Market Leader - Lubricating Oil Additives Market
The lubricating oil additives market size is estimated to be USD 18.2 billion in 2021 and is expected to reach USD 20.4 billion by 2026, at a CAGR of 2.3% during the forecast period. Factors such as increasing demand from the automotive and industrial sector are the major driving factors of lubricating oil additives market. Whereas drive towards alternative fuels, rising competition from unorganized and fragmented market and reduction in the use of metal parts by automakers are the major restraints for the lubricating oil additives. Increasing demand for renewable energy is a major opportunity. Fluctuations in prices of crude oil, rising demand for hybrid and electric vehicles and expensive R&D process to formulate additive package in compliance with stringent environmental regulations remains the major challenges of this market.
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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Players in the lubricating oil additives market are mainly concentrating on new product launches, mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for lubricating oil additives for various applications.
The growth of the lubricating oil additives market has been largely influenced by new product launches and expansion that were undertaken between 2016 and 2020. Evonik Industries AG, Afton Chemical Corporation and Chevron Oronite Company LLC has adopted organic growth to enhance their market position.
Chevron Oronite Company LLC provides various products & technologies such as automotive, hydraulic oils, viscosity modifiers, marine, gas engine oils, dual fuel, railroad & inland marine, small engines, driveline fluids, chemicals, and fuel additives. The company operates under three business segments, namely, upstream, downstream, and all others. The upstream business comprises conventional and unconventional crude oil and natural gas, heavy oil, liquefied natural gas (LNG), and deep-water assets. The downstream business comprises petrochemicals, lubricants, and additives. The company offers additives for diesel, gasoline, and natural gas engines as well as additives for gear oils and hydraulic fluids. The company has manufacturing facilities in the US, France, Singapore, Brazil, Mexico, Japan, and India; and serves its product to its customers globally.
In September 2020, Chevron Oronite Company LLC signed an agreement with quantiQ for the distribution of OLOA lubricant additives, OGA gasoline additives, PARATONE viscosity additives, and raw material intermediates and components including PIBSA, inhibitors, detergents, dispersants, and other chemicals.
Afton Chemical Corporation is one of the leading companies providing innovative and diverse lubricating oil additives that meet the needs of every application. As the growth of Afton is driven by R&D, it majorly focuses on strategic expansions and acquisitions to strengthen its roots in the potential lubricating oil additives markets such as China and India in the APAC.
In September 2018, the company completed the expansion of its chemical additive manufacturing facility in Jurong Island, Singapore. This has helped it to strengthen its presence in the Asian market.
Evonik Industries AG operates its business through five reportable segments, namely, specialty additives, nutrition & care, smart materials, performance materials, and services. It offers lubricating oil additives through the specialty additives segment. Specialty additives was previously categorized as resource efficiency segment but since 1st July 2019, the company introduced a new corporate structure and reclassified the segments.
In November 2020, the company opened a new oil additives performance testing lab in Shanghai, China. This new performance testing lab aims to serve customers in China and the APAC region. This is expected to strengthen Evonik’s commitment to support customers with formulation development, lab testing, and performance demonstration in real-world conditions.
Related Reports:
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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