Lubricant Additives Market Overview, Demand, Global Industry Share, COVID-19 Analysis and Growth 2023
Lubricant Additives Market Overview:
Lubricant additives can be defined as substances
formulated to provide actions a better experience that reduces friction and
enhances performance, all the while extending the life of the tool. The product
can be both organic or inorganic. However, stringent regulations are taking the
market towards bio-friendly products. The market for lubricant additives market
can make a moderate growth with a CAGR of over 3%, which as per the report of
Market Research Future (MRFR) can surpass a predicted valuation of USD 16.4
billion during the forecast period of 2019 to 2025.
Among significant factors, the impact of the global
automotive and transportation industry would be substantial due to the growing
stringent regulations. Automobiles sales have increased, and the market is
expanding to distant corners. Growing exploration activities and investment in
research & development sector can inspire the market. But dwindling crude
oil prices can be a deterrent for the global market.
Lubricant Additives Market Segmentation:
The global COVID-19
analysis on lubricant additives market has been discussed by MRFR in a report where they have
studied various details of the market. The process included segmentation of the
market into function, type, and end-use industry.
By function, the global market for lubricant
additives can be founded on antioxidants, dispersants, viscosity index
improvers, rust & corrosion inhibitors, extreme pressure additives,
anti-wear agents, anti-foaming agents, pour point depressants, detergents,
demulsifiers, friction modifiers, tackifiers, emulsifiers, and others.
By type, when considered for a study, the global
market included transmission fluids, engine oils, hydraulic fluids, gear oils,
steering fluids, absorber fluids, grease, turbine oils, metalworking fluids,
and others.
By end-use industry, the market includes various
industries like energy, construction, automotive, aerospace & defense, food
processing, marine, metallurgy & metalworking, and others. These segments
can transform the lubricant additives market considerably.
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Lubricant Additives Market Regional Analysis:
North America, Europe, and Asia-Pacific (APAC) can
witness substantial growth in the region-specific understanding of
the lubricant additives market. The Middle East & Africa (MEA) market
has the potential to score well as various fossil fuel sectors are from this
region only.
The APAC market scored the highest in 2018 by
collecting the highest market share among its peers. This would include various
industries like construction, automotive, aerospace & defense, and energy
who are enjoying growing investment in respective markets. Industrialization
and urbanization have a significant role to play in deciding the future market
movement for the regional market.
Europe and North America are expected to score
substantially well as a lot of companies are from these two regions. High
consumption of automotive, growing defense sector and aerospace industries in
various countries are expected to take these regional markets ahead. Both these
regions also display a strong industrial base, which can influence the intake
of lubricant additives.
Brazil and Chile are undergoing various industrial
changes owing to which these country-specific markets can expect strong
traction from the product. At the same time, the consumption rate is growing,
which can inspire the regional market. The presence of various manufacturing
units in GCC, UAE, and Saudi Arabia can influence the market for lubricant
additives in the Middle East & Africa.
Competitors:
The market for global lubricant additives
industry is riddled with companies who are expecting strong thrust from
various sectors. Using this they are planning their strategies, which if
implemented well can solidify their market position and influence a global change
in demography. MRFR profiled a few companies to understand which way the
pendulum for the future market would swing. These companies are LANXESS (US),
BASF SE (Germany), Afton Chemical (US), Evonik AG (Germany), Chevron
Corporation (US), BRB International (Netherlands), Infineum International
Limited (UK), Croda International PLC (UK), DOVER CHEMICAL CORPORATION (US),
SHEPHERD CHEMICAL COMPANY (US), The Lubrizol Corporation (UK), Tianhe Chemicals
(China), JINZHOU KANGTAI LUBRICANT ADDITIVES CO. LTD (China), DOG Chemie
(Germany), Wuxi South Petroleum Additives Co. Ltd (China), and others.
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