The report “Global Lubricating Oil Additives Market, By Functional Type (Dispersants, Detergents, Anti-Oxidants, Anti-Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), By Application (Engine Oil, Gear Oil, Process Oil, Industrial Oil, Hydraulic Fluid, and Metalworking Fluid), By Sector (Automotive and Industrial), and Region – Global Forecast to 2029″ Global lubricating oil additives market is projected to grow from US$ 17.6 billion in 2020 to US$ 25.8 billion by 2029. This is attributed to increasing adoption of lubricating oil additives from automotive industry. Furthermore, lubricating oil additives have potential to improve the mechanical efficiency of internal combustion engines which in turn propels the global lubricating oil additives market.
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- In April 2017, Lubrizol Corporation announced “Lubrizol PV1119” additive technology. This new technology is providing protection against low speed pre-ignition and premature chain wear that modern engines demand.
Key Market Insights from the report:
The global lubricating oil additives market accounted for US$ 17.6 billion in 2020 and is projected to register a moderate CAGR of 4.3 % over the forecast period. The market report has been segmented on the basis of functional type, application, sector, and region.
- By functional type, the dispersants segment is accounted for the largest share of the global lubricating oil additives market, in 2018. This is owing to dispersants help to keep insoluble contaminants and products of oxidation suspended in the oil to prevent sludge formation. It also helps to keep sludge, varnish, dirt, oxidation products, and water in a dispersed form.
- By application, the engine oil segment is accounted for the largest share of the global lubricating oil additives market in 2018. This is attributed to increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages.
- By sector, the global lubricating oil additives market is categorized into automotive and industrial.
- By region, Asia Pacific lubricating oil additives market is expected to account for major revenue share in global lubricating oil additives market and is further anticipated to maintain its dominance over the forecast period, owing to increasing demand for lubricating oil additives from the automotive and industrial sectors of countries such as China and India. North America lubricating oil additives market is expected to account for faster growth in terms of revenue over the forecast period.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Lubricating Oil Additives Market”, By Functional Type (Dispersants, Detergents, Anti-Oxidants, Anti-Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), By Application (Engine Oil, Gear Oil, Process Oil, Industrial Oil, Hydraulic Fluid, and Metalworking Fluid), By Sector (Automotive and Industrial),and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)- forecast till 2029
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The prominent player operating in the global lubricating oil additives market includes Afton Chemical Corporation, Chevron Oronite Company LLC, BASF SE, Evonik Industries AG, The Lubrizol Corporation, LANXESS Corporation, Infineum International Limited, Tianhe Chemicals Group Limited, Croda International PLC, and BRB International BV.
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