Lubricant Additives Market Statistics-
Global Lubricant Additives Market Size Outlook to 2028
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Lubricant Additives Market Analysis, 2022-
Lubricant additives are organic or inorganic compounds mixed with lubricants and functional fluids for improving their performance including enhancement of existing base oil properties, suppressing undesirable base oil properties, and Imparting new properties to base oils. In addition, base stocks result in efficient-operation and prolonged engine life.
A combination of a few additives is being observed, which imparts more than one functionality to the end-use vertical. For instance, new additives have been developed which maintain functionality and engine protection while reducing the amount of conventional Metallo-organic active additive components.
It is a research and development-intensive industry, with leading companies continuously focusing on improving the performance of lubricant additive types. Pour point depressants (PPDs), viscosity modifiers (VMs), dispersants, detergents, anti-wear, extreme pressure, and antioxidant and corrosion inhibitors are the examples of additives generally used worldwide.
Among types, Automotive Lubricant Additives are the dominant market type with 71.2% market share during 2019. Further, among applications, Dispersants dominate the market while Viscosity Index Improvers are the fastest-growing types.
Among geographies, Asia Pacific is the largest market worldwide, driven primarily by China, India, Japan, and other Asian markets. The market growth in Europe and North America is anticipated to remain low over the forecast period.
The current COVID-19 has resulted in a significant reduction in market size and companies are struggling to market their inventory and achieve economies of scale. However, the market is poised to return to 2019 levels by 2021/2022, presenting growth opportunities in emerging markets.
Global Lubricant Additives Market Outlook by Type, US$ Billion, 2020- 2028
Lubricant Additives Market Drivers- Strong Demand from Automotive Industry
Globalization in the automotive and transportation industry resulted in increased adoption of engineered plastics, which is strengthening the demand for both mono-grade and multi-grade additives. The transportation sector, in particular, the automotive industry is the main consumer of lubricant additives worldwide.
To improve the functionality of the vehicle’s interior properties including improving fuel efficiency, reducing carbon emissions, friction reduction, corrosion inhibition, anti-wear, anti-oxidant, viscosity index improvement, and other functions, automakers often use lubricant additives in engines, steam turbines, gears, hydraulic systems, and others.
Corporate Average Fuel Economy (CAFE) regulations in North America and drive towards fuel efficiency across markets will support the use of plastics, which drives lubricant additives market growth.
The global passenger car and commercial vehicle sales, however, have witnessed a huge demand decline in 2020 due to the impact of Coronavirus. An estimated 15% decline in passenger cars and an 18% decline in commercial vehicles are forecast in the best-case scenario. The reference-case and worst-case scenarios can involve a further decline of 3% and 7% respectively.
The recovery is also poised to be slow with sales at 2019 levels not anticipated before 2022. However, the long-term outlook remains robust with 78.3 million car sales and 29.4 commercial vehicle sales anticipated by 2025.
Lubricant Additives Market Trends- Rise of Biodegradable Lubricant Additives
Mineral oil-based lubricants and additives pose challenges of high friction, emission of carbon dioxide and other residues, and have poor degradability. With countries across the world focusing on reducing carbon emissions, an increasing volume of companies are focusing on the development of environment-friendly, bio-degradable lubricants and additives. Vegetable oil, synthetic-based oils with applications including chain saw oils, hydraulic fluids, outboard motor oils, sawmill oils, and transformer fluids.
However, challenges corresponding to cold-temperature use and storage restrict the wide use of these additives. Accordingly, companies are investing significantly in overcoming the challenges of these additives to market them at commercial scales.
Lubricant Additives Companies Profiled in the report-
Lubricant Additives Market Report Segmentation-
Lubricant Additive Type
Lubricant Additives Application
Lubricant Additives Regions
Table of Contents 3
List of Figures 5
List of Tables 6
INTRODUCTION TO LUBRICANT ADDITIVES MARKETS, 2022 7
Snapshot 7
Market Overview 7
LUBRICANT ADDITIVES INDUSTRY INSIGHTS 9
Factors Driving Market Growth 9
Strong Demand from Automotive Industry 9
Rapid Industrialization Rate in Emerging Markets 10
Growing Awareness towards Energy Efficiency 11
Lubricant Additives Market Challenges 12
Growth in Electric Vehicle Sales, specifically in Europe and North America 12
High costs and complexity in development of new Additives 12
Lubricant Additive Market Trends 13
End Use Market Demand- Lubricants Market Outlook 13
Shift from mono grade to multi grade lubricant additives 14
Rise of Biodegradable Lubricant Additives 14
Lubricant Additives under HS Code 3811 Import-Export Shipment Data 15
EXECUTIVE SUMMARY 16
Global Market Value is Forecast to Reach $21.3 Billion by 2028 16
Automotive Lubricant Additives is the largest type for Lubricant Additives 17
Viscosity Index Improvers are the fastest growing applications of Lubricant Additives 18
Asia Pacific is the largest market for Lubricant Additives 19
LUBRICANT ADDITIVES MARKET SIZE AND OUTLOOK BY TYPE 20
Premium Insights 20
Lubricant Additives Types- Automotive Lubricant Additives 22
Lubricant Additives Applications- Metalworking fluids 25
Lubricant Additives Applications- Industrial Engine Oil 27
Lubricant Additives Applications- Others 28
LUBRICANT ADDITIVES MARKET SIZE AND OUTLOOK BY APPLICATION 29
Premium Insights 29
Lubricant Additives Applications - Dispersants 31
Lubricant Additives Applications - Viscosity Index Improvers 32
Lubricant Additives Applications - Detergents 33
Lubricant Additives Applications - Corrosion Inhibitors 34
Lubricant Additives Applications - Friction Modifiers 35
Lubricant Additives Applications - Others 36
LUBRICANT ADDITIVES MARKET SIZE AND OUTLOOK BY REGION 37
Premium Insights
North America Lubricant Additives Market Size Outlook to 2028
Europe Lubricant Additives Market Size Outlook to 2028
Asia Pacific Lubricant Additives Market Size Outlook to 2028
Middle East Africa Lubricant Additives Market Size Outlook to 2028
Latin America Lubricant Additives Market Size Outlook to 2028
LUBRICANT ADDITIVES COMPANY PROFILES 77
Afton Chemical Corporation
Evonik Industries AG
The DOW Chemical Company
Chevron Corporation
APPENDIX 125
About VPA Research 125
Sources and Research Methodology 126
List of Figures
Figure 1: Global Lubricant Additives Market Size Outlook, $ Billion, 2019- 2028 8
Figure 2: Global Passenger Cars and Commercial Vehicles Sales, Million Units, 2005- 2025 10
Figure 3: Global Lubricants Demand, Million Tons, 2012- 2021 13
Figure 4: Global Lubricants Demand by Region, 2021 14
Figure 5: Global Lubricant Additives Market Size Outlook, $ Billion, 2019- 2028 16
Figure 6: Global Lubricant Additives Market Outlook by Type, $ Billion, 2020- 2028 17
Figure 7: Global Lubricant Additives Market Outlook by Application, $ Billion, 2020- 2028 18
Figure 8: Global Lubricant Additives Market Outlook by Region, $ Billion, 2020- 2028 19
Figure 9: Automotive Lubricant Additives Market Outlook, $ Billion, 2020- 2028 22
Figure 10: Metalworking Fluids Additives Market Outlook, $ Billion, 2020- 2028 25
Figure 11: Industrial Engine Oil Additives Market Outlook, $ Billion, 2020- 2028 27
Figure 12: Other Type Lubricant Oil Additives Market Outlook, $ Billion, 2020- 2028 28
Figure 13: Dispersants- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 31
Figure 14: Viscosity Index Improvers- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 32
Figure 15: Detergents- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 33
Figure 16: Corrosion Inhibitors- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 34
Figure 17: Friction Modifiers- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 35
Figure 18: Others- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 36
Figure 19: North America - Lubricant Additives Market Outlook, $ Billion, 2020- 2028 39
Figure 20: Europe - Lubricant Additives Market Outlook, $ Billion, 2020- 2028 41
Figure 21: Asia Pacific- Lubricant Additives Market Outlook, $ Billion, 2020- 2028 43
Figure 22: Middle East Africa - Lubricant Additives Market Outlook, $ Billion, 2020- 2028 44
Figure 23: Latin America - Lubricant Additives Market Outlook, $ Billion, 2020- 2028 45