- Increasing antioxidant lubricant demand to reduce probability of damage to vehicles is propelling overall lubricant additives market
- Asia Pacific emerged as most attractive market because of stringent emission standards, imposed in countries such as China and Japan
WILMINGTON, Del., Jan. 19, 2023 /PRNewswire/ -- Increasing product demand from automotive industry is triggering growth of lubricant additives market. Traditionally, oil and grease have been deployed for lubrication activities, but, in the last few years, owing to changing climatic conditions, oil and grease have been replaced by lubricant additives.
Use of lubricants containing lubricant additives has proven beneficial in automobiles in offering protection to engine surfaces, preventing effects of engine deposits, and improving fuel efficiency.
Growth strategies such as new product launches could help create revenue-generating opportunities for prominent market players and assist the players in gaining a competitive edge over other players.
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Well-established players in global lubricant additives market are making huge investments in research and development undertakings in a bid to produce improved products which could meet the requirements of large number of consumers across end-use industries.
Key Findings of Lubricant Additives Market Study
- Strict Emission Standards Imposed by Governments Stimulating Growth in Global Lubricant Additives Market: Governments worldwide are imposing stringent emission standards in a bid to lower the release of carbon and other hazardous gases from vehicles. Lubricants containing lubricant oil, when added to automobiles, assist in decreasing friction between surfaces that come in contact with one another in the vehicle
- Rising Demand for Antioxidant Lubricant Additives Triggering Growth in Global Lubricant Additives Market: Antioxidant lubricant additives, among all lubricant additive products, are witnessing massive demand. Increasing probability of damage to engines and turbines in automobiles owing to oxidation in lubricants is a key factor driving the antioxidants demand. This, in turn, is boosting the growth in overall lubricant additives market
Lubricant Additives Market: Key Drivers
· Rising need to help achieve improved automobile performance is a key growth driver for global lubricant additives market
- Increasing product compatibility with automotive engines is catalyzing product demand, thereby propelling the lubricant additives market
- Growing demand for passenger car motor oil due to product features such as low viscosity and improved operational efficiency is augmenting the growth in lubricant additives market
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Lubricant Additives Market: Regional Assessment
- Globally, Asia Pacific emerged as dominant region in lubricant additives market, in 2018, because of factors such as strict emission regulations, growing demand for passenger cars, and increasing disposable income in countries such as China and Japan
- North America is expected to account for a large share in global market in future because of increasing demand for high-quality lubricants and presence of numerous lubricant additives market players in countries such as the U.S. and Canada
Lubricant Additives Market: Key Players
Competition in global market is intense because of prominent presence of well-established market players. Many of these players have accounted for a large market share for several years.
Emergence of new players could further intensify competition in global market, in years to come.
Some of the prominent players in overall market include Chevron Oronite Company LLC, BASF SE, Croda International PLC, Lubrizol, and Dover Chemical Corporation.
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The global lubricant additives market is segmented as follows:
By Product
- VI Improvers
- PPD (Pour Point Depressants)
- Detergents
- Dispersants
- Antioxidants
- Other Additives
By Region
- North America
- Europe
- Asia Pacific
- Middle East
- Rest of the world (RoW)
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