The SNS Insider report indicates that the Lubricating Oil Additives Market Size was valued at USD 19.66 billion in 2023 and is estimated to reach USD 25.66 billion by 2032 and grow at a CAGR of 3.0% over the forecast period 2024-2032.
The lubricating oil additives market is poised for growth, primarily fueled by the rising demand for high-quality automotive lubricants. This trend is indicative of the broader usage of industrial lubricants across various industries and applications. Industrial lubricants play a crucial role in facilitating modern machining techniques and are indispensable for businesses operating in sectors such as wind energy, engineering, food, and pharmaceuticals. The lubricating oil additives market is witnessing substantial growth due to the increasing demand for high-performance lubricants that enhance the efficiency and longevity of engines and machinery. Lubricating oil additives play a crucial role in improving the properties of base oils, providing benefits such as reduced friction, wear protection, and corrosion resistance. These additives are essential in automotive, industrial, and marine applications, where they help maintain optimal performance under extreme conditions and prolong the life of mechanical components. The rise in global automotive production, coupled with the increasing need for reliable and efficient industrial machinery, is driving the demand for advanced lubricating oil additives.
Technological advancements and stringent environmental regulations are significantly shaping the future of the lubricating oil additives market. Manufacturers are focusing on developing innovative additives that meet the latest performance standards while minimizing environmental impact. For instance, the development of low-sulfur and low-ash additives helps reduce emissions and improve fuel efficiency, aligning with regulatory requirements for cleaner and more sustainable operations. Additionally, there is a growing trend towards bio-based and synthetic additives, which offer superior performance and are more environmentally friendly compared to traditional petroleum-based additives. As industries continue to prioritize sustainability and regulatory compliance, the market for lubricating oil additives is poised for continued growth, driven by ongoing innovation and the increasing adoption of eco-friendly solutions.
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KEY PLAYERS
· Lubrizol Corporation
· Tianhe Chemicals
· Infineum International Limited
· Chevron Oronite Company LLC
· Lanxess, Evonik Industries AG
· BRB International BV
· Croda International PLC
· BASF SE
· Afton Chemical
· Krystal Lubetech Private Limited
· other players.
Market Report Scope –
The use of Lubricant Additives helps reduce costs by reducing maintenance requirements, decreasing fuel and oil consumption, reducing downtime loss, extending service intervals as well as improving vehicle reliability. In Lubricating Oil Additives Market Chemical compounds or substances that are mixed with lubricating oils in order to enhance their performance and improve their lubrication properties are lubricating oil additives. These additives are designed to be of greater benefit than what can be achieved by a single oil. They are used in a wide range of lubricating oils, including engine oil, industrial fluid, hydraulic fluid, gears and so on. Lubricant additives are mixed with base oils in order to make a complete oil.
Market Growth Factors –
The growth of the lubricating oil additives market is also anticipated to be driven by an increasing trend in high quality automotive lubricants. In a wide variety of industries and applications, industrial lubricants are used. Lubricants that are specifically designed to meet the needs of the industry and its manufacturer or operator are needed by every business, whether it is in wind energy, engineering, food or pharmaceuticals. Without the use, modern machining techniques will never be feasible. Additives to lubricate oil are chemicals that add new characteristics or improve the existing capabilities of a base oil. The undesirable properties of the primary oil are also reduced by some additives. These additives are mainly used in the automotive industry to ensure safe and effective operation of engines, transmission gears or any parts thereof.
Segmentation Analysis –
By Type
· Viscosity Index Improvers
· Dispersants
· Detergent
· Anti-oxidants
· Anti-wear Agent
· Rust & Corrosion Inhibitors
· Friction Modifiers
· Extreme Pressure Additives
· Pour Point Depressants
· Others
By Application
· Engine Oil
· Hydraulic Fluid
· Gear Oil
· Metal Working Fluids
· Transmission Fluid
· Grease
· Compressor Oil
· Others
By Sector
· Automotive
· Industrial
The market segmentation, based on Type, includes Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers, and Others. In 2022, the Dispersants segment is expected to account for a majority of global Lubricating Oil Additives sales. In order to prevent sludge formation, it promotes the suspension of insoluble impurities in the oil. Dispersants, such as varnish, are frequently used to prevent deposits on the surface.
The market segmentation consists of engine oil and gear oil according to application. The market was led by the segment of engine oil. The engine oil additives are designed for the prevention of mechanical wear and corrosion in a range of engine types, such as stationary natural gas engines, heavy duty diesel engines, marine diesel engines, motorcycle engines, recreational motor vehicles or heavy-duty diesels. By increasing fuel efficiency, this will help improve the vehicle's performance.
Key Regional Development –
In 2022, the Asia Pacific region accounted for over 34.1% of revenue. Growth is expected to be driven by the development of fuel efficiency norms coupled with growing environmental concerns about carbon emissions in China, India, and Japan. Increased vehicle production and ownership has been made possible by the region's growth along with its industrialization.
In Central and South America, as well as in the Middle East and Africa, a wide range of environment and regulatory factors is promoting industrial development. These regions are also home to major countries, such as Brazil and South Africa, which are growing rapidly due to increasing passenger car and heavy-duty vehicle production at home. Consumption will be driven over the forecast period by recovery of manufacturing sectors in mature North American and European economies, such as the US, UK, Germany or Italy. Further industry dynamics are expected to be affected by an increase in government intervention aimed at achieving fuel economy targets. The huge demand for anti-wear additives in the North American region is due to stringent regulations that are pushing countries such as the United States, Canada and Mexico to reduce their carbon emissions.
Key Takeaway’s–
The growth of the lubrication oil additives market is an increase in demand from car manufacturers all over the world. The market growth is driven by increasing adoption of the additive and its ability to carry out one or more specific tasks in combination with additives, as well as increased demand for engine oil. The increase in the use of this product to maintain required physical characteristics, such as viscosity at all temperatures. The market demand for lubricants additives is expected to be driven by several benefits associated with them, such as boundary lubricity, excessive pressure ENP and inhibitors of corrosion, rising reserves alkalinity, emulsification, antimisting and antimicrobial pesticides.
Recent Developments -
BASF SE launched a new product and doubled the production capacity for Irganox in May 2022, thereby expanding its lubricant additives market.
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. By the fourth quarter of 2024, this expansion will bring the Joint Undertaking's capacity to 60,000 metric tons.
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