USD 18.62 billion
Report ID:
SQMIG35A2880 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
96
|Figures:
70
Global Lubricating Oil Additives Market size was valued at USD 18.62 billion in 2022 and is poised to grow from USD 19.05 billion in 2023 to USD 22.33 billion by 2031, growing at a CAGR of 2.3% in the forecast period (2024-2031).
The industry is characterized by extensive use of additives in the base oil blend for long service life and efficiency. These additives increase the density of the oil, act as antioxidants and corrosion inhibitors in combustion engines, reduce oil waste Blenders have made great strides in lubricating oils and environmental regulations and consumer expectations in with increased regulatory pressure for vehicle fuel efficiency and reduction of greenhouse gas emissions and compliance. Major investments in R&D have been made although they have done good things.
The growing sales of commercial and passenger vehicles increase the use of lubricating oils to improve the efficiency of working fluids, thus boosting the industry. Expansion potential of large automotive manufacturers that Hyundai, Toyota, VW Group, Tata Motors and GM do it up. This leads to the use of lubricating oils in high revolutions per minute (RPM) engines to improve efficiency, and boosts market growth provided by improved bearing technology and gear systems as the demand for lubricating oil increases. Moreover, the increasing demand for bio-lubricants due to their environmental friendliness is fueling the growth of the lubricating oil industry.
Global Market Size
USD 18.62 billion
Largest Segment
Industrial oils
Fastest Growth
Growth Rate
2.3% CAGR
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Based on End-User, the market segmentation includes Automotive and Industrial. Based on Application, the market segmentation includes Engine Oil, Passenger vehicle motor oil, Industrial oils and Gear Oil. The market segmentation, based on Type, includes Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers, and Others. By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
Analysis by Type
Dispersants and viscosity improvers together account for more than 40% of the global volume by 2022. Dispersants are widely used to prevent the formation of moisture or varnish or other substances on the surfaces of materials. Users of three-fourths of diesel and gasoline engine oils were used under engine control.
Viscosity index improvers are polymeric in nature and are added to lubricating oils to reduce the amount of viscosity change that occurs at low and high temperatures. These additives are one of the main ingredients in engine oil production.
Analysis by Application
Passenger vehicle motor oil was the dominant segment accounting for more than 30% of the global volume by 2022, and is expected to maintain its dominance within the forecast period Euro standards, monitoring nitrogen oxides, carbon monoxide, soot and hydrocarbon content Consumer preferences for operationally efficient and low fuel consumption Drives demand for passenger car motor oils leading to changes in consumption patterns
Industrial oils accounted for more than 35% of the global volume in industrial lubricants by 2022 and are expected to be the fastest growing segment in the future Industry shift to cost-effective Asian markets is not interesting due to due to decreased costs competition of operators in this sector. Moreover, these manufacturers are improving and modernizing their production processes to be globally competitive. This is anticipated to impact the market growth in terms of the quantity and quality of lubricants used.
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Asia-Pacific is the dominant region in 2022 with over 34.0% revenue share. Fuel efficiency standards in China, India and Japan, as well as growing environmental concerns about carbon emissions, are expected to increase Coupled with technology, economic of growth in the region will lead to more manufacturing and transportation. Asia-Pacific is predicted to witness the fastest growth. Owing to the increasing demand of the automotive industry, China, Japan and India are the key countries contributing to the market growth of this industry. ASEAN is an attractive market to invest in due to the region’s economic diversity, growing sectors, rising household incomes, and perhaps most importantly, the region’s latent potential to become the world’s top economy one future so Potentially lucrative niche opportunities are emerging for companies that operate there.
The lubricating oil additives market in North America is expected to generate significant revenue during the forecast period. North America sees increasing market share owing to increased emphasis on energy efficiency and emission reduction in the region leading to higher efficiency of lubricants used in industrial machinery and vehicles. Moreover, the industry has experienced steady expansion and is expected to continue in the coming years. North America consumes less environmentally friendly products due to stringent environmental protection regulations. Important giants, such as ExxonMobil Corp., Royal Dutch Shell, and Chevron Corp., dominate the U.S. market. intense competition has characterized the market as all major industry players focus on growing their customer base to gain a competitive advantage over other companies in the ecosystem.
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Drivers
Increasing Demand for High-performance Engines in Automotive Industry
The Rise of Smart Cities to Enhance the Market Growth of Lubricating Oils
Restraints
Increasing Trend towards Use of Alternative Fuels
Increasing Adoption of Electric Vehicles to Stem Market Growth
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The competitive environment of the global Lubricating Oil Additives market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The global lubricating oil additives market is driven by tremendous growth in the automotive industry, rising demand for high-tech lubricants, significant social trends, rapid technological advancements, and consumers. Furthermore, the tremendous growth in fuel-efficient lubricants is the major factor driving the global lubricating oil additives market share due to the significant growth in demand for and growth of low-energy lubricants fastest in the automotive industry, so it is also referred to as Yati. Industrial lubricants find applications in various industries and applications.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 18.62 billion |
Market size value in 2031 | USD 22.33 billion |
Growth Rate | 2.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Lubricating Oil 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 Lubricating Oil 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lubricating Oil Additives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lubricating Oil Additives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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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Report ID: SQMIG35A2880