Lubricating Oil Additive Market Key Participants, Trends, and Revenue Analysis Report, 2022
The factors that propel the growth of the market include increasing demand from the automotive industry and industrial growth in developing economies.
(firmenpresse) - Global Lubricating Oil Additive Market is anticipated to witness exponential growth in the forecast period. Lubricating oil additives are chemical composites added to lubricating oil to bring new properties or improve the existing properties of the base oil. The factors that propel the growth of the market include increasing demand from the automotive industry and industrial growth in developing economies.
On the other hand, there are factors that may hamper the growth of the market including shifting raw material prices and increasing sales of electric vehicles. Globally, market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market may be explored by functional type, application, sector, and geography. Market may be explored by functional type as Anti-oxidants, Dispersants, Viscosity Index Improvers, Detergents, Extreme Pressure Additives and Anti-Wear Agents. The “Oxidation Inhibitors” segment led the lubricating oil additive market in 2017 and will continue to lead in the forecast period.
Based on sector, the market could span Industrial and Automotive. The “Automotive” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that could attributed to the growth of market include huge demand for engine oil from commercial vehicles and passenger cars. The growth is also driven by the attention of manufacturers on research & development activities to formulate effective additives to decrease the emission and surge the performance of automotive lubricants.
The key applications that could be explored in the lubricating oil additive market include Metalworking Fluid, Hydraulics Fluid, Engine Oil, Process Oil, Gear Oil and Industrial Oil. The “Engine Oil” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that could attributed to the growth of the market include increasing motorization rate worldwide and the robust focus of additive manufacturers on research & development activities.
APAC accounted for the major share of the lubricating oil additive market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include rising demand for lubricants, particularly from India, China, and other southeast Asian nations, and the huge investments in the industrial and automotive sectors in this region.
Some of the key players that fuel the growth of the lubricating oil additive market comprise Wuxi South Petroleum Additives, Clariant, Evonik Industries, Lubrizol Corporation, Total, Infineum, Chevron Ornate, Euro club, International Petroleum & Additives Company Inc., Lanxess, Dorf Ketal, BRB International, Croda, Afton Chemical, Tianhe Chemicals and BASF. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Datum: 10.04.2020 - 09:54 Uhr
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