PUNE, India, June 4, 2018 /PRNewswire/ --
The report "Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to reach USD 17.74 Billion by 2023. The Lubricating Oil Additives Market is projected to grow from USD 15.57 Billion in 2018 to USD 17.74 Billion by 2023, at a CAGR of 2.64% between 2018 and 2023. Asia Pacific is expected to lead the global Lubricating Oil Additives Market during the forecast period. Lubricating oil additives are used to enhance the performance of lubricants and functional fluids. Each functional type additive is selected for its ability to perform one or more specific functions in combination with other additives. Selected additives are formulated into packages to be used with specific base stocks for automotive and industrial applications. The primary functions of lubricating oil additives are to reduce friction, prevent wear and rust, and control formation of sludge and oxidation.
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Based on application, the engine oil segment is projected to lead the Lubricating Oil Additives Market during the forecast period.
Based on application, the engine oil segment was the largest segment of the Lubricating Oil Additives Market in 2017. The demand for engine oil is backed by the increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages according to the specifications of OEMs.
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Based on functional type, the oxidation inhibitors segment is expected to lead the Lubricating Oil Additives Market during the forecast period.
The oxidation inhibitors segment is expected to be the fastest-growing functional type segment of the Lubricating Oil Additives Market during the forecast period. Oxidation inhibitors are used to reduce thickening and inhibit acid formation in a wide variety of applications, such as engine oil, gear oil, hydraulic oil, automatic transmission fluid, industrial oil, and compressor oil. Oxidation inhibitors also help prevent degradation of lubricants over time.
Based on end-use industry, the automotive segment is expected to lead the Lubricating Oil Additives Market during the forecast period.
The automotive end-use industry includes lubricating oil additives used to formulate lubricants for passenger cars, commercial vehicles, and other automobiles that include motorcycles and three wheelers. Lubricating oil additives are majorly used in engine oil, gear oil, hydraulic fluid, and transmission fluid. The automotive end-use industry is expected to dominate the Lubricating Oil Additives Market during the forecast period due to the huge demand for engine oil from passenger cars and commercial vehicles. The growth is also driven by the focus of additive manufacturers on research & development activities to formulate efficient additives to reduce the emission and increase the performance of automotive lubricants.
APAC is expected to lead the Lubricating Oil Additives Market during the forecast period.
Asia Pacific is expected to be the largest market for lubricating oil additives during the forecast period. The Lubricating Oil Additives Market in this region is primarily driven by the growing demand for lubricants, especially from China, India and other southeast Asian countries, and the huge investments in the automotive and industrial sectors in this region.
Key companies in the Lubricating Oil Additives Market include Afton Chemical (US), Chevron Oronite (US), BASF (Germany), Evonik Industries (Germany), Lubrizol Corporation (US), and Lanxess (Germany).
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