Lubricant Additives are specialty synthetic compounds used to manufacture character-specific lubricants to enhance and improve product implementation, making a high-value product much better. According to BlueQuark Research & Consulting, the global lubricants additives market is expected to witness a significant growth rate during the forecast period. Factors such as the advancing technologies in the lubricants additive industry to diversify their abilities using eco-friendly chemicals are surging. Advanced lubricant additives additionally advantage the climate by helping in reducing the carbon dioxide discharges from vehicles and permitting the powerful utilization of energy assets. The rising demand for lubricant additives due to their high functionality and versatility following the desired performance from the transportation and metallurgical industries further propels the growth of the lubricants additive market. However, the volatility in raw material prices is expected to restrain the growth of lubricants additives markets in the forecasted year.
Lubricant additives are used to produce products such as dispersants, viscosity index improvers, detergents, anti-wear additives, antioxidants, and friction modifiers, among others such as corrosion inhibitors and emulsifiers. It serves various end-user industries such as Automotive, Marine, and Metallurgy, and Industrial Industries.
The Automotive Industry is a prime consumer of Lubricant Additives globally and is expected to drive the future market. Lubricant additives enhance the existing oil-based properties while suppressing undesirable base oil properties. Its addition imparts new properties to base oil, making it much more efficient. The increasing population and rapid urbanization have increased the sales of automotive vehicles globally, driving the tire industry. Owing to the rapid urbanization in emerging countries like China and India, the sales of commercial vehicles such as trucks, tractors, and trailers are on the surge. Furthermore, the Automotive Industry is experiencing a boom in the electric vehicle market. Thus, the need to improve the vehicle's performance is surging for efficient fuel usage, which is the rising demand for lubricants in vehicles. The recommended engine oil change period is at about 5,000 to 7,500 miles to enhance the drive experience. Owing to the rapid urbanization in emerging countries like China and India, the sales of commercial vehicles such as trucks, tractors, and trailers are on the surge. High-duty motor engine oil has high-viscosity engine oils, capable of sustaining strict emission standards and extreme geographical conditions. These factors are expected to drive the demand for lubricants additives in the forecasted years.
Major global players in the Industry areChevron Chemicals,Eni Oil Corporation,Evonik Chemicals,BASF,Laxness,Infineum,BRB International BV,Bayer AG,Rossari Biotech Ltd,Clariant,Dystar Group,Dow Chemicals, among others.
The Asia Pacific is expected to be the largest market for lubricant additives owing to the rapidly increasing demand in the Transportation and Industrial works Industry. Some of the world's largest ports are located in the region, with the largest being Port of Shanghai, located in China which handles 744 million tonnes of cargo annually, followed by Port of Singapore, connecting to more than 100 countries while handling around 20% of the entire world's cargo containers. Furthermore, the increasing expenditure and expanding naval armies of China and India are expected to drive the demand for the lubricant additives market globally. Since China's growth rate had been impressive in the last decades, the following decade is also expected to witness the same rise, making China a leader in Lubricant additives demand. With the rapid industrialization in the region, the demand for heavy-duty vehicles for commercial purposes is also increasing. This surge in demand is attributed to the increasing construction activities in the Asia Pacific region. China has been funding massive infrastructural projects globally, which is expected to further strengthen its position as the focus shifts from the west to the east since the start of the 21st century. Factors like the growth of the automotive, marine, and industrial sectors are expected to drive the Lubricants Additives market in the region.
In February 2021,Lanxess AGhas paid USD 1 billion to gain a US-based claim to specialty chemical producer Emerald Kalama Synthetic, which manufactures corrosion inhibitors for lubricants and cutting liquids.
Global Lubricant Additives Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Lubricant Additives market by segmenting based on the Function (Emulsifiers, Corrosion Inhibitors, Anti-Oxidant, Viscosity Index, Improvers Others), Applications (Hydraulics Oil, Engine Oil, Gears Oil, Process Oil, Grease, Others), End-User (Transportation, Metallurgy, Industrial, Others) and Geography (Asia-Pacific, North America, and Europe). The report calculates the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.