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.

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).

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. '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.'

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.

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.

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.