HYDERABAD, India and WILMINGTON, Delaware, January 11, 2018 /PRNewswire/ --
The report "Lubricant Additives Market: By Type (Anti-oxidants, Anti-Wear Agents, De-Emulsifiers, Dispersants, Vii, Corrosion Inhibitors, Friction Inhibitors and Others); By Type of Oil (HDMO, PCMO, Process Oils, Hydraulic fluids, Compressor Oil and Others); By Application (Automotive, Industrial, Marine and Others); By Geography - Forecast (2017 - 2021)" published by IndustryARC, estimates the market to reach $18.7 billion by 2021.
Following the rapid economic growth in Asia during the last decade, demand for lubricant additives in APAC has risen sharply and the market is anticipated to reach $18.7 billion by 2021.
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Growing manufacturing industry as well as automotive sector is all set to escalate the lubricant additives market. APAC's economy is largely influenced by the dynamics of countries like China and India, however, the scenario is changing with increasing investments in South East Asia. South East Asian countries are witnessing higher growth in aviation and automotive industry. Consumption of lubricant additives depend on factors such as treat rates, lubricant consumption and regulations. Growth rate for lubricant additives can be taken directly proportional to automobile industry growth and demand for petroleum ducts as two third of the petroleum lubricants are used in transportation. Innovations are the ongoing trend in lubricant additives business, driven by legislations that changes the lubricant specifications to meet the demand to use high quality oil. Lubricants are used in various applications in order to reduce friction and to provide protection against corrosion. Lubricant additives are generally liquid formulations that are added to various petroleum products in order to enhance their qualities which was lost or wasn't able to meet during various activities.
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Based on types of lubricant additives available commercially, the market is segmented into antioxidants, VII, corrosion inhibitors, friction modifiers, detergents, dispersants, and others. Detergents, dispersants and VII are the majorly consumed additive system. Furthermore, the consumption of each type of these additives depends on climatic conditions prevailing in the respective regions. Automobile sector tends to be the largest end-use segment for lubricant additives. The key segmentations for lubricant additives market include type, type of oil, application and by geography.
Rapidly expanding market of automobile and industrial in emerging countries is anticipated to propel the demand for lubricant additives.
The global lubricant additives market is estimated to grow at a CAGR of 2.6% during the forecast period and will reach $18.7 billion by 2021. Heavy-duty motor oil is a variant of engine oil which majorly goes into various "on-highway" and "off-highway" heavy-duty vehicle applications. Motor oils are the majorly consumed lubricants across the world. Various additives perform diverse functions such as antioxidants are used to extend lubricant service life, dispersants minimizes sludge and deposits. Lubricant additives provide best protection to the car engines without sacrificing performance, endurance and efficiency. Heavy-duty engine oil additives are designed to meet the region-specific needs of heavy-duty trucking, mining and construction equipment.
The market of lubricant additives has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2016, APAC is the prominent region for lubricant additives market and is estimated to grow with CAGR of 2.9% during the forecast period. APAC is considered to be the fastest growing fuel additives market which could possibly overtake all the other region in terms of consumption. The growth in APAC is attributed to the increasing automobile and industrial activities. However, considerable lubricant additives demand in Americas along with European countries is likely to boost the overall market.
The Prominent Players in this Market Include
- Chevron Corporation
- Lubrizol Corporation
- BASF SE
- Innospec Inc.
Lubricant additive companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the lubricant additives market. Afton Chemical Corporation by the acquisition of Aditivos Mexicanos, S.A. de C.V. (AMSA), a petroleum additives manufacturing, sales and Distribution Company based in Mexico City, Mexico, is trying to expand their additive business in Mexico. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining fuel additives market shares in the industry.
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