The global organic friction modifier additives market is set to surge at a steady CAGR of 4.9% during the forecast period (2017-2022).
Valley Cottage, NY -- (SBWIRE) -- 10/26/2018 -- Increasing use of organic friction modifier (OFM) additives for lubrication of automobile, aviation, rail, industrial and energy/ power machinery components is driving its demand across the globe. Future Market Insights (FMI)'s latest report reveals that the global organic friction modifier additives market is set to surge at a steady CAGR of 4.9% during the forecast period (2017-2022). As per the report, this market is estimated to reach a valuation of over US$ 500 Mn by 2022-end. OFM additives make a massive impact on the tribological attributes of the lubricant, increasing its functionality and efficacy to a significant extent. Moreover, OFM additives ensure smoother mobility of mechanical components, which is critically essential in airplanes, vehicles and several other industrial equipment. There has been a significant increase in demand for OFM additives due to their benefits and overwhelming results. Factors as such are expected to reflect favorably on the global sales of OFM additives over the next couple of years. On the flip side, the growth of global market for OFM additives is expected to be impeded by introduction of more affordable substitutes such as corrosion and oxidation inhibitor anti-wear agents, detergent additives, dispersant additives and oiliness agents among others.
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Insights from the Report also include:
Based on additive type, demand for polymers additives will remain relatively high as compared to additives such as fatty acids and esters & amides in 2017 and beyond. Global sales of polymer additives currently account for more than 34% revenue share of the market. In addition, over US$ 170 Mn worth polymer additives are estimated to be sold globally by the end of assessment period, exhibiting an impressive growth. Meanwhile, global sales of fatty acids and esters & amides additives will collective represent for the largest market share over 2022.
Based on end use, OFM additives is expected to remain crucial in automobile lubricants throughout the projection period. OFM additives used in automobile lubricants currently command for nearly 44% revenue share of the market. By the end of 2022, more than US$ 220 Mn worth OFM additives are expected to be used automobile lubricants. Use of additive in industrial lubricant in also projected to increase at a significant rate between 2017 and 2022.
Among regions, the OFM additive market is the Asia-Pacific excluding Japan (APEJ) region is projected to remain highly lucrative during the forecast period. Currently, the APEJ accounts for the largest market share in terms of revenue and is likely to continue its dominance in 2017 and beyond. Further, APEJ's OFM additives market is expected to surge at a sound CAGR during 2017 to 2022 and reach a valuation of more than US$ 150 Mn. This mainly attributed to the growing demand for additive in emerging countries such as India and China, as they are undergoing an industrial revolution and experiencing an economic boom. Meanwhile, North America is expected to remain the second largest market for OFM additives over 2022.
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Some of the prominent market players profiled in FMI's report include Dow Chemical Company Limited, Chemtura Corporation (LANXESS Solutions US, Inc.),BASF SE, Eastman Chemical Co., Celanese Corporation, Cargill, Inc., Croda International Plc., International Lubricants Inc., Afton Chemicals Corporation, and Multisol Ltd. Many of these companies are actively focusing on improving product efficacy and expanding production capacity in order to tap the market opportunities. In addition, partnership, collaboration and M&A activities will continue to be a major trend in the market. A majority of market participants are also inclining towards joint ventures and strategic deals to strengthen their sale and distribution network.