Lubricant Additives Market Are Anticipated to Grow at the CAGR of 3.2% by 2022
Global Lubricant Additives Market Information - by Type (Surface Protective Additives, Performance Enhancing Additives, Lubricants Protective Additives), by Applications (Automotive and Industrial) and Region - Forecast to 2022
Pune, India -- (SBWire) -- 09/27/2017 --Market Synopsis of Global Lubricant Additives Market
Lubricant Additives Market are anticipated to grow at the CAGR of 3.2% by 2022. Lubricant Additives are used to improve the performance, enhance efficiency and protect engine; due to these functions Lubricant Additives are utilized in various industries. Growth of the automobile industry, low cost of production along with, various base oil (petroleum oil, synthetic oil and vegetable oil) used in preparing Lubricant Additives are some of the drivers of this market. However, economic restraint and high drain intervals for high grade lubricants will hinder the market growth.
Globally, Asia Pacific is the leading market of Lubricant Additives primarily due to large sales of automotive and rapid industrialization. Various environmental regulations and legal factors will enhance the Lubricant Additive Market growth in Central Asia and Middle East and Africa.
Key players of the Global Lubricant Additives Market are BASF SE, Chemtura Corp., Chevron Oronite, Croda International, Evonik Industries, Infineum International, Lubrizol Corp, Shamrock Shipping & Trading Limited, Tianhe Chemicals, Afton Chemical Corporation and others.
The Global Lubricant Additives Market is majorly segmented on the basis of by type and by application. Based on type the market is segmented into surface protective additives, performance enhancing additives and lubricants protective additives. On the basis of application the market is classified into automotive and industrial. Automotive is future sub-segmented into heavy duty motor oil passenger, car motor oil and industrial is sub-segmented into industrial engine oil and metal working.
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The Global Lubricant Additives Market is expected to grow to USD 17.1 billion in 2022 growing at the CAGR of 3.2% since 2016 and is expected to continue till 2022. The market is expected to grow significantly over the forecasted period. Lubricant oil comprises of a base stock blended with various additives to enhance performance and maintain the same due to which lubricant additives is used majorly in automotive and various industries specifically heavy duty motor oil, passenger car motor oil , industrial engine oil and metal working fluids. Various functions of Lubricant Additives such as enhancement of performance and efficiency, reduction in wear and tear of materials and metals, lower toxicity along with low cost, change in legislative and environment regulations, technology development in marine and automotive industries are some of the drivers of this market.
The Lubricant Additives Market is segmented on the basis of type namely, surface protective additives, performance enhancing additives and lubricants protective additives. The demand for surface protective additives is increasing consistently at a CAGR of XX% over the forecasted period. Further lubricants protective additives is expected to grow at the CAGR of XX% over the forecasted period.
The Lubricant Additives Market is segmented on the basis of applications namely automotive and industrial. It is is future segmented into heavy duty motor oil passenger car motor oil, industrial engine oil and metal working. Passenger car motor oil had the largest share for lubricant additives in 2013 and is expected to dominate the market over the forecasted period. In addition to this industrial engine oil had the largest market share in 2015 and is expected to maintain its share even in the future.
Companies such as are BASF SE, Chemtura Corp., Chevron Oronite, Croda International, Evonik Industries have implemented acquisition and expansion of business strategies to increase their acrylic market's presence geographically. Few global players have invested in R&D amenities to discover advanced and innovative folic products with higher efficacy rate and ease of use.
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AsiaPacific region is expected to maintain its dominance in the global lubricant additives owing to high demand for passenger cars in China, South East Asia along with robust lubricant aftermarket sale which is expected to drive the market in Asia Pacific. Various environmental regulations and modernization in technology are driving the market in Middle East and Africa. The market in Europe will have a sluggish growth owing to economic slowdown and utilization of high quality lubrications.
Taste the market data and market information presented in more than 50 market data tables and figures spread over 85 pages of the project report. Avail the in-depth table of content (TOC) & market synopsis on "Global Lubricant Additives Market Research Report –Forecast to 2022.
Key Points from Table of Content:
11. Company Profiles
11.1 BASF SE
11.1.4 Business Strategies
11.1.5 Recent Development
11.2 Chemtura Corp
11.2.4 Business Strategies
11.2.5 Recent Development
11.3 Chevron Oronite
11.3.4 Business Strategies
11.3.5 Recent Development
11.4 Croda International
11.4.4 Business Strategies
11.4.5 Recent Development
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