Value of Lubricant Additives Market to Surpass US$ 18 Bn by 2027, notes TMR Study
- The high emission requirements and massive influx of passenger automobiles in developing markets are estimated to be the primary factors driving the global lubricant additives market over the coming years
- Since engine oils with less viscosity perform better and emit less carbon emissions, VI improvers are anticipated to gain market share during the forecast timeline
WILMINGTON, Del., Aug. 31, 2022 -- The value of the global demand for lubricant additives market was clocked at around US$ 15.72 Bn in 2018. The global market is estimated to attain value of more than US$ 18 Bn by 2027. Based on volume, the global market for lubricant additives market is predicted to surpass volume of 5,000 Kilo Tons by 2027. In order to make finished lubricants, base oils are combined with lubricant additives. These additives provide a range of functions so as to prolong the useful life and improve the efficiency of produced lubricants. Severe emission regulations coupled with an increasing number of passenger automobiles in developing nations is expected to fuel demand for lubricant additives market.
The VI emission requirements for 2021 have been published by China, whereas India intends to forgo Bharat Stage V and begin implementing Bharat Stage VI emission regulations in 2020. The growth prospects for lubricant additives market are estimated to be driven by these new emission requirements in developing nations. Viscosity index (VI) enhancers, friction modifiers, pour point depressants (PPD), corrosion inhibitors (CI), and antioxidants are the main types of lubricant additives. The proportion of additives in lubricants varies depending on the particular nature of its application.
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Key Findings of Market Report
- Viscosity index (VI) improvers make engine fluids less viscous, which enhances performance while also lowering carbon footprint. It is projected that throughout the forecast period, market share of VI improvers will rise. Switch from high to low viscosity lubricants is estimated to trigger growth of the VI improvers product category in the global lubricant additives market. Greases, automatic transmission fluids, engine oils, gear oils, as well as other hydraulic fluids all can use VI improvers. Rising demand for VI improvers are expected to drive growth opportunities in lubricant additives market.
- Antioxidants are anticipated to have the fastest growth in the global lubricant additives market during the forecast period. The high likelihood of oxidation in lubricants harming modern turbines and engines is likely to be the significant determinant behind the rise in use of antioxidant by lubricant additives market manufacturers.
- With a volume market share of more than 32%, Asia Pacific led the global market for lubricant additives in 2018. Rising disposable income, rigorous pollution laws, and China's growing number of passenger automobiles are just a few of the factors that have greatly influenced the region's dominant market position.
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Global Lubricant Additives Market: Key Players
Some of the key market players are
- Infineum International Limited
- Tianhe Chemicals Group Limited
- NewMarket Corporation
- The Lubrizol Corporation
- Chevron Oronite Company LLC.
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Global Lubricant Additives Market: Segmentation
- VI Improvers
- PPD (Pour Point Depressants)
- Other Additives
- North America
- Asia Pacific
- Middle East
- Rest of the World
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