DUBAI, United Arab Emirates, March 31, 2022 (GLOBE NEWSWIRE) -- According to FMI’s recent market study, the Driveline additives market is projected to exhibit a CAGR of over 4.5% and reach US$ 12,260.5 Mn by the end of the forecast period (2022-2029).
Driveline additives are designed to optimize automotive performance and help reduce energy loss. Driveline additives help ensure smooth functioning of the drivetrain, and, in turn, enhance hardware life. Extended hardware durability translates directly into increased profitability and returns on investment for everyone in the supply chain.
| Driveline Additives Market Value (2021A) | US$ 8,607.2 Mn | |
| Driveline Additives Market Estimation (2022) | US$ 8,983.2 Mn | |
| Driveline Additives Market Forecast (2029) | US$ 12,260.5 Mn | |
| Value CAGR (2022-2029) | 4.5 | % |
| Collective Value Share: Top 3 Countries (2021) | 31.7 | % |
Employment of stringent emission guidelines around the world and constant requirements for hardware durability are projected to create substantial opportunities for key market players.
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“ Several driveline additive companies are expanding their footprint in APEJ to benefit from low-cost structures and rising local demand in the automotive industry.”
Key Takeaways of Driveline Additives Market Study
- The transmission fluid additives segment is witnessing high growth in the global driveline additives market. The rising focus of OEMs on fuel efficiency, along with the growing adoption of innovative technologies such as dual-clutch technology (DCT), is poised to drive demand for transmission fluid additives over the forecast period.
- APEJ is estimated to be the largest market for driveline additives by the end of 2029. The growth of the APEJ market is mainly attributed to rapid industrialisation in the region.
- One of the major and emerging trends in the global driveline additives market is the development of high-efficiency and environmentally sustainable (biodegradable oil/additives) additives at a low cost.
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Driveline Additives Market: Competitive Landscape
The global driveline additives market is estimated to be highly consolidated, with tier-1 players accounting for nearly half of the market share. Some of the key market players included in the report are The Lubrizol Corporation, BASF SE, and Chevron Oronite Company, LLC, among others.
Manufacturers are striving to gain additional market share in the driveline additives market using strategic expansions, collaborations, and product innovation. In addition, key players are currently focused on investing in new manufacturing facilities and expanding their existing ones in emerging markets to strengthen their market position across the globe.
Find More Valuable Insights on Driveline Additives Market
FMI, in its new research report, offers an unbiased analysis of the global driveline additives market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029.
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The study reveals insights into the driveline additives market and covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the driveline additives market value chain.
Readers can also find key trends and market growth scenarios based on end-use industry and regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA.
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