Overview and Scope
Lubricant additives are substances that are added to lubricants in order to improve their performance and extend their lifespan. Its primary function is to increase the quality of the base stock under varying operating situations and to meet the high-performance requirements of any machinery.
Sizing and Forecast
The lubricant additives market size has grown strongly in recent years. It will grow from $17.22 billion in 2023 to $18.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to automotive industry growth, industrialization and machinery usage, stringent emission standards, shift towards synthetic lubricants, focus on fuel economy, increased maintenance intervals..
The lubricant additives market size is expected to see strong growth in the next few years. It will grow to $22.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to electric vehicle adoption, bio-based lubricants, continued emphasis on esg, climate change mitigation, urbanization and infrastructure development, focus on renewable energy.. Major trends in the forecast period include digitalization in predictive maintenance, advancements in additive technology, r&d in nanotechnology, customized additive solutions, e-commerce in lubricant additives..
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Segmentation & Regional Insights
The lubricant additives market covered in this report is segmented –
1) By Type: Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers, Other Types
2) By Lubricant Type: Engine Oil, Transmission And Gear Oils, Hydraulic Fluids, Greases, Metal Working Fluids, Other Lubricant Types
3) By End User: Automotive And Transportation, Food Processing, Metal Working, Power Generation, Other End User
Asia-Pacific was the largest region in the lubricant additives market in 2023. The regions covered in the lubricant additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing automotive sales are expected to boost the growth of the lubricant additives market going forward. The automotive industry consists of a wide range of organizations and enterprises with the essential objective of designing, developing, marketing, producing, and selling motor vehicles. Lubricant additives are used in automotive engines to improve the performance and extend the life of the lubricant, thus, the usage of lubricant additives increased in the automotive sector. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the increasing automotive sales are driving the growth of the lubricant additives market.
Key Industry Players
Major companies operating in the lubricant additives market are innovating new products, such as the Doverlube 31700, to provide reliable services to customers. Doverlube 31700 is a polymeric ester additive designed to enhance lubricity in metalworking fluid and lubricant applications. For instance, in February 2021, Dover Chemical Corporation, a US-based producer of specialty chemicals launched Doverlube 31700. Doverlube 31700 is oil-soluble, non-staining, and proprietary additive. Doverlube 31700 can be used with sulfur and phosphorus to enhance performance or reduce their usage levels. Doverlube 31700 reduces or replace chloroparaffins on a part-for-part chlorine basis. Doverlube 31700 is soluble in both naphthenic and paraffinic base oils and can be used in soluble and semi-synthetic metalworking fluid formulations.
The lubricant additives market report table of contents includes:
1. Executive Summary
2. Lubricant Additives Market Characteristics
3. Lubricant Additives Market Trends And Strategies
4. Lubricant Additives Market – Macro Economic Scenario
5. Global Lubricant Additives Market Size and Growth
…
31. Global Lubricant Additives Market Competitive Benchmarking
32. Global Lubricant Additives Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Lubricant Additives Market
34.Lubricant Additives Market Future Outlook and Potential Analysis
35. Appendix
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