Lubricating Oil Additives Market Size, Share, Growth Analysis, By End-User(Automotive, and Industrial), By Application(Engine Oil, Passenger vehicle motor oil, Industrial oils, and Gear Oil), By Type(Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents), By Region - Industry Forecast 2024-2031

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.