Increasing disposable income, technologically advanced products, and rising demand from the automotive and industrial sector are some of the reasons fueling the market growth during the forecast years.
Market Size – USD 15.42 Billion in 2018, Market Growth - CAGR of 2.8%, Market trends – industrialization, and growth in the automotive industry
According to the current analysis of Reports and Data, the global Lubricative Oil Adhesive market was valued at USD 15.42 Billion in 2018 and is expected to reach USD 19.24 Billion by the year 2026, at a CAGR of 3.3%. Lubricating oil additives are chemical compounds that enhance the performance of functional oils and lubricants.
The lubricating oil additives enhance the performance of the lubricants and fluids thus are responsible for providing an efficient and economical performance of machines and appliances. Furthermore, these additives help in preventing corrosion, reducing friction, and extending the durability of the hardware. Moreover, lubricating oil additives are also used as detergents in oil formulations to stabilize dirt. The various functions of these additives are likely to support the market growth during the forecast years. Rapidly increasing transportation, rising demand for engine oil from passenger cars and commercial vehicles, growing automotive and industrial industry, improved regulations regarding fuel emissions and the advantages of additives to reduce emission and increase the efficiency of automobiles and lubricants are the factors driving the growth of lubricant oil additives market. Lubricant performance is enhanced through additive, which is substance synthesized for anti-friction properties and improve the chemical and physical properties of base oils, also increasing the equipment life.
The lubricating-oil additives are fabricated for the betterment of anti-friction, resistance against chemical, and it has physical properties of oils which comprise of mineral, synthetic, vegetable, that shows improved lubrication features and uplifted the machines life.
In lubricant detergent, which is additives are added to neutralize the strong acid present. It also removes the neutralized products form on the surface of the metal. These additives act as friction modifiers between by reducing the coefficient of friction on the surfaces. They act as anti-wear additive as they prevent direct metal to metal contact. They prevent seizure by metal to metal contact. There are antioxidant which inhibits oxidation process in the Oil.
Lubricating oil additives are finding a broader platform as internet penetration among the region population has increased considerably. Through this, the lubricant marketers are trying to optimize their supply chain operation and minimizing the cost. Lubricating oil additives is an industry which has evolved as high emphasis is given to reduce the carbon footprint and Greenhouse gas emission. Asian has been leading the race as it becomes more lucrative by knowing the stability of economic condition and consistent growth in the industrial output. The lubricating oil is lower in this region, and the offerings are more.
Companies like Royal Dutch Shell has decided to open a laboratory considering the rising demand for innovative lubricants which is followed by the upgrade of technology in the industrial and automotive sectors. India is one of the most prominent markets in Asia. It is looked upon as a potential for development or a market entry to the country. This can be understood by fact as Petronas Lubricants International (PLI) launched a $50-million lubricant blending plant at Patalganga, Maharashtra.
The lubricating oil additives market is much fragmented and includes a large number of manufacturing giants, chemical giants as well as emerging players. Additionally, the emerging players have an excellent opportunity to enter the lubricating oil additives market, owing to developments in the market and high demand from end-use industries.
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Further key findings from the report suggest
- Lubricating Oil additives market is anticipated to grow at a CAGR of 3% in the Asia-Pacific followed by North America and Europe, with 2.2% and 2.6% CAGR, respectively. Rapid urbanization and increasing industrialization are the key factors to accelerate market growth during the forecast period across all regions
- As of 2018, Dispersants were valued at USD 5.47 Billion and are expected to dominate the market during the forecast period.
- Manufacturers are focusing on various research & development activities to formulate efficient additive packages as specified by OEMs.
- The growing trend towards lightweight vehicles would be causative of an increase in the market demand during the forecast years.
- Engine oil lubricants occupy more than 50% lubricant oil additives market owing to their increased demand.
- The Middle East and the Africa region are expected to witness lucrative growth as market players prefer these regions due to the increasing industrialization as well as the presence of high-grade lubricants.
- Fluctuations in prices of raw material additives and the increasing demand for electric vehicles is likely to restrict the market growth during the forecast period
- Key participants include Afton Chemical, Chevron Oronite, BASF, Evonik Industries, Croda International
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/lubricating-oil-additives-market
For this report, Reports and Data have segmented the Lubricating Oil Additives market based on functional type, application, sector, end-use, and region:
Functional Type (Revenue in USD Million; Volume in Tons, 2016–2026)
- Anti-wear agents
- Extreme Pressure additives
- Viscosity Index Improvers
Application Type (Revenue in USD Million; Volume in Tons, 2016–2026)
- Engine Oil
- Gear Oil
- Process Oil
- Industrial Oil
- Hydraulics Fluid
- Metal Working Fluid
Sector Type (Revenue in USD Million; Volume in Tons, 2016–2026)
Regional Outlook (Revenue in USD Million; Volume in Tons, 2016–2026)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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The report emphasizes the following key questions:
- What are the most lucrative and promising growth prospects for the market?
- Which sectors are expected to deliver a high growth rate and which industry aspects come into play in this advancement?
- Which geographies are estimated to exhibit the highest growth and the underlying causes?
- Which factors are impacting the future of the market and what are the driving factors?
- What are the hurdles and challenges curtailing the industry’s growth in the forecast period?
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