New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Lubricating Oil Additives Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lubricating Oil Additives Market Information by End-User, Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 3.87% CAGR to reach USD 21.80 Billion by 2030.
Market Scope:
Lubricating oil additives are chemical substances that are added to lubricating oil to confer new properties or enhance the base oil's already-existing properties. Some additions also help to inhibit the undesirable properties of the basic oil. In order to make sure that the engine, gearbox, and other components run safely and effectively, these additives are mostly employed in the automotive industry. Additionally, this chemical is used to increase the lifespan of compressors and refrigeration systems. Pour-point depressants and viscosity index improvers work to lessen the undesirable characteristics of base oils whereas anti-foaming agents, corrosion inhibitors, and antioxidants are additions that enhance the lubricating oil's current properties. The base oils also have additional properties thanks to detergents, extreme-pressure additives, and emulsifiers.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 21.80 Billion |
| CAGR | 3.87% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By End-User, Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing demand for additives in the automotive industry is expected to propel market |
| These additives improve the qualities of lubricants, allowing the engine to run more efficiently and economically |
Competitive Dynamics:
- Lubrizol Corporation (US)
- BASF SE (Germany)
- Infineum International Limited (UK)
- Tianhe Chemicals (China)
- Chevron Oronite Company LLC (US)
- Afton Chemical (US)
- Evonik Industries AG (Germany)
- Croda International PLC (UK)
- BRB International BV (Netherlands)
- Lanxess (Germany)
- Krystal Lubetech Private Limited (India)
Market USP:
Market Drivers
The market for lubricating oil additives is primarily driven by factors including rising demand from the automotive and industrial sectors. While the primary barriers for lubricating oil additives include the push toward alternative fuels, increasing competition from an unstructured and fragmented industry, and a decline in the use of metal parts by automakers. One significant opportunity is the rising need for renewable energy.
The automotive industry's rising need for additives is anticipated to drive market expansion throughout the anticipated time frame. These additives enhance the lubricant's properties, enabling the engine to operate more effectively and affordably. These compounds also serve as antioxidants to lengthen the lifespan of the hardware, prevent corrosion, and improve viscosity index.
This will probably lead to a rise in product demand in the upcoming years. As a detergent, lubricating oil additives can be used to keep dirt out of oil compositions. The wide range of applications for these additives are anticipated to fuel market growth over the course of the projected period.
Market Limitations
While the primary barriers for lubricating oil additives include the push toward alternative fuels, increasing competition from an unstructured and fragmented industry, and a decline in the use of metal parts by automakers. Major producers of lubricant oil additive agents are fighting against fierce competition from unorganized businesses who offer cheap, inferior goods. Local and grey market players are examples of unorganized market participants; local players offer goods produced in-house under their own local brand names, while grey market players import and sell goods through unlicensed dealers.
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COVID-19 Analysis:
Nearly all areas of society have been impacted by the global epidemic. The market for lubricating oil additives has experienced negative growth as a result of the global supply chain's interruptions and the drop in oil prices. The decline in demand from the automotive industry is what led to this issue.
South Asian nations that make up APAC, including India, Bangladesh, Sri Lanka, and Central Asian nations, had a decrease in vehicle traffic. This decreased the region's need for fuels and lubricating oil additives. China, which currently dominates the APAC market for lubricating oil additives, originally suffered greatly from the pandemic.
Market Segmentation:
By End-User
Over the course of the review period, the automobile industry gained the majority of market share.
By type of Additive
Over the review period, the antioxidants category is anticipated to experience significant expansion. As mineral oils react with airborne oxygen to produce organic acid, antioxidants assist prevent the oxidation of oils. Some oxidation byproducts, including peroxide, alcohols, acids, esters, aldehydes, and ketones, make oil more viscous, produce varnish and sludge, and damage oxidation-prone metallic components. Anti-oxidants are thus additives that aid in boosting base oil's oxidative resistance and enable lubricants to function properly at greater temperatures.
By Application
Over the course of the study period, the engine oil segment is projected to grow significantly. Engine oil additives are made to guard against mechanical wear and corrosion in a variety of engine types, including stationary natural gas engines, heavy-duty diesel engines, marine diesel engines, motorcycle engines, recreational vehicle engines, and heavy-duty diesel engines. By increasing fuel efficiency, it contributes to improve the performance of the vehicle. At various temperatures, it also provides great lubrication and lessens environmental effect. During the projection period, there will likely be an increase in the amount of additives added to engine oil to comply with strict environmental standards.
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Geographic Analysis:
In 2017, the biggest market share for lubricating oil additives was held by Asia-Pacific. The rising demand for the product in the automotive industry, particularly in developing nations like China, India, Japan, Indonesia, and South Korea, should be credited for this. Additionally, the market for lubricating oil additives is anticipated to develop over the course of the forecast period due to the expansion of the industrial sector and the need to improve machine efficiency.
The other important markets for lubricating oil additives are North America and Europe. Given that North America is the second-largest producer of automobiles, there will likely be a rise in demand for lubricating oil additives in the years to come. The market for the product is expected to increase in Europe because to the growing need to reduce gas emissions and improve fuel economy, as well as technological developments in the automotive industry. Germany, the UK, France, and Italy are the principal contributors to market expansion in this region. Finally, due to technological developments and the rising demand for automobiles in these countries, it is anticipated that the markets in the Middle East and Africa and Latin America would experience considerable growth over the projection period.
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