Dubai, UAE, Jan. 30, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Extrapolate, the global Lubricant And Fuel Additives Market size was estimated at USD 18.50 billion in 2021 and is projected to reach USD 26.91 billion by 2028, exhibiting a CAGR of 5.50% from 2022 to 2028.
The demand for lubricant and fuel additives has been growing in recent years, driven by several factors. One of the key drivers of the growing demand for lubricant and fuel additives is the increasing use of advanced technologies in various industries. For example, the use of turbocharged engines in the automotive industry has led to a greater need for high-performance lubricants that can withstand higher temperatures and extreme pressures. Similarly, the use of biofuels in the transportation sector has created a need for specialized fuel additives that can improve the performance of these fuels and protect engines from damage.
The demand for the lubricant and fuel additives is majorly driven by the increasing focus on environmental sustainability. Companies are under pressure to reduce their carbon footprint, and the use of lubricant and fuel additives can help to improve the efficiency of engines and reduce emissions. This has led to an increase in the use of bio-based lubricants and fuel additives, which are derived from renewable resources and are considered to be more environmentally friendly than traditional products.
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Competitive Landscape
Lubrizol, Infineum, Chevron Oronite, Afton, and Lanxess AG are the top 5 players in the global lubricant and fuel additives market. They are collectively holding around 80% of the market share.
Lubrizol has become one of the leading players in the fuel additives and lubricant industry due to a combination of factors, including its wide range of product offerings and strong partnerships with major OEMs and oil companies.
One of the key factors that has contributed to Lubrizol's success in lubricant and fuel additives is its extensive research and development capabilities. The company has a dedicated team of scientists and engineers who work to develop new and innovative products that can improve the performance and extend the life of lubricants and fuel additives. This has allowed Lubrizol to stay at the forefront of industry trends and to offer products that meet the changing needs of the market.
Key Players covered in this report are:
- Lubrizol
- Infineum
- Chevron Oronite
- Afton
- Lanxess AG
- Innospec
- BASF
- Tianhe
- GE(Baker Hughes)
- Sanyo Chemical Industries
- Adeka
- Clariant
- Vanderbilt
- Dorf Ketal
- IPAC
- Miracema Nuodex
- Additiv Chemie Luers
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Global Lubricant and Fuel Additives Market Segmentation Analysis:
Segmentation by Type:
- Single Component
- Additive Package
Additive Package to Hold over 75% of the Market Share
Additive Package are used more commonly as passenger car motor oils, compressor oils, hydraulic fluids, gear lubricants, turbine oils, and tractor oils than any other product type in the global lubricant and fuel additives market. As a result, the segment generates over 75% revenue of the market. For instance, it generated a revenue of over $13.87 billion in 2021. This is attributed to numerous factors, such as the product meeting a specific need or demand of end-users, the product being well-marketed and advertised, and being available at a competitive price. In line with this, manufacturers are putting extra effort into strengthening their distribution network and developing effective logistics in place to meet the demand for the product.
Segmentation by Application:
- Automotive
- Industry
- Other
Automotive Industry is the Key Consumer in Global Lubricant and Fuel Additives Market
The automotive industry is a major consumer in the global market. Lubricants and fuel additives are used in the manufacturing and operation of vehicles to improve performance and extend the lifespan of engines and other mechanical components. These products also play a crucial role in reducing emissions and improving fuel efficiency, which are key considerations for the automotive industry.
The increasing demand for fuel-efficient and environmentally-friendly vehicles, as well as stricter emissions regulations, is driving growth in the lubricant and fuel additives market. Automakers are investing heavily in research and development to improve the performance and efficiency of their vehicles, and this is resulting in a greater demand for lubricant and fuel additives.
In addition, the growth of the e-mobility market, which includes electric and hybrid vehicles, is also driving demand for lubricant and fuel additives. These vehicles require different types of lubricants and fuel additives than traditional gasoline or diesel vehicles, and the market for these products is expected to grow as the e-mobility market expands.
The use of lubricants and fuel additives in the automotive industry is not limited to just manufacturing and operation of the vehicles; the aftermarket is also a key consumer. The repair, maintenance, and replacement of mechanical components, such as engines, gears, and transmissions, also require lubricants and fuel additives, providing an additional source of revenue for the market.
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Geographic Segmentation:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Extrapolate Finds North America to Generate Over 40% Sales Revenue in Lubricant and Fuel Additives Market
North America is expected to generate over 40% of the sales revenue in the lubricant and fuel additives market. This is due to a number of factors, including the presence of a large automotive industry in the region, as well as the presence of major oil and gas companies that manufacture and supply lubricants and fuel additives.
As of 2021, the total number of registered vehicles in the United States was approximately 263 million, according to data from the Federal Highway Administration. This includes cars, trucks, buses, motorcycles, and other types of vehicles. The volume of fuel additives and lubricants used in the US is also quite significant. According to the National Institute for Automotive Service Excellence (ASE), the average vehicle requires about 5-8 quarts of oil for an oil change, depending on the vehicle's size and type. In addition, fuel additives are also used in gasoline and diesel to improve the fuel's performance and extend the life of engines.
On the other hand, the oil and gas industry is also a significant consumer of the lubricant and fuel additives market in North America, as these products are used to improve the performance and efficiency of drilling and extraction operations. Additionally, the increasing demand for shale oil and gas in the region is also driving growth in the market, as these unconventional resources require different types of lubricants and fuel additives than traditional oil and gas.
In terms of manufacturing capabilities, North America is home to several major lubricant and fuel additive manufacturers, including Chevron, ExxonMobil, and ConocoPhillips. These companies have established manufacturing facilities and research and development centers in the region, which allows them to produce a wide range of lubricants and fuel additives to meet the needs of different industries and applications.
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Key Points From TOC:
1 Research Methodology and Statistical Scope
2 Lubricant and Fuel Additives Market Overview
3 Lubricant and Fuel Additives Market Competitive Landscape
4 Lubricant and Fuel Additives Industry Chain Analysis
5 The Development and Dynamics of Lubricant and Fuel Additives Market
6 Lubricant and Fuel Additives Market Segmentation by Type
7 Lubricant and Fuel Additives Market Segmentation by Application
8 Lubricant and Fuel Additives Market Segmentation by Region
9 Key Companies Profiled
10 Lubricant and Fuel Additives Market Forecast by Region
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
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