NEWARK, Del, June 29, 2023 (GLOBE NEWSWIRE) -- The global lubricant additives market size is anticipated to attain a valuation of US$ 13.46 billion in 2023 and is expected to reach US$ 21.7 billion by 2033, trailing a CAGR of 4.8% during the forecast period.
Lubricant additive offers environmental benefits and is gaining attention from major players due to increasing environmental concerns. The evolving engine oil specifications, such as GF-6, are driving the demand for innovative lubricant formulations and additives. Automotive manufacturers and lubricant formulators are compelled to develop engine oils that meet these specifications, leading to a healthy growth in the demand for engine oil lubricant additives in the future.
The performance and efficiency of modern engines rely heavily on an effective lubrication system. Lubrication plays a crucial role in cooling the internal engine parts that experience friction and generate heat, preventing overheating. As engine technology evolves, such as with Gasoline Direct Injection and Turbocharge Gasoline Direct Injection in passenger cars, lubricant standards have also advanced.
Stay Ahead of Engine Technology: Upgrade to Advanced Lubricant Standards– Request your sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-10895
The implementation of the ILSAC GF-6 standard in North America in 2020 has improved fuel economy, protection for emission systems, and engine oil robustness. This implementation is expected to drive the demand for lower viscosity index improver lubricants, which effectively reduce engine friction and are used in all types of vehicles.
To enhance vehicle efficiency and facilitate the transition to low-carbon vehicles, nations worldwide have introduced initiatives that encompass various automobile sectors including light-duty vehicles, heavy-duty vehicles, buses, motorcycles, and trucks. One notable example is the Global Fuel Economy Initiative launched by the United Nations in 2019 across 70 countries, with the goal of improving vehicle fuel economy and expediting the decarbonization of road transport by 2030. Consequently, there will be an increased demand for efficient lubricants such as bio-based and nanotube-based lubricants that can be utilized in new vehicles to achieve reduced engine friction and improved fuel economy.
Key Takeaways:
- The market in China is expected to grow with a CAGR of 5.4% during the forecast period.
- The demand for lubricant additives in the United States is expected to grow with a significant CAGR of 4.9% during the forecast period.
- By function type, the viscosity index improvers segment is expected to grow with a CAGR of 5.8% during the forecast period.
- By end-use industry, the automotive and transportation segment is expected to grow at a significant CAGR of 6.2% during the projected period.
“The evolving engine oil specifications and initiatives to facilitate low carbon vehicles is expected to drive market growth,” - comments an Analyst at FMI.
Are you looking for deep information related to the latest trends, drivers, and challenges? Speak to Our Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-10895
Competitive Landscape:
The market for lubricant additives is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Afton Chemical Corporation, BASF SE, BRB International, Chevron Chemicals, Evonik, Lubrizol, Infineum International, Croda International PLC, and Dover Chemical Corporation.
Some recent developments are:
- In May 2022, BASF SE expanded its lubricant additives market by launching a new product and doubling its production capacity for Irganox.
- 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. This expansion will increase the joint venture's capacity to 60,000 metric tons by the fourth quarter of 2024.
- In June 2021, Infineum expanded its single oil category II solutions for MAN B&W two-stroke engines.
- In February 2021, Dover Chemical Corporation launched DOVERLUBE 31700, a patented polymeric ester additive designed to enhance lubricity in the metalworking sector.
Key Segments Profiled:
By Function Type:
- Dispersants
- Viscosity Index Improvers
- Detergents
- Antioxidants
- Anti-wear Additives
- Friction Modifiers
- Other Functions
By Lubricant Type:
- Automotive
- Metal Working Fluids
- Industrial Engine Oil
- General Industrial Oil
- Grease
By End Use Industry:
- Automotive & Transportation
- Food Processing
- Metal Working
- Power Generation
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
Didn't find the data you are looking for? Our experts provide you with customized reports: https://www.futuremarketinsights.com/customization-available/rep-gb-10895
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global lubricant additives market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the lubricant additives market, the market is segmented on the basis of function type, lubricant type, end-use industry and region.
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function Type
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Lubricant Type
Have a Look at the Related Reports of Chemicals & Materials Domain:
Coating Additives Market Share: The global coating additives market was valued at around US$ 10,613.3 Million in 2021 and is anticipated to reach US$ 17,724.8 Million by 2032.
Lubricants Market Size: The global lubricants market is expected to reach a market valuation of US$ 160.2 Billion by the year 2022, accelerating with a CAGR of 4.5% by 2022 to 2032.
Marine Fuel Additives Market Trends: The most significant factor that is expected to be a demand driver for marine fuel additives is their capability to bring fuel efficiency in the ships.
Specialty Fuel Additives Market Outlook: Though the automotive industry has witnessed its ups and downs, various characteristics regarding manufacturers’ techniques as well as buyers’ demands have drastically changed over the past few years.
Asia Pacific Plastic Additives Market Demand: According to FMI, the Asia Pacific Plastic Additives market is estimated to be valued at US$ 21.6 Billion in 2022 and is projected to increase at a CAGR of 4.9 % in the forecast period from 2022 to 2032.
Antimicrobial Additives Market Growth: Over the assessment period from 2023 to 2033, global antimicrobial additive sales are projected to soar at a CAGR of 8.0%, culminating in a market size of US$ 20,809.5 million by the end of 2033.
USA Lubricant Contaminated HDPE Container Waste Market Type: The global USA lubricant-contaminated HDPE container waste market is currently valued at US$ 150.77 Billion and is expected to grow at a CAGR of 4% during the forecast period.
Lubricant Additives Market Analysis Forecast: The global lubricant additives market is expected to attain a valuation of US$ 13.46 billion in 2023 and is projected to reach US$ 21.7 billion by 2033, expanding at a CAGR of 4.8% during the forecast period.
Asia Pacific Plastic Additives Market Sale: The growing demand from various end-use industries such as pharmaceutical, cosmetics, food and beverages, and industrial manufacturing.
Oilfield Chemicals Market Value: Increasing applications across diverse oilfield operations such as production, drilling, well stimulation, enhanced oil recovery, cementing, and hydraulic fracturing is propelling the demand for oilfield chemicals in the market.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
Contact Us:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn | Twitter | Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
