Lubricant Additives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 03/25/2015 -- Lubricant additives are chemical compounds that are added to lubricating oils for imparting certain properties to the finished oils. Lubricant additives function either to impart a new and useful property to a lubricant, such as suspending ability, corrosion control and antiwear performance, or to enhance an already-present property such as viscosity index (VI), viscosity, oxidation resistance and pour point. Some lubricant additives help in reducing the rate at which derogatory changes take place in the lubricant's physical and chemical properties during its service life.
Browse Full Global Lubricant Additives Market Report With Complete TOC
Lubricant additives have significantly aided the development of improved industrial machinery and prime movers by improving performance features of lubricating oils. The world would have remained deprived of automatic transmitters, modern car engines, hypoid gears, high-end and heavy-duty processing industrial machineries, gas and steam turbines, and many other technologically advanced equipment were it not been the improved performance characteristics of lubricants provided by lubricant additives.
The conception of lubricant additives market dates back to 1920s. Ever since, the use of lubricant additives has increased appreciably. Today, practically all lubricating oils have some or other form of additive, or a mix of them. The amount of additives used in lubricants depends upon the purpose of the lubricant, and the chemical and mechanical conditions that the lubricant shall be subjected to during it service life. Some lubricant additives are added in proportions as little as a hundredth of a percent to as large as 20-30% or even more.
Global Lubricant Additives Market: Net Worth and Prominent Market Segments
Analysts state that currently the global market of lubricant additives observes demands worth more than 4000 kilo tons. The market is expected to grow at an extremely modest CAGR of nearly 2.66% over the next four to five years and garner demands worth more than 4900 kilo tons by 2020.
Lubricant additives such as VI improvers, detergents, pour point depressants (PPD), dispersants, anti-wear additives, corrosion inhibitors, and metal deactivators are the most popular varieties in the global lubricant additives market.
Amongst these, lubricant additives of categories anti-wear additives, corrosion inhibitors, and metal deactivators together accounted for nearly 28% share of the entire market in 2013. VI lubricant additives' segment is another attractive market segment having a significant share of the overall market demands. Demand for VI lubricant additives is fueled by an apparent shift in consumer choice from high viscosity to low viscosity engine oils.
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Lubricant Additives Market: Drivers, Restraints and Popular Trends
The rising number of passenger cars in developing countries is the chief factor driving demands for lubricant additives. Countries in Europe, North America, Asia-Pacific and the Middle East have set regulations for low emission standards for automotives. This factor can have an inverse effect on demands of lubricant additives to certain extent. But implementation of these regulations on a wider scale could take some time.
Improved drain intervals in automotives is one factor that can have an inverse effect on demands of lubricant additives market. Increase in drain intervals allows automotives to lower down engine oil consumption, which directly leads to low lubricant additives utilization in engine oils.
Research and development plays an important role in the production of lubricants with improved performance characteristics. Thus, a tremendous surge in investments and rising collaborations between lubricant additive manufacturers and OEMs (original equipment manufacturers) have been observed for developing additives with better fuel efficiency and lower emission.
Global Additives Market: Competitive Landscape
Only a few prominent businesses operate in the global lubricant additives market. These include: Infineum International Limited, LLC, Evonik Industries AG, The Lubrizol Corporation, BASF SE, Chevron Oronite Company, Chemtura Corporation, Chemical Corporation, Tianhe Chemicals Group Limited, and Afton Rhein Chemie Rheinau GmbH.
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