region, 2016–2023 (USD Million)
Table 4 Lubricating Oil Additives Market for Dispersants, By Region, 2018–2023 (Kiloton)
Table 5 Lubricating Oil Additives Market for Viscosity Index Improvers, By Region, 2016–2023 (USD Million)
Table 6 Lubricating Oil Additives Market for Viscosity Index Improvers, By Region, 2018–2023 (Kiloton)
Table 7 Lubricating Oil Additives Market for Detergents, By Region, 2016–2023 (USD Million)
Table 8 Lubricating Oil Additives Market for Detergents, By Region, 2016–2023 (Kiloton)
Table 9 Lubricating Oil Additives Market for Anti-Wear Agents, By Region, 2016–2023 (USD Million)
Table 10 Lubricating Oil Additives Market for Anti-Wear Agents, By Region, 2016–2023 (Kiloton)
Table 11 Lubricating Oil Additives Market for Anti-Oxidants, By Region, 2016–2023 (USD Million)
Table 12 Lubricating Oil Additives Market for Anti-Oxidants, By Region, 2016–2023 (Kiloton)
Table 13 Lubricating Oil Additives Market for Rust & Corrosion Inhibitors, By Region, 2016–2023 (USD Million)
Table 14 Lubricating Oil Additives Market for Rust & Corrosion Inhibitors, By Region, 2016–2023 (Kiloton)
Table 15 Lubricating Oil Additives Market for Friction Modifiers, By Region, 2016–2023 (USD Million)
Table 16 Lubricating Oil Additives Market for Friction Modifiers, By Region, 2016–2023 (Kiloton)
Table 17 Lubricating Oil Additives Market for Emulsifiers, By Region, 2016–2023 (USD Million)
Table 18 Lubricating Oil Additives Market for Emulsifiers, By Region, 2016–2023 (Kiloton)
Table 19 Lubricating Oil Additives Market for Extreme Pressure Additives, By Region, 2016–2023 (USD Million)
Table 20 Lubricating Oil Additives Market for Extreme Pressure Additives, By Region, 2016–2023 (Kiloton)
Table 21 Lubricating Oil Additives Market for Pour Point Depressants, By Region, 2016–2023 (USD Million)
Table 22 Lubricating Oil Additives Market for Pour Point Depressants, By Region, 2016–2023 (Kiloton)
Table 23 Lubricating Oil Additives Market for Other Functional Types, By Region, 2016–2023 (USD Million)
Table 24 Lubricating Oil Additives Market for Other Functional Types, By Region, 2016–2023 (Kiloton)
Table 25 Lubricating Oil Additives Market Size, By Application, 2018–2023 (USD Million)
Table 26 Lubricating Oil Additives Market Size, By Application, 2018–2023 (Kiloton)
Table 27 Lubricating Oil Additives Market Size in Engine Oils, By Region, 2018–2023 (USD Million)
Table 28 Lubricating Oil Additives Market Size in Engine Oils, By Region, 2016–2023 (Kiloton)
Table 29 Lubricating Oil Additives Market Size in Gear Oils, By Region, 2018–2023 (USD Million)
Table 30 Lubricating Oil Additives Market Size in Gear Oils, By Region, 2016–2023 (Kiloton)
Table 31 Lubricating Oil Additives Market Size in Process Oils, By Region, 2018–2023 (USD Million)
Table 32 Lubricating Oil Additives Market Size in Process Oils, By Region, 2018–2023 (Kiloton)
Table 33 Lubricating Oil Additives Market Size in Industrial Oils, By Region, 2018–2023 (USD Million)
Table 34 Lubricating Oil Additives Market Size in Industrial Oils, By Region, 2018–2023 (Kiloton)
Table 35 Lubricating Oil Additives Market Size in Hydraulic Fluids, By Region, 2018–2023 (USD Million)
Table 36 Lubricating Oil Additives Market Size in Hydraulic Fluids, By Region, 2018–2023 (Kiloton)
Table 37 Lubricating Oil Additives Market Size in Metalworking Fluids, By Region, 2018–2023 (USD Million)
Table 38 Lubricating Oil Additives Market Size in Metalworking Fluids, By Region, 2018–2023 (Kiloton)
Table 39 Lubricating Oil Additives Market Size in Other Applications, By Region, 2018–2023 (USD Million)
Table 40 Lubricating Oil Additives Market Size in Other Applications, By Region, 2018–2023 (Kiloton)
Table 41 Lubricating Oil Additives Market Size, By Sector, 2016–2023 (USD Million)
Table 42 Lubricating Oil Additives Market Size, By Sector, 2016–2023 (Kiloton)
Table 43 Lubricating Oil Additives Market Size in Automotive Sector, By Region, 2016–2023 (USD Million)
Table 44 Lubricating Oil Additives Market Size in Automotive Sector, By Region, 2016–2023 (Kiloton)
Table 45 Lubricating Oil Additives Market Size in Industrial Sector, By Region, 2016–2023 (USD Million)
Table 46 Lubricating Oil Additives Market Size in Industrial Sector, By Region, 2016–2023 (Kiloton)
Table 47 Lubricating Oil Additives Market Size, By Region, 2016–2023 (USD Million)
Table 48 Lubricating Oil Additives Market Size, By Region, 2016–2023 (Kiloton)
Table 49 APAC: Lubricating Oil Additives Market Size, By Country, 2016–2023 (USD Million)
Table 50 APAC: Lubricating Oil Additives Market Size, By Country, 2016–2023 (Kiloton)
Table 51 APAC: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (USD Million)
Table 52 APAC: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (Kiloton)
Table 53 APAC: Lubricating Oil Additives Market Size, By Application, 2016–2023 (USD Million)
Table 54 APAC: Lubricating Oil Additives Market Size, By Application, 2016–2023 (Kiloton)
Table 55 APAC: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (USD Million)
Table 56 APAC: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (Kiloton)
Table 57 North America: Lubricating Oil Additive Market Size, By Country, 2016–2023 (USD Million)
Table 58 North America: Lubricating Oil Additive Market Size, By Country, 2016–2023 (Kiloton)
Table 59 North America: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (USD Million)
Table 60 North America: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (Kiloton)
Table 61 North America: Lubricating Oil Additives Market Size, By Application, 2016–2023 (USD Million)
Table 62 North America: Lubricating Oil Additives Market Size, By Application, 2016–2023 (Kiloton)
Table 63 North America: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (USD Million)
Table 64 North America: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (Kiloton)
Table 65 Europe: Lubricating Oil Additives Market Size, By Country, 2016–2023 (USD Million)
Table 66 Europe: Lubricating Oil Additives Market Size, By Country, 2016–2023 (Kiloton)
Table 67 Europe: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (USD Million)
Table 68 Europe: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (Kiloton)
Table 69 Europe: Lubricating Oil Additives Market Size, By Application, 2016–2023 (USD Million)
Table 70 Europe: Lubricating Oil Additives Market Size, By Application, 2016–2023 (Kiloton)
Table 71 Europe: Lubricating Oil Additives Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 72 Europe: Lubricating Oil Additives Market Size, By End-Use Industry, 2016–2023 (Kiloton)
Table 73 Middle East & Africa: Lubricating Oil Additives Market Size, By Country, 2016–2023 (USD Million)
Table 74 Middle East & Africa: Lubricating Oil Additives Market Size, By Country, 2016–2023 (Kiloton)
Table 75 Middle East & Africa: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (USD Million)
Table 76 Middle East & Africa: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (Kiloton)
Table 77 Middle East & Africa: Lubricating Oil Additives Market Size, By Application, 2016–2023 (USD Million)
Table 78 Middle East & Africa: Lubricating Oil Additives Market Size, By Application, 2016–2023 (Kiloton)
Table 79 Middle East & Africa: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (USD Million)
Table 80 Middle East & Africa: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (Kiloton)
Table 81 South America: Lubricating Oil Additives Market Size, By Country, 2016–2023 (USD Million)
Table 82 South America: Lubricating Oil Additives Market Size, By Country, 2016–2023 (Kiloton)
Table 83 South America: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (USD Million)
Table 84 South America: Lubricating Oil Additives Market Size, By Functional Type, 2016–2023 (Kiloton)
Table 85 South America: Lubricating Oil Additives Market Size, By Application, 2016–2023 (USD Million)
Table 86 South America: Lubricating Oil Additives Market Size, By Application, 2016–2023 (Kiloton)
Table 87 South America: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (USD Million)
Table 88 South America: Lubricating Oil Additives Market Size, By Sector, 2016–2023 (Kiloton)
Table 89 New Product Launches, 2015–2018
Table 90 Mergers & Acquisitions, 2015–2018
Table 91 Investments & Expansions, 2015–2018
Table 92 Partnerships & Agreements, 2015–2018


List of Figures (37 Figures)

Figure 1 Lubricating Oil Additives Market: Research Design
Figure 2 Market Size Estimation: Top-Down Approach
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Lubricating Oil Additives Market: Data Triangulation
Figure 5 Dispersants Functional Type Additive to Lead the Lubricating Oil Additives Market
Figure 6 Engine Oils to Be the Dominating Application of Lubricating Oil Additives
Figure 7 Lubricating Oil Additives Market, By Region
Figure 8 Emerging Economies Offer High Growth Opportunities for the Lubricating Oil Additives Market
Figure 9 Automotive to Be the Fastest-Growing End-Use Industry
Figure 10 Engine Oils to Be the Fastest-Growing Application
Figure 11 China Was the Largest Lubricating Oil Additives Market
Figure 12 Factors Governing the Lubricating Oil Additives Market
Figure 13 Dispersants to Be the Leading Functional Type of Lubricating Oil Additives
Figure 14 Engine Oils to Be the Dominant Application of Lubricating Oil Additives
Figure 15 Automotive Sector Dominates the Lubricating Oil Additives Market
Figure 16 China to Register the Highest Cagr Between 2018 and 2023
Figure 17 APAC: Lubricating Oil Additives Market Snapshot
Figure 18 North America: Lubricating Oil Additives Market Snapshot
Figure 19 Engine Oils to Be the Largest Application of European Lubricating Oil Additives Market
Figure 20 Engine Oils Application to Drive the Middle East & African Lubricating Oil Additives Market
Figure 21 Engine Oils to Be the Largest Application
Figure 22 Investments& Expansions is the Key Growth Strategy Between 2015 and 2018
Figure 23 Lubrizol Corporation: Company Snapshot
Figure 24 Lubrizol Corporation: SWOT Analysis
Figure 25 Chevron Oronite: Company Snapshot
Figure 26 Chevron Oronite Company: SWOT Analysis
Figure 27 Afton Chemical: Company Snapshot
Figure 28 Afton Chemical Corporation: SWOT Analysis
Figure 29 Infineum: Company Snapshot
Figure 30 Infineum: SWOT Analysis
Figure 31 Evonik Industries: Company Snapshot
Figure 32 Evonik Industries: SWOT Analysis
Figure 33 BASF: Company Snapshot
Figure 34 Lanxess: Company Snapshot
Figure 35 Croda: Company Snapshot
Figure 36 BRB International: Company Snapshot
Figure 37 Total: Company Snapshot

The increasing demand for oil additives in various applications in the automotive and industrial sectors is driving the growth of the lubricating oil additives market. In terms of value, the global lubricating oil additives market is estimated to be USD 15.57 Billion in 2018 and is projected to reach USD 17.74 Billion by 2023, at a CAGR of 2.64% between 2018 and 2023.

Based on functional type, the dispersants segment is estimated to account for the largest share of the lubricating oil additives market in 2018. Dispersants help keep insoluble contaminants and products of oxidation suspended in the oil to prevent sludge formation. Dispersants are one of the major additives in lubricants as they help keep sludge, varnish, dirt, oxidation products, and water in a dispersed form.

Based on application, the engine oil segment is estimated to account for the largest share of the lubricating oil additives market in 2018. This growth is backed by the increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages according to the specifications of OEMs.

Based on sector, the automobile sector is estimated to account for the largest share of the lubricating oil additives market in 2018. This can be attributed to the high demand for engine oil from passenger cars and commercial vehicles, and the technological advancements of additives to reduce emission and increase the efficiency of automotive lubricants.

Lubricating Oil Additives Market

Asia Pacific is estimated to account for a major share of the overall lubricating oil additives market in 2018, due to the large demand for additives from the automotive and industrial sectors of countries such as China, India, and other southeast Asian countries.

However, the fluctuating raw material prices of lubricating oil additives and the increasing use of electric vehicles are expected to restrain the growth of the market during the forecast period.

Key manufacturers of lubricating oil additives include Afton Chemical (US), Chevron Oronite (US), BASF (Germany), Evonik Industries (Germany), Lubrizol (US), and Lanxess (Germany). Lubrizol Corporation, a major player in the lubricating oil additives market, is a specialty chemical company that operates under two business segments: Lubrizol Additives and Lubrizol Advanced Materials. The Lubrizol Additives business segment produces engine oil additives, driveline additives, and industrial lubricant additives that are used in engine oil, transmission fluid, gear oil, gasoline and diesel fuel, metalworking fluid, compressor lubricants, and greases. The company focuses on research and development to innovate new products in its additive business segment. In April 2017, the company launched a new additive technology, called Lubrizol PV1119, to provide protection against low-speed pre-ignition (LSPI) and premature chain wear.

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