- Asia Pacific is considered as the most attractive market, propelled increasingly by stringent emission regulations, North America is also a key regional market, where OEMs incorporate advanced technologies
- Advances in chemistries of lubricant additives to improve the performance and extend their life, market to clock CAGR of ~2% between 2019 and 2027
ALBANY, N.Y., Aug. 18, 2020 /PRNewswire/ -- Wide spectrum of chemicals such as viscosity index (VI) improvers and antioxidants are added to base oils to formulate finished lubricants, where their role is to improve the characteristics of final products. Some of the key applications are in formulating engine oils, gear oils, automatic transmission fluids, and greases.
Analysts at TMR project the lubricant additives market to clock CAGR of ~2% between 2019 and 2027 and reach US$ 18 Bn by the end of 2027. In 2018, the global valuation was pegged at US$ 15.72 Bn. Asia Pacific led the global landscape with market share exceeding 32% in 2018.
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Key Findings of Lubricant Additives Market Report
- Among the various key product types, dispersants held the leading segment in 2018, with ~25% share
- Antioxidants is the fastest growing segment in market among all during 2019 - 2027
- Asia Pacific held the dominating share in lubricants additives market in 2018 amounting to more than 32%
- China is an attractive market
- Demand for high-performing lubricant additives to rise remarkably in Europe and North America
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Lubricant Additives Market: Key Driving Factors and Promising Avenues
- Rising demand for lubricants with better chemistries is bolstering the prospects of an array of lubricant additives in the industries of automobile, marine, aviation, and power.
- Numerous countries have announced to hasten transition to the most recent VI emission standards. The implementation of Bharat Stage VI emission standards in India this year is a glaring example.
- The demand for new array of chemistries in lubricants in modern engines and turbines has boosted the lubricant additives market.
- Growing number of passenger cars in developing regions of the world has spurred the demand for lubricant additives.
- Use of viscosity index (VI) improvers for mainly improving the rheological properties of lubricants is boosting revenue generation in the lubricant additives market.
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Lubricant Additives Market: Regional Landscape
Asia Pacific presents huge untapped prospects to manufacturers in the lubricant additives market. The scope of the regional market is underpinned by vehicle manufacturers being serious about updated emission standards. Adoption of VI emission standards for 2021 in China is a case in point. The Middle East is also offering attractive opportunities to players in the lubricant additives market.
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Lubricant Additives Market: Competitive Landscape
The lubricant additives market is increasingly consolidated with large proportion of market shares concentrated among the top five players. They hold high bargaining power, mainly by following captive manufacturing practices. The end-user industry landscape is highly competitive, which constantly stimulates incumbent players to aim for innovations in formulations of lubricant additives.
Most players are consolidating their shares in emerging and established markets by expanding their product portfolio.
Some key players in the lubricant additives market are Tianhe Chemicals Group Limited, The Lubrizol Corporation, Chevron Oronite Company LLC, Infineum International Limited, and NewMarket Corporation.
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The Lubricant Additives Market can be segmented as follows:
Products
- VI Improvers
- PPD (Pour Point Depressants)
- Detergents
- Dispersants
- Antioxidants
- Other Additives
Region
- North America
- Europe
- Asia Pacific
- Middle East
- Rest of the world (RoW)
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Oleate Esters Market - The global oleate esters market is projected to grow at a CAGR of nearly 5.0% between 2019 and 2027. The primary reason for the high rate of utilization of ethyl oleate in lubricants is their superior qualities such as absorbency, solvency and their resistance to low temperatures while being incorporated in any reaction. The demand for oleate esters is expected to increase in the future due to the rising awareness among the people regarding the superior properties of oleate esters and the wide range of applications that they serve.
Refrigeration Lubricants Market - Major factors driving the refrigeration lubricants market are rise in the worldwide need for health care and food supply and increase in the demand for refrigeration lubricants from the automotive industry. Key innovations, changing technologies, and R&D activities in refrigeration lubricants in the last decade were the result of environmental legislations imposed by Montreal and Kyoto protocols. All these factors also impact the selection of refrigeration lubricants. The trend toward use of natural refrigeration lubricants (such as CO2-based, ammonia-based, and hydrocarbon-based) has been growing over the last few years.
Dry Lubricants Market - The dry lubricants market can be segmented based on material type, bonding method, application, and region. In terms of material type, the dry lubricants market can be divided into graphite, boron nitride, molybdenum disulfide, soft metal solid lubricants, PTFE, and others. Based on bonding method, the dry lubricants market can be segregated into vacuum sputtering, dip application, mechanical impingement, burnishing, and spray resin bonding. Based on application, the dry lubricants market can be classified into steel industry, oil & gas, mining & mineral processing industry, water & food processing, automobile, and petrochemical industry.
Base Oil Market - The global base oil market was valued at ~US$ 34 Bn in 2019 and is anticipated to expand at a CAGR of ~2% during the forecast period. Among grades, the Group I segment accounted for a major share of the global base oil market in 2019. However, the demand for Group I base oil is likely to decline during the forecast period, owing to their replacement by Group II and Group III base oils. Group II base oils are capable of substituting Group I base oils in several industrial applications at minimal additional costs. Among applications, the automotive fluids segment held a significant share of the global base oil market in 2019. Asia Pacific is estimated to offer immense growth potential to the base oil market in the next few years.
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