The global lubricating
oil additives market is forecast to reach USD 18.40 Billion by 2026,
according to a new report by Reports and Data. Lubricating oil additives are
used to improve the performance of lubricants and other functional fluids. The
additive is selected for its ability to perform certain functions when combined
with other additives. The largest application is in automotive engine crankcase
lubricants. Many metalworking oils and industrial lubricants also contain
lubricating oil additives.
Lubricant oil additives improve
performance in extreme temperature and extend the life of the engine oil.
Certain additives improve the viscosity of the engine oil for optimum
performance under varying operating temperatures, thereby reducing wear and
tear. Additives that reduce friction enhance the performance of the engine.
Increase in aviation and marine transportation, growth in the automotive
industry, and improved emission regulations in conjunction with fuel economy
standards are driving the lubricant additives market.
However, higher drain intervals
for high-grade lubricants inhibit the market growth owing to lubricant
solutions with decreased maintenance costs and servicing. In addition, the
fluctuations in the lubricant market are responsible for the relatively low
growth rate of the world lubricant additives market. An incorrect combination
under adverse weather conditions can alter the effects of engine oil additives.
The Asia Pacific region held a
market share of 46.9% in the year 2018. Increased demand for global lubricating
oil additives, especially in the automotive sector from China, Japan, India,
South Korea, and Indonesia are driving the market. Additionally, the growth of
the industrial sector and the need to increase the efficiency of the machines
will propel the growth of the market.
To identify the key trends in
the industry, click on the link below:
Further key findings from
the report suggest
- Dispersants held a market share of 13.9% in the year
2018. Dispersants are found in lubricant oil with detergents to help
engines stay clean and free of deposits. The primary function of
dispersants is to keep particles of lubricant engine soot suspended or
finely dispersed in the oil. Dispersants are mainly ashless and organic.
- Automotive Sector held the larger market share of
64.8% in the year 2018. High demand for additives in the automotive
industry will drive the market in the coming years. These additives
improve the properties of the lubricants providing the efficient and
economical performance of the engine. They also prevent corrosion, improve
the viscosity index, and act as antioxidants to extend hardware
durability.
- Hydraulic fluids are forecasted to grow with a CAGR
of 2.9% during the forecast period. It is the energy transfer medium in
all hydraulic systems. Lubrication is crucial in hydraulic components to
protect internal parts from wear and tear and downright melting, due to
metal-to-metal friction.
- North America is forecasted to hold a market share of
20.9% in the year 2026. The region is the second-largest region for
automotive production, which in turn raises the demand for lubricating oil
additives. The U.S. is the major contributor with its high per capita
vehicles in the world.
- Key participants Afton Chemical, Evonik Industries,
Lanxess, BRB International, BASF, Infenium, Lubrizol Corporation, Croda,
Clariant, and Dorf Ketal, among others.
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For the purpose of this report,
Reports and Data have segmented into the global Lubricating Oil Additives
market on the basis of functional type, application, industries, and region:
Functional Type Outlook
(Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Dispersants
- Detergents
- Anti-oxidants
- Anti-Wear Agents
- Viscosity Index Improvers
- Rust & Corrosion Inhibitors
- Emulsifiers
- Pour Point Depressants
- Friction Modifiers
- Extreme Pressure Additives
- Others
Application Outlook (Volume:
Kilo Tons; Revenue: USD Billion; 2016-2026)
- Engine Oils
- Hydraulic Fluids
- Process Oils
- Metalworking Fluids
- Gear Oils
- Industrial Oils
- Others
Industries Outlook (Volume:
Kilo Tons; Revenue: USD Billion; 2016-2026)
- Automotive Sector
- Industrial Sector
Regional Outlook (Volume: Kilo
Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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