USD 21.76 billion
Lubricant Additives Market Size, Share, Growth Analysis, By Product (Dispersants, Viscosity Index Improvers), By Application (Automotive Lubricants, Industrial Lubricants), By Region -Industry Forecast 2024-2031.
Report ID:
SQMIG15A2313 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
66
|Figures:
75
Lubricant Additives Market Insights
Global Lubricant Additives Market size was valued at USD 16.50 billion in 2022 and is poised to grow from USD 17.21 billion in 2023 to USD 24.10 billion by 2031, growing at a CAGR of 4.30% during the forecast period (2024-2031).
Lubricant additives refer to chemical components which are used to improve the performance of the lubricants and provide one or more functions in the fluid. Lubricant additives are generally added to base oils to make complete lubricants. Generally additives are multifunctional and provide variety of functions such as boundary lubricity, inhibiting corrosion, emulsification and anti-misting properties to name a few.
Increasing demand from automobile sector across the world is one of the major contributor to the growth of lubricant additives market. The government initiatives to decrease prices of biomass derived fuels and the use of additives in blending of base oil to increase the service life and performance of the lubricants are major market growth drivers. Strict environmental regulations regarding emissions and industrial growth in Middle East and Africa region are also driving the growth of the market. With the growing popularity of high performance lubricant in Asia Pacific region there is an opportunity for the market growth in the near future. On the other hand increasing oil change period in automobiles and machinery, fluctuating crude oil prices are some of the factors with may be detrimental to the market growth.
US Lubricant Additives Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automotive lubricant additives
Fastest Growth
Automotive lubricant additives
Growth Rate
3.7% CAGR
Global Lubricant Additives Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Lubricant Additives Market Segmental Analysis
Global Lubricant Additives Market is segmented into Product, Application, and region. By Product, the market is classified into Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Additives, Antioxidants, Friction Modifiers, Others. Depending on the Application, it is categorized into Automotive Lubricants, and Industrial Lubricants. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Lubricant Additives Market Analysis by Application
The automotive segment dominated the global market in 2021. However, the industrial segment is showing a rapid growth and is expected to grow substantially during the forecast period. Previously passenger car oil segment in automotive segment was dominating and it is expected to maintain its position during the forecast period. Different factors like EURO norms, regulating the amount of nitrogen oxide, soot, carbon monoxide and hydrocarbons are the drivers for passenger car oil market.
In the industrial lubricants segment, general industrial oil accounted for more than 35% of global volume in 2014 and is expected to be the fastest-growing segment in the future. Manufacturing facility relocation to low-cost Asian markets is no longer appealing due to the region's manufacturers' declining cost competitiveness.
In addition, these manufacturers are improving and modernizing their manufacturing processes in order to compete globally. This is expected to have an impact on market dynamics in terms of the volume and quality of lubricants consumed.
Lubricant Additives Market Analysis by Type
On the basis of type, the dispersant segment is expected to attain the highest market share during the forecast period. In automotive as well as the industrial segment dispersant is one of the important additives used in making of additive packages i.e. lubricant mixed with additives. It inhibits sludge formation by suspending the insoluble contaminants in the oil. Their main function is to keep the soot particles in the diesel engine finely dispersed and suspended in the oil so that it will minimize the damage and can be carried out during oil change. Dispersants are generally found in engine oil to help keep engine clean and 3 quarter of their usage is accounted for by diesel and gasoline engines approximately.
Global Lubricant Additives Market By Application
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Lubricant Additives Market Regional Insights
In 2021, Asia Pacific dominated the lubricant additives market in terms of revenue and is expected to dominate the position during the forecast period. The development of fuel efficiency standards, combined with growing environmental concerns about carbon emissions in China, India, and Japan, are expected to drive growth. Economic growth in the region, combined with industrialization, has resulted in increased vehicle production and ownership.
In the Asia-Pacific region China, India and Japan are the important markets for lubricant additives. In India with the growing investment in the manufacturing sectors, the demand for lubricating oil additives has increased.
The permissible emission limits in Europe and North America are extremely low, owing to strict emission standards. These regions' high disposable incomes enable OEMs to provide better technology for vehicle engines. In these regions, high-quality lubricants are preferred. These lubricants are engine compatible, resulting in lower emissions and better fuel economy. Emission standards in Middle Eastern countries like the UAE have also improved over time.
Global Lubricant Additives Market By Region
- Largest
- Fastest
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Lubricant Additives Market Dynamics
Lubricant Additives Market Driver
- The food processing sector is expanding due to rising demand for processed foods and ready-to-eat meals. The beverage industry is seeing an increase in the consumption of healthy, natural, and convenient ready-to-drink smoothies, juices, and yogurts.
Food-grade lubricants, such as gear oils, chain oils, compressor oils, hydraulic oils, and corrosion preventive oils, are used in a variety of system elements across manufacturing and processing lines. In food processing, lubricant additives such as antioxidants, anti-wear additives, thickeners, tackifiers, and so on are used. Food-grade lubricants are an important component in food processing and handling for both food safety and machinery health. Furthermore, key players in the food lubricant additives market are investing heavily in research, development, and innovation activities to launch customized lubricant additives for better performance and to improve sales
Lubricant Additives Market Restraint
- Fluctuating price of the raw materials used in the manufacturing of lubricant additives can be a restraining factor for market growth. Dispersant, frictions modifiers, viscosity index improvers, emulsifiers, anti-wear agents, corrosion inhibitor and others additives formulation require different chemical compounds whose prices varies from supplier to suppliers.
- In development of lubricant additives package a huge amount of R&D is required. OEM engine blueprints and technical lubricant requirements are the basis for manufacturing these additives packages. Thus lengthy R&D process can be a limiting factor for market growth.
- Another factor restraining the market growth would be the rising competition from unorganized and fragmented market. Unorganized players who supply cheap and sub-standard product are giving a tough competition to major lubricant oil additives manufacturers. They sell locally manufactured goods with their own brand name or sell goods procured from unauthorized dealers.
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Lubricant Additives Market Competitive Landscape
Global lubricant additives market is partially consolidated. There are four to five top players whose moderate share account for the market demand. Major players operating in the market of lubricant additives market include Evonik Industries AG, The Lubrizol Corporation, Afton Chemical Corporation, BASF SE, Lanxess AG, Tianhe Chemicals Group, Dover Chemical Corporation, JINZHOU KANGTAI LUBRICANT ADDITIVES CO. LTD., Wuxi South Petroleum Additives Co. Ltd., and Chemtura Corporation, Infineum International Limited, among others. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market.
Lubricant Additives Market Top Players in the Lubricant Additives Market
- Afton Chemical Corp.
- BASF SE
- Chevron Oronite Company LLC
- Daelim Co. Ltd.
- Deutsche Oelfabrik Gesellschaft Fur Chemische Erzeugnisse M.B.H. & Co. Kg
- Dorf-Ketal Chemicals India Pvt. Ltd.
- Dover Chemical Corp.
- The Elco Corp. (Italmatch Chemicals S.p.A.)
- Eni S.p.A.
- Evonik Industries AG
- Infinium International Ltd.
- Jinzhou Kangtai Lubricant Additives Co. Ltd.
- King Industries, Inc.
- LANXESS AG
- Lehmann & Voss & Co. KG.
- Metall-Chemie GmbH & Co. KG
- Xinxiang Richful Lube Additive Co. Ltd.
- RT Vanderbilt Holding Company, Inc.
Lubricant Additives Market Recent Developments
- In September 2022, Pixelligent Technologies received $1.9M grant from the U.S. Department Energy’s Advanced Manufacturing office which will help in commercialization of Pixelligent’s PixClear nano particles for next generation lubricants which are engineered to withstand intense operating conditions in harsh environment.
- In February 2021 Dover Chemical Corporation introduced a lubricity-improving polymeric ester additive for the metalworking industry. For use as a metalworking fluid and lubricant, DOVERLUBE 31700 is a patented polymeric ester that is oil-soluble and non-staining.
Lubricant Additives Key Market Trends
- Viscosity improvers is the ongoing trend, which is expected to boost market growth. Viscosity index is defined as the change in viscosity of a fluid with respect to temperature. Higher the viscosity index of the fluid, lesser is the relative change in the viscosity of the fluid.
- Viscosity improvers are mostly used in different grades of engine oils, gear oils, automatic transmission oils and others. As automobile are highly prone to rapid temperature change, these oils are useful in automobiles.
Lubricant Additives Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global lubricant additives market analysis, in terms of type, the segment of dispersant held the larger market share. This is attributed to its usage in automotive as well as industrial sector. In terms of application, the automotive lubricant additive segment held the larger share of the global lubricant additives market. Engine oil is the largest application for lubricant additives oil market. Asia Pacific held the largest market share and also the fastest growing region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.50 billion |
| Market size value in 2031 | USD 24.10 billion |
| Growth Rate | 4.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lubricant Additives Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lubricant Additives Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lubricant Additives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lubricant Additives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lubricant Additives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lubricant Additives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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