Article -> Article Details
| Title | Lubricant Additives Market Expected to Hit USD 21.7 Billion by 2033, Driven by Automotive Industry |
|---|---|
| Category | Business --> Chemicals |
| Meta Keywords | Lubricant Additives Market, Lubricant Market, Lubricant Industry |
| Owner | Sarah Smith |
| Description | |
| The global lubricant additives market is anticipated to attain a valuation of USD 13.46 billion in 2023 and is expected to reach USD 21.7 billion by 2033, trailing a CAGR of 4.8% during the forecast period. Lubricant additive offers environmental
benefits and is gaining attention from major players due to increasing
environmental concerns. The evolving engine oil specifications, such as GF-6,
are driving the demand for innovative lubricant formulations and additives.
Automotive manufacturers and lubricant formulators are compelled to develop
engine oils that meet these specifications, leading to a healthy growth in the
demand for engine oil lubricant additives in the future. The performance and efficiency of
modern engines rely heavily on an effective lubrication system. Lubrication
plays a crucial role in cooling the internal engine parts that experience
friction and generate heat, preventing overheating. As engine technology
evolves, such as with Gasoline Direct Injection and Turbocharge Gasoline Direct
Injection in passenger cars, lubricant standards have also advanced. The implementation of the ILSAC GF-6 standard
in North America in 2020 has improved fuel economy, protection for emission
systems, and engine oil robustness. This implementation is expected to drive
the demand for lower viscosity index improver lubricants, which effectively
reduce engine friction and are used in all types of vehicles. To enhance vehicle efficiency and
facilitate the transition to low-carbon vehicles, nations worldwide have
introduced initiatives that encompass various automobile sectors including
light-duty vehicles, heavy-duty vehicles, buses, motorcycles, and trucks. One
notable example is the Global Fuel Economy Initiative launched by the United
Nations in 2019 across 70 countries, with the goal of improving vehicle fuel
economy and expediting the decarbonization of road transport by 2030.
Consequently, there will be an increased demand for efficient lubricants such as bio-based
and nanotube-based lubricants that can be utilized in new vehicles to achieve
reduced engine friction and improved fuel economy. Key Takeaways ·
The
market in China is expected to grow with a CAGR of 5.4% during the forecast
period. ·
The
demand for lubricant additives in United States is expected to grow with a
significant CAGR of 4.9% during the forecast period. ·
By
function type, viscosity index
improvers
segment is expected to grow with a CAGR of 5.8% during the forecast period. ·
By
end-use industry, automotive and transportation segment is expected to grow at
a significant CAGR of 6.2% during the projected period. “The evolving engine oil specifications
and initiatives to facilitate low carbon vehicles is expected to drive market
growth,” comments an FMI Analyst Dive Deep into the Full Report for a
Complete Analysis! https://www.futuremarketinsights.com/reports/lubricant-additives-market Competitive Landscape The market for lubricant additives is highly
competitive, with numerous prominent industry players making substantial investments
in increasing their manufacturing capabilities. The key industry
players are Afton Chemical Corporation, BASF SE, BRB International, Chevron
Chemicals, Evonik, Lubrizol, Infineum International, Croda International PLC,
Dover Chemical Corporation. Some recent
developments in lubricant additives market are: ·
In May 2022, BASF SE expanded its lubricant additives market by
launching a new product and doubling its production capacity for Irganox. ·
In October 2022, BASF Petronas Chemicals Sdn. Bhd., a joint venture
between BASF SE and Petronas Chemicals Group Bhd., announced plans to double
the annual production capacity of its 2-Ethylhexanoic Acid plant in Malaysia.
This expansion will increase the joint venture's capacity to 60,000 metric tons
by the fourth quarter of 2024. ·
In June 2021, Infineum expanded its single oil category II solutions for
MAN B&W two-stroke engines. ·
In February 2021, Dover Chemical Corporation launched DOVERLUBE 31700, a
patented polymeric ester additive designed to enhance lubricity in the
metalworking sector. Key
Segments Profiled in the Lubricant Additives Market Survey By Function Type: ·
Dispersants ·
Viscosity
Index Improvers ·
Detergents ·
Antioxidants ·
Anti-wear
Additives ·
Friction
Modifiers ·
Other
Functions By Lubricant Type: ·
Automotive ·
Metal
Working Fluids ·
Industrial
Engine Oil ·
General
Industrial Oil ·
Grease By End Use Industry: ·
Automotive
& Transportation ·
Food
Processing ·
Metal
Working ·
Power
Generation ·
Others By Region: ·
North
America ·
Latin
America ·
Western
Europe ·
Eastern
Europe ·
South
Asia and Pacific ·
East
Asia · Middle East and Africa Related
Reports: Lubricant Market: https://www.futuremarketinsights.com/reports/lubricants-market Agricultural Lubricants Market: https://www.futuremarketinsights.com/reports/agricultural-lubricants-market Coating Additives Market: https://www.futuremarketinsights.com/reports/coating-additives-market Specialty Oils Market: https://www.futuremarketinsights.com/reports/specialty-oils-market Metalworking Fluids Market: https://www.futuremarketinsights.com/reports/metal-working-fluids-market About Future Market Insights (FMI) Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater New York Chamber of Commerce) offers
profound insights into the driving factors that are boosting demand in the
market. FMI stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food and Beverage,
Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast
team of over 400 analysts worldwide, FMI provides global,
regional, and local expertise on diverse domains and industry trends across
more than 110 countries. Join us as we commemorate 10 years of delivering
trusted market insights. Reflecting on a decade of achievements, we continue to
lead with integrity, innovation, and expertise. Contact Us: Future Market Insights Inc. | |