Portland, OR, May 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global driveline additives market generated $7.4 billion in 2021, and is projected to reach $10.7 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in manufacturing of automobiles around the world, surge in number of on-road and off-road motors in operation, growth in adoption of continuously variable transmission (CVT), and the creation of transmissions with high operational temperatures drive the growth of the global driveline additives market. Moreover, growth in demand for longer drain intervals from the OEMs presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of automotive manufacturing plants, thereby affecting the overall growth of the global driveline additives market.
- As a result of the pandemic, many cars were rendered obsolete. In some households, they had been static for months. This led to decrease in the use of driveline additives such as detergents, dispersants &emulsifiers, and anti-wear additives to maintain and safeguard the cars.
- However, the bioenergy market is expected to recover soon as various production facilities have reopened.
The report offers detailed segmentation of the global driveline additives market based on product type, vehicle type, additive type, and region.
Based on vehicle type, the passenger vehicles segment held the highest market share in 2021, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the off-highway vehicles segment is estimated to register the highest CAGR of 4.1% from 2022 to 2031.
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Based on additive type, the dispersants segment held the largest market share in 2021, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the antioxidants segment is projected to register the highest CAGR of 4.8% from 2022 to 2031.
Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 4.0% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading players of the global driveline additives market analyzed in the research include AB Petrochem Pvt. Ltd., Afton Chemical Corporation, BASF SE, BRB International B.V., Chevron Oronite Company, LLC., Evonik Industries AG, International Petroleum & Additives Company, Inc., The Lubrizol Corporation, Vanderbilt Chemicals, LLC., VPS Lubricants.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
