The report "Lubricating Oil Additives Market by Type, Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil), Sector (Automotive & Industrial), and Region - Global Forecast to 2026", is projected to reach USD 20.4 billion by 2026, at a CAGR of 2.3% from USD 18.2 billion in 2021.
Browse 332 market data Tables and 75 Figures spread through 308 Pages and in-depth TOC on "Lubricating Oil Additives Market by Type, Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil), Sector (Automotive & Industrial), and Region - Global Forecast to 2026"
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The growth of the lubricating oil additives market is attributed to the demand from end-use industries such as power generation, construction, manufacturing, and automotive in the APAC region. Liberalization of foreign trade and investments and changes in industrial policies have triggered rapid industrialization in China over the past three decades. This is leading to the increasing demand for lubricating oil additives in the region. The adoption of Bharat Stage VI emission standards in India and strict regulations on SAPS content in engine oil are major factors leading to the demand for lubricating oil additives in this region.
The lubricating oil additives market is witnessing an upsurge due to the increasing demand for low viscous oil across the globe. Thinner lubricants require an extra dose of lubricating oil additives. The global rise in the number of vehicles has increased the demand for efficient lubricants, which is expected to drive the market
“Viscosity index improver is estimated to be the fastest-growing type in the lubricating oil additives market for the forecast period”
Viscosity index improvers are expected to account for the largest share of the overall lubricating oil additives market. This helps in improved performance and efficiency. There is a rising trend about the use of complex engines such as gasoline direct injection systems (GDI) in North America and Europe. These complex engines require less viscous lubricants to flow in the system. Therefore, higher quantities of viscosity index improvers are required for engine oil application.
“Engine Oil to be Fastest-Growing Application of Lubricating Oil Additives”
Engine oil additives are designed to protect passenger car engines, heavy-duty diesel engines, marine diesel engines, motorcycle engines, recreational vehicle engines, power tool engines, stationary natural gas engines, and others from mechanical wear and corrosion. It helps to enhance the vehicle’s performance by improving fuel efficiency. It also offers excellent lubrication at different temperatures and reduces environmental impact. The global engine oil consumption is expected to increase during the forecast period, and the quantity of additives added is expected to increase to meet stringent environmental norms.
“Automotive was the major sector for the lubricating oil additives market in 2020 in the world”
The lubricating oil additives market size for automotive accounted for the largest share of global lubricating oil additives, in terms of value, in 2020 this was led by the demand for passenger vehicles and commercial vehicles. The demand for lubricating oil additives in the automotive sector is expected to increase due to the rise in sales of passenger vehicles globally which leads to the demand for low-viscous and SAPS engine oil.
“APAC is estimated to be the largest region in lubricating oil additives market in 2020.”
High economic growth in emerging countries and the increasing disposable income of people make APAC an attractive market for lubricating oil additives. The significant growth in industrial production increased trade, and the rise in the number of vehicles are primarily responsible for the high consumption of lubricating oil additives in the region. Moreover, increasing investments in India’s manufacturing sector contribute to the increased demand for lubricating oil additives in the region. China, Japan, and India are the major markets for lubricating oil additives in the region. Additionally, regulations and specifications are being implemented for ashless lubricating oil additives, which is further expected to boost the demand for better quality lubricating oil additives during the forecast period.
The key market players profiled in the report include BASF SE (Germany), Chevron Oronite Company LLC (US), The Lubrizol Corporation (US), Afton Chemical (US), Evonik Industries AG (Germany), LANXESS AG (Germany), Croda International Plc. (UK), Infineum International Limited (UK), ADEKA CORPORATION (Japan), BRB International (Netherland), International Petroleum and Additives Company (IPAC) (US), Tianhe Chemicals (China), Vanderbilt Chemicals, LLC(US), MOL-LUB Ltd. (Hungary), Eni S.p.A. (Italy), Clariant AG (Switzerland), Jinzhou Kangtai Lubricant Additives Co., Ltd. (China), Eurolub GmbH (Germany), Wuxi South Petroleum Additives (China), Dorf Ketal (India), Cerion Nanomaterials (US), Shamrock Shipping and Trading Ltd. (Cyprus), Jinzhou Runda Chemical Co., Ltd. (China), MidContinental Chemical Company(US), and Wynn’s (US).
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