Press release
Global lubricant additives market is growing at the CAGR of 3.2% CAGR Since 2018 and is expected to continue this till 2023
Market Overview:
Lubricant additives 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.
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Key Players:
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.
Intended Audience
Lubricant additives manufacturers
Traders and distributors of lubricant additives
Application industries
Potential investors
Raw material suppliers
Nationalized laboratories
Regional Analysis
The market is classified and analyzed on the basis of geographical segmentation which includes North America, Europe, Asia-Pacific, Middle East and Africa. Out of these, Asia-Pacific accounts for the largest share with respect to growth of the lubricant additives market and is expected to further. In North-America the U S contributes maximum in the growth of this market followed by Europe .Demand for lubricant additives in the U.S is expected to increase to 3.8 billion in 2017. Additives such as antioxidant and friction modifiers which provides longer lubrication and fuel efficiency benefits will see the strongest demand growth.
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