Valley Cottage, NY -- (SBWIRE) -- 01/28/2016 -- The driveline additives keep the vehicles and equipment sustained and running for either operation or re-scale to avoid the daunting costs of replacement. The global driveline additives market is comprised of additives majorly designed for products such as gear oils, transmission fluids, as well as the axle and the off-road fluids. The transmission fluids chiefly functions as the control transmission and the heat allocation intermediate in the area of transmission where the rotating force of the drive channel is transported to the gears of the vehicle. Gear oil additives lubricates the gear, bearings, clutches, and are used in the vehicles as well as in off-highway, marine and hydraulic equipment. These driveline additives are designed to meet extreme pressure, thermal steadiness and other requirements of the industry's most severe automotive technological specifications.

Driveline Additives Market: Drivers & Restraints

The increasing number of vehicles being manufactured coupled with the total number of on road and off road vehicles in operation is the key factor driving the growth of the global driveline additives market. Furthermore, the drain intervals for the transmission fluids and gear applications, variations in the transmission design and temperatures along with engine changes are driving the market for global driveline additives. Moreover, the specification changes driven by the OEMs is further fueling the driveline additives market growth. Some other factors driving the global driveline additives market is the need for enhanced lubrication due to its positive impact on the fuel efficiency, improved equipment and vehicular operations and often bio-based oils. Export and import laws and regulations which restrict trading with embargoed countries and certain individuals is one of the major challenge being faced in the global driveline additives market. Moreover, the fluctuations in the foreign exchange rates may adversely affect the result of operations.

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Driveline Additives Market: Segmentation

On the basis of application, the global driveline additivesmarket is segmented into:

Passenger Cars
Commercial Vehicles
Off Road Vehicles
Non Transmission Applications
Power steering
Small Hydraulic Pumps
Farm equipment

On the basis of product, the global driveline additives market is segmented into:

Transmission Fluid
Gear Oil
Farm Tractor Fluid
Others (Hydraulic transmission fluids, power steering fluids, shock absorber fluids)

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The market for gear oil additives is likely to witness a significant growth in the coming years owing to its property of optimizing the performance in both manual and real-axle transmissions. These are formulated to meet specific needs for performance, quality environmental responsibility, and cost efficiency. The products in the other segment must conform to highly prescribed specifications developed by the vehicle OEMs for specific models and designs. This segment is anticipated to grow at a steady rate over the forecasted period.

On the basis of End-use Industry, the global driveline additivesmarket is segmented into:

Construction Industry
Mining Industry
Agriculture Industry
Forestry Equipment
High Pressure Hydraulic System
Commercial Transmission
Automotive Industry
Others (Marine Equipment, and others)

Driveline Additives Market: Region-wise Outlook

On the basis of region, Asia Pacific, Latin America and Japan are expected to be the growth engines of the driveline additives market in the nearby future, with Asia Pacific to witness a comparatively higher growth rate. Asia Pacific and Latin America have general guidelines for emissions, yet economic expansions and urbanization taking place has bring about increase in both the automobiles on the road and the industrial hubs, wherein the modern equipment demands additives and quality lubricants. Therefore, these regions are anticipated to witness significant growth rates over the forecast period. The market share of North America and Europe is expected to shrink in the near future, primarily due to the mature nature of the market. The remaining regions are likely to grow at a sturdy rate over the forecast period.

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Driveline Additives Market: Key Players

Some of the players in the global driveline additives market are The Lubrizol Corporation, Afton Chemical Corporation, Vanderbilt chemicals, LLC, Lubrilic, BRB International, BASF SE, and Chevron Oronite Company LLC, among many others.