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).

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.