Market Snapshot
| Study Period: | 2017-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | Asia Pacific |
| CAGR: | 3.04 % |
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Market Overview
The global lubricant additives market is estimated at more than USD 16,200 million in 2021, and it is expected to register a CAGR of greater than 3.04% during the forecast period (2022-2027).
The Covid pandemic had a negative impact on the market and the market is still reeling through it, though the market is expected to reach pre-pandemic levels by the end of 2022.
- Stringent environmental regulations regarding emissions and industrial growth in Middle East & Africa are the major factors driving the growth of the market studied.
- On the flipside, extended oil change intervals in machinery and automobiles is expected to hinder the growth of the market in forecast period (2022-2027).
- Growing popularity of high-performance lubricants in Asia-Pacific is expected to act as an opportunity for the market to grow in future beyond the forecast period.
Scope of the Report
The lubricant additives market is segmented by function, lubricant type, and geography. On the basis of function, the market is segmented by dispersants and emulsifiers, viscosity index improvers, detergents, corrosion inhibitors, extreme-pressure additives, friction modifiers, and other functions. Based on lubricant type, the market is segmented by the Engine Oil, Transmission and Gear Oils, Hydraulic Fluids, Greases, Metal Working Fluids, and Other Lubricant Types. The report also covers the market size and forecasts for the market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Function | |
| Dispersants and Emulsifiers | |
| Viscosity Index Improvers | |
| Detergents | |
| Corrosion Inhibitors | |
| Extreme-pressure Additives | |
| Friction Modifiers | |
| Other Functions |
| Lubricant Type | |
| Engine Oil | |
| Transmission and Gear Oils | |
| Hydraulic Fluids | |
| Greases | |
| Metal Working Fluids | |
| Other Lubricant Types |
| Geography | ||||||||
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Key Market Trends
Viscosity Index Improvers to Drive the Market Growth
- Viscosity Index can be considered as a scale of measurement for lubricating oils that indicates the extent of variation in viscosity with variation of temperature.
- Viscosity index is widely used to measure the change in the viscosity of a fluid in relation to temperature. The higher the viscosity index, the smaller is the relative change in viscosity with temperature. They increase the viscosity of the fluid throughout its useful temperature range.
- Viscosity improvers find vast application in different grades of engine oils, gear oils, automatic transmission fluids, power steering fluids, greases and various hydraulic fluids. Most of these oils find their uses in automobile, and hence, automobiles are subjected to rapid temperature changes.
- For instance, during the cold days in the morning, an oil with a low viscosity at low temperature is needed for the oil pump to push the oil to the top of the engine. During this situation, it is necessary that the oil should be viscous to protect the engine when it reaches operating temperature and at this point viscosity modifiers have a prominent role.
- Hence, viscosity index improvers are gaining prominence owing to the wide range of advantages they offer.
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China to Dominate Asia-Pacific Region
- China is the biggest economy in Asia-Pacific.
- The food processing industry is moving toward maturity in the country, witnessing moderate growth. Processed and packaged frozen foods are increasingly becoming popular. While in the beverage industry, the trend for the consumption of healthy, natural, and convenient ready-to-drink smoothies, juices, and yogurts has been emerging.
- Furthermore, China is the leading consumer of metalworking fluids. The growth for metalworking is expected to be driven by the robust growth in construction activities and increasing shipbuilding and aircraft orders in the region.
- In Q1 2020, China has also approved about 10 gigawatts of new coal-fired power generation projects, which is almost equivalent to the total amount, which was approved in 2019. While such projects may take about two years for development, the demand for equipment used in power plants is projected to increase in the next two years.
- The country has also produced 18,242,588 units of vehicles in 9 months of 2021, 8% growth in comparison to the same period last year.
- Based on the aforementioned aspects, China is expected to dominate the Asia-Pacific region in the forecast period.
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Competitive Landscape
The global lubricant additives market is partially consolidated, with the top four-five players accounting for a moderate share of the market demand. Key players in the lubricant additives market (in no particular order) include Evonik Industries AG, Italmatch Chemicals SpA(The Elco Corporation), Infineum International Limited, The Lubrizol Corporation, and Afton Chemical Corporation.
Recent Developments
- In November 2021, Afton Chemical announced that it will be increasing its lubricant additive prices by up to 9%, (effective November 15, 2021).
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Stringent Environmental Regulations Regarding Emissions
4.1.2 Industrial Growth in Middle-East and Africa
4.2 Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Function
5.1.1 Dispersants and Emulsifiers
5.1.2 Viscosity Index Improvers
5.1.3 Detergents
5.1.4 Corrosion Inhibitors
5.1.5 Extreme-pressure Additives
5.1.6 Friction Modifiers
5.1.7 Other Functions
5.2 Lubricant Type
5.2.1 Engine Oil
5.2.2 Transmission and Gear Oils
5.2.3 Hydraulic Fluids
5.2.4 Greases
5.2.5 Metal Working Fluids
5.2.6 Other Lubricant Types
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Mexico
5.3.2.3 Canada
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Russia
5.3.3.4 Italy
5.3.3.5 France
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Afton Chemical
6.4.2 BASF SE
6.4.3 BRB International
6.4.4 Chevron Corporation
6.4.5 Croda International PLC
6.4.6 DOG Deutsche Oelfabrik Gesellschaft fur chemische Erzeugnisse GmbH & Co. KG
6.4.7 Dorfketal Chemicals (I) Pvt Ltd
6.4.8 Dover Chemical Corporation
6.4.9 Evonik Industries AG
6.4.10 Infineum International Limited
6.4.11 Italmatch Chemicals SpA (The Elco Corporation)
6.4.12 Jinzhou Kangtai Lubricant Additives Co. Ltd
6.4.13 King Industries Inc.
6.4.14 Kemipex
6.4.15 LANXESS
6.4.16 Multisol
6.4.17 RT Vanderbilt Holding Company Inc.
6.4.18 Shepherd Chemical
6.4.19 The Lubrizol Corporation
6.4.20 Wuxi South Petroleum Additives Co. Ltd
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Popularity of High-performance Lubricants in Asia-Pacific
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Frequently Asked Questions
What is the study period of this market?
The Lubricant Additives Market market is studied from 2017 - 2027.
What is the growth rate of Lubricant Additives Market?
The Lubricant Additives Market is growing at a CAGR of 3.04% over the next 5 years.
Which region has highest growth rate in Lubricant Additives Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Lubricant Additives Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Lubricant Additives Market?
Evonik Industries AG, Infineum International Limited, The Lubrizol Corporation, Italmatch Chemicals SpA (The Elco Corporation), Afton Chemical Corporation are the major companies operating in Lubricant Additives Market.
