Lubricant Additives Market Size Worth US$ 19880.1MN, Globally, by 2028 at 3.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 23, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Lubricant Additives Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography," the lubricant additives market is projected to reach US$ 19,880.1 million by 2028 from US$ 15,584.9 million in 2021; it is expected to grow at a CAGR of 3.5% from 2021 to 2028. The projected growth of the market during the forecast period is mainly attributed to the flourishing automobile sector. The report highlights key factors governing the growth of this market, It also profiles prominent market players, along with their developments, in the lubricant additives market.

Lubricant additives are organic or inorganic chemicals that are dissolved or suspended in a solid form in oil. The concentration of these chemicals varies from 0.1% to 30% of the oil volume, depending on the type of equipment that needs oil as a lubricant. A rise in the sales of passenger and commercial vehicles is driving the market in the automotive sector.

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Lubricant Additives Market: Competition Landscape

Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION are a few of the major players operating in the lubricant additives market. Key companies in this market are focusing on strategies such as R&D investments and new product launches.

Lubricating oil additives are widely employed in transmission fluids, engine oils, hydraulic fluids, and gear oils that are commonly used in the automotive and other industries. A surge in marine and aviation transportation is predicted to contribute to the global lubricant additives market growth in the coming years. The use of lubricant additives is on the rise in developing regions, such as Asia Pacific, the Middle East & Africa, and South & Central America, which creates a huge impact on the overall market. Asia Pacific accounts for the largest share of the overall lubricant additives market.

In 2020, Asia Pacific held the largest share of the lubricant additives market. The market growth in this region is mainly attributed to the growing demand for additives from automotive, oil & gas, textile, glass, power generation, paper and pulp, chemicals and petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries

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The China dominates the automotive sector with growth in advancement and new technology in the automotive industry. Thus, the country is playing a crucial role in the global automotive market. According to the data provided by Ministry of Industry and Information Technology (MIIT), China is the leading country regarding automotive sales in the year 2016. Surging investments in the industrial sector are bolstering the demand for industrial oil and fluids in manufacturing industries, which, in turn, is driving the market in Asia Pacific.

Flourishing Automobile Sector Favors Lubricant Additive Market Growth

The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period as well. As per the data of Organization International des Constructers automobiles (OICA), the American countries recorded the production of over ~16.2 million commercial and passenger cars in 2010, and the production levels increased by more than 23% during 2010-2019, with the annual production reaching over ~20 million for commercial and passenger vehicles in 2019. Further, as per a report by the OICA, this sector has recorded a positive growth of ~5% in 2021 compared to 2020. Numerous automotive companies are investing heavily to expand manufacturing capabilities to increase production and sales. For instance, in July 2021, Maruti Suzuki India Ltd. announced an investment worth US$ Ensure the correctness of all the company/organization names mentioned in the file, especially wrt spellings, punctuations, prefixes, and suffixes, as per their copyright names given on respective websites.

 2.42 billion in a new manufacturing facility in Haryana, India, which is expected to manufacture ~1 million units annually. Moreover, the development in the lubricating oil industry like increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions, has strengthen the scope of lubricant additives. For instance, in December 2021, US Environmental Protection Agency (EPA) finalized revised national GHG emissions standards for passenger cars and light trucks for Model Years is about to manufacture during 2023–2026. Thus, the growing automotive sector and stringent government policies for reducing GHG emissions are driving the lubricant additives market across the globe.

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Lubricant Additives Market: Segmental Overview

Based on type, the lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. The dispersants segment held the largest market share in 2020. Dispersants are being utilized in lubricating oil to aid precipitation and flocculation of inorganic substances during oil usage.

Based on application, the market is segmented into automotive and industrial. The automotive segment held a larger share of the market in 2020. The automotive industry is the major consumer of lubricants such as multigrade engine oils, gear oils, automatic transmission fluids, power-steering fluids, and greases, which consequently results in the escalated demand for lubricant additives.

The dispersants segment held the largest market share. Dispersants are the highest volume additive used in crankcase lubricants and, with treat rates in heavy-duty vehicles and in passenger cars. Dispersants control sludge and varnish build-up by preventing the formation of large structures that could lead to gel formation, and by inhibiting their phase separation from the oil onto engine surfaces.

The automotive segment held the largest share of the market in 2021. The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the American countries recorded over ~16.2 million commercial & passenger car production in 2010, and this production rate has grown by more than 23% and registered over ~20 million commercial & passenger production in 2019. The automotive industry in China has been growing rapidly and the country is playing an increasingly important role in the global automotive market. With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas emissions, there has been a remarkable development in lubricating oil formulations.

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In 2021, Asia Pacific held the largest share of the global lubricant additives market. The rise in the number of on-fleet vehicles in countries like China, India and South Korea has fueled the demand for lubricant additives. Increasing awareness regarding fuel economy will propel the demand for lubricant additives in the Asia Pacific.

Impact of COVID-19 Pandemic on Lubricant Additives Market

The COVID-19 pandemic caused significant economic losses across the world, especially in 2020 and early 2021. The lubricant additives market also experienced the adverse effects of the pandemic in 2020. The pandemic temporarily hampered the operational efficiencies of various industries, which resulted in limited demand for lubricants and lubricant additives. Nevertheless, various economies started reviving their operations in 2021. The resultant growing need for lubricant additives and significant investments by prominent manufacturers to increase production capacities are expected to drive the growth of the lubricant additives market during the forecast period.

The industrial segment is estimated to register fastest CAGR in the global lubricant additives market. Lubricant is one of the key components used in the industrial sector, which helps keep the equipment operating at peak efficiency and with maximum reliability. There are numerous types of lubricants such as mineral and synthetic lubricants, greases, compressor oils, and cutting fluids that contain additives used across various industries, including automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals. The growth of these industries across the globe creates a huge demand for lubricants, this, in turn creates demand for lubricant additives.

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Asia Pacific is estimated to register the fastest CAGR in the global lubricant additives market over the forecast period. The development of automotive parts and components in the region with the rise of electric vehicle production has created lucrative opportunities for lubricant additives. Extensive innovation and prototyping from major automakers coupled with consumer preference are some of the factors driving the market growth.

Lubricant additives are compounds which are being added to the oil. The proportion of lubricant additives to be added to the oil is predetermined as per the requirement. Lubricant additives are added to provide features like antioxidants, corrosion inhibitors, anti-foam agents and demulsifying agents etc. to the oil. Lubricant additives are also used to improve the viscosity and pour-point depressants. The growing usage of lubricant additives for the automotive industry will drive the growth of lubricant additives. The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period.

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