The automotive market has been in top gear in emerging economies, which is driving ancillary markets including that of lubricant additives, reports Transparency Market Research.
Albany, NY -- (SBWIRE) -- 10/31/2017 -- The leading players in the global lubricant additives market are focusing on product innovation to develop and design improved products, reports Transparency Market Research (TMR) in a new study. The intensely competitive market has a few leading players such as Chevron Oronite Company LLC, Afton Chemical Corporation, The Lubrizol Corporation, and Infineum International Limited. In the short term, companies are focusing on developing products that not only meet consumer needs but also adhere to the changing emission standards.
"New entrants in the market will have to work towards developing technologically advanced products to build brand equity and create a space for themselves," states the chief author of this research report.
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Stringent Emission Norms Play Catalyst in Rising Demand for Lubricant Additives
Stringent regulations that are pushing Europe and North America to reduce emissions to 95 grams (g) of carbon dioxide per kilometer by 2021 have created a huge demand for lubricants, which play a crucial role in maintaining engine efficiency. This trend has thereby propelled a greater demand for lubricant additives, which minimize the wear and tear of machines, act as coolants, reduce the friction, and thus improve the efficiency of vehicles.
Automotive Industry to Accelerate Use of Lubricant Additives to Improve Efficiency of Vehicles
The booming automotive industry will make a significant contribution to the lubricant additives market as manufacturers will work towards meeting the emission standards. With over 30 million vehicle units sold across Asia Pacific in 2013, analysts are predicting that this trend will continue, creating a mammoth demand for lubricant additives. The newer technologies developed by lubricant additive vendors to replace zinc dialkyldithiophosphate (ZDDP) in engine oils will also prove to be an opportunistic ground to grow for this market.
The technological evolution of engine and advancements in lubricant oil chemistry have resulted in tremendous improvements in engine oil drain interval. This factor is expected to reduce the consumption of engine oils in commercial vehicles, which will effectively create a negative effect on the lubricant additives market.
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Dispersants Continue to Propel Global Market due to Maximum Consumption
The global lubricant additives market is likely to be led by the dispersants segment during the forecast period of 2014 and 2020. By the end of the forecast period, the dispersants segment is expected to account for 25.55% of the market in terms of volume. Geographically, North America will witness the highest consumption of lubricants additives in terms of volume, accounting for 23.83% by 2020. In light of these progressive statistics, the consumption of lubricant additives will reach 4,934.61 kilo tons by 2020 as compared to 4,334.54 kilo tons in 2015. During the forecast period of 2014 and 2020, the global lubricant additives market is expected to expand at a CAGR of 2.66%.
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