Afton Chemical (US) and BASF SE (Germany) are Leading Players in the Lubricant Anti-wear Agents Market
The global lubricant anti-wear agents market size is projected to grow from USD 698 million in 2020 to USD 784 million by 2025, at a CAGR of 2.4% from 2020 to 2025. Growing demand for passenger cars and commercial vehicles in the automotive industry, as well as increasing GDP led by increasing industrial activities, is fueling the growth of the market across the globe.
The agreements, as well as plant expansions made by many prominent players in the lubricant anti-wear agents industry, are one of the key factors. The lucrative market opportunities in the regions of Brazil, Russia, India, and China (BRIC), as well as the rising demand for renewable energy, are expected to boost the lubricant anti-wear agents market.
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Companies such as Afton Chemical (US), BASF SE (Germany), Chevron Oronite (US), Solvay (Belgium), LANXESS (Germany) fall under the winners’ category. These are leading players in the lubricant anti-wear agents market, globally. These players have adopted the strategies of expansions, agreements, acquisitions, investments and partnerships, to increase their presence in the global lubricant anti-wear agents market.
Afton Chemical Corporation manufactures and develops petroleum additives, including driveline, engine oil, fuel, and industrial additives. The company is a subsidiary of NewMarket Corporation which primarily serves the petroleum additives industry and has its corporate office in Virginia, US. Afton Chemical was formerly known as Ethyl Petroleum Additives, Inc. The company changed its name to Afton Chemical Corporation in July 2004. It offers its products through five product divisions, namely, driveline additives, engine oil additives, fuel additives, and lubricant components. Afton Chemical Corporation has a global presence with sales offices in countries such as Singapore, UK, Brazil, and US. The company has technical centers in the US and Japan, where teams of engineers and technicians undertake research and test results with state-of-the-art testing equipment.
BASE SE is another one of the leading companies in lubricant anti-wear agents market. BASF SE is a leading chemical manufacturing company. Its portfolio ranges from chemicals, performance products, plastics, and agricultural products. The company operates its business through six segments, namely, surface technologies, materials, chemicals, industrial solutions, agricultural solutions, and nutrition & care. The company offers lubricant anti-wear agents through the industrial solutions segment. BASF SE has a strong global presence with major footprints in Europe. The company has regional centers in the US, China, and Germany. It has research & development centers in the US, Brazil, Germany, Pakistan, India, China, South Korea, Japan, and Philippines. The manufacturing centers are in Ludwigshafen having 110 production facilities, Antwerp having 50 production facilities, Nanjing having 32 production facilities, Kuantan having 16 production facilities, Freeport having 25 production facilities, and Geismar with 26 production facilities, among others.
Related Reports:
Lubricant Anti-wear Agents Market by Type (ZDDP, Phosphate, Phosphite, Phosphonate) by Application (Engine Oil, Automotive Gear Oil, Automotive Transmission Fluid, Hydraulic oil, Metalworking Fluid, Grease) and Region - Global forecast to 2025
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