Lubricant additives are used in base oil blending to increase the life and performance of the product. Additives play a crucial role in blending and formulating materials. Furthermore, they enhance the specifications and performance of oils. In the current scenario, the government bodies of several countries such as China and India have imposed stringent environmental regulations for controlling emissions. Thus, this aspect may serve as a major growth driver for the lubricant additives market during the forecast period of 2019-2027.
Properties of Lubricant Additives to Expand Demand
The properties of lubricant additives such as reduction of viscosity of engine oils and ability to work at extreme temperature results in improved performance. Additives such as viscosity index (VI) improvers and antioxidants lower the carbon emissions and can be used in gear oils, greases, transmission fluids, and various hydraulic fluids. These factors have increased the demand for lubricant additives and accelerated the growth of lubricant additive market.
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Application of Lubricant Additives in Automotive and Industrial Sector to Invite Substantial Growth
The global lubricant additive market is segmented into automotive and industrial lubricants on basis of application. Further, it is divided into categories such as general industrial oil, metal working fluids, passenger car motor oils, and others. The passenger car motor oil segment is expected to gain demand due to its characteristics such as operational efficiency and low viscosity. The industrial lubricants and general industrial oils may witness voluminous growth based on its application in industrial sector.
Asia Pacific Estimated to Emerge as Leading Growth-Contributing Region
Several economies in Asia Pacific has witnessed rapid industrialization lately. Adoption of vehicles has also increased greatly among the countries in the region primarily due to expanding urbanization and high disposable incomes of many individuals. This factor has fueled growth of the lubricant additives market. In addition, the imposition of regulatory norms against harmful emissions in countries such as India, China, and Japan will have a major impact on the growth trajectory. China recently announced various regulations regarding emission standards whereas, India has started implantation of Bharat Stage VI emission standards since 2020. The aforementioned factors have contributed significantly in increasing the share of Asia Pacific in the global lubricant additive market.
The government bodies in North America and Europe are imposing strict emission standards. As a result, there is scope for use of lubricant additives in manufacturing and production processes. These regions permit the OEMs to deliver advanced technologies for engines used in vehicles. High quality lubricants with engine compatibility are preferred .Thus, the demand for lubricant additives has increased.
Countries in the Middle East are shifting towards use of low emission fuels to achieve the objective of environmental conservation pertaining to the emission standards set by the administrative bodies. These factors may serve as growth generators for the lubricant additives market.
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Adoption of Novel Market Strategies by Players to Add Value to Growth Structure of Lubricant Additives Market
The global lubricant additive market is highly competitive. The major market players are investing in research and development activities to improve the technologies and innovate new effective products. Key players are indulging in adding new products to their product profile. They are also developing new marketing strategies to establish their market dominance. The players are coming up with lucrative offers to attract the consumers. Investors are investing in mergers and acquisitions, partnerships, and joint ventures to expand their market reach.
Mitsui Chemicals launched a new plant for Lucant, a leading brand of Lubrizol Additives business segment in April 2019. In addition, Vertellus took over Bercen Chemicals with the intention to strengthen the current portfolio of Vertellus’s and support lubricant additives market in North America. Such developments strengthen the growth of the lubricant additives market.
Some of the prominent market players in the global lubricant additive market are Infineum International Limited, The Lubrizol Corporation, NewMarket Corporation, Tianhe Chemicals Group Limited and others.
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Key Market Segments:
- By Application
- Heavy Duty
- Passenger Car
- Other Automotive
- Metalwork Fluids
- Industrial Engine Oils
- General Industrial Oils
- By Type
- Viscosity index improvers
- Anti-wear agents
- Corrosion inhibitors
- Friction modifiers
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