Albany, NY -- (SBWIRE) -- 03/14/2018 -- Driveline additives are designed to optimize automotive performance. In order to achieve optimal lubrication, proper knowledge of both equipment and properties of the base fluids and additives is necessary. Additives added to transmission fluid formulations or gear oils decrease friction and eliminate heat. High-pressure anti-wear additives are used to prevent equipment failure and downtime caused by scuffing, wearing, spalling, pitting, scoring, and other types of distress. Protection against oxidation, thermal degradation, rust, copper corrosion, and foaming is also provided by driveline additive.
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The driveline additives market is driven by the increasing need for extended service drain breaks for axle fluids and transmission fluids, growth in vehicles production, rise in consumer preference toward improving fuel efficiency of vehicles, and increase in on-road and off-road vehicle parc. The global driveline additives market is expected to expand significantly in the near future, owing to the implementation of stringent emission regulations globally and continuous requirement for hardware durability. The automobile industry is driven by the rising demand for automobiles in developing economies such as China and India. This, in turn, is boosting the requirement for finished lubricants, thereby increasing the demand for driveline additives.
The driveline additives market is constantly changing owing to the continuous evolution of the driveline industry. Developments such as increased vehicle production, emissions legislation, and globalization and localization, especially in India, have a significant impact on the industry driveline lubricant needs. However, fluctuating raw material prices and high cost of driveline additives as compared to conventional additives are expected to hinder the market.
The driveline additives market can be segmented based on application, product, additive type, and region. In terms of application, the market can be segmented into off-highway vehicles, commercials vehicles, and passenger vehicles. In terms of product, the market can be divided into gear oil additives, transmission fluid additives, and others. Based on additive type, the market can be classified into viscosity index improvers, dispersants, anti-wear agents, corrosion inhibitors, detergents, friction modifiers, antioxidants, emulsifiers, and others.
In terms of geography, the driveline additives market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of volume, Asia Pacific is likely to dominate the global driveline additives market during the forecast period, owing to the presence of developing economics such as China, India, and Indonesia in the region. Moreover, rapid growth of the automobile industry in countries, such as India, China, Iran, Indonesia, Vietnam, and Philippines is anticipated to augment the growth of the market during the forecast period. In terms of consumption, Asia Pacific led the global driveline additives market in 2016, followed by North America and Europe. Furthermore, the market in Asia Pacific is projected to expand at a significant pace.
China is dominating the market in the region, owing to the vast growth in its economy, increase in population, rise in industrialization and expansion of the automotive industry. Implementation of stringent government norms concerning volatile organic content (VOC) emissions from automobiles in countries such as China and India is anticipated to further boost the driveline additives market in Asia Pacific. The market in Europe and North America is expected to expand at a high pace during the forecast period, while the market in Middle East & Africa and Latin America is likely to expand at a moderate pace during the forecast period.
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Key players operating in the global driveline additives market include Afton Chemical Corp., Evonik Industries, Dow Chemical, BASF SE, International Petroleum and Additives Company Inc., The Lubrizol Corporation, Chevron Oronite Company, Petroleum Chemicals, LLC, AB Petrochem Pvt. Ltd., Infineum International Ltd., Lubrilic, VPS Lubricants, Vanderbilt Chemicals, LLC., and BRB International B.V.