Press release
Driveline Additives Market Top Key Players BRB International, BASF, The Lubrizol Corporation, Afton Chemical, Chevron Oronite Brasil Ltda, Evonik, DowDuPont
Global Market Insights, Inc.
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Based on application the market is segmented into passenger vehicles, commercial vehicles and off-highway vehicles. Passenger vehicles and off-highway vehicles segments seem to be lucrative for investment in the driveline additives market. Based on additives the market can be classified into dispersants, viscosity index improvers, anti-wear agents, detergents, corrosion inhibitors, friction modifiers, emulsifiers, antioxidants and others.
Driveline Additives Market size is likely to experience growth with a prominent CAGR over the forecast timeframe, 2018 - 2025. Driveline additives market is anticipated to witness a highest CAGR compared to traditional lubricants. This can be attributed to the various benefits offered by these additives in formulation of automatic transmission fluids, gear oils and in off-road application fluids.
Increasing consumer preference towards fuel-efficient vehicles and rising on-road and off-road applications are the factors driving the global driveline additives market. Moreover, rise in the number of vehicles manufactured annually, need for longer service drain intervals for axle fluids, transmission fluids are anticipated to increase the product demand in near future. Booming trend of using more numbers of gears in manual transmission has been fueling the driveline additives market from last few years.
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In terms of product consumption Asia Pacific led the global driveline additives market in 2017. This can be attributed to the growing automobile industry in emerging economies include China, India, Vietnam, Philippines and Indonesia. Moreover, consumer’s increasing disposable income in the region have increased their expenditure on the vehicles due to which product demand has increased drastically in last few years. China is having the major market share in the region owing to its vast economy growth, expansion of automotive industry and rise in industrialization. In addition, implementation of stringent regulations on volatile content emission from automobiles is projected to further boost the driveline additives market during the forecast period. European driveline additives market size likely to grow at rapid pace, due to its automobile industry and strict environmental regulations. Moreover, consumer awareness about lubricants and additives in the region is very high and shall propel the product demand in near future.
Many multinational giants and medium-scale companies are operating in the industry. Key players operating in the industry incudes BRB International, BASF SE, Vanderbilt Chemicals, The Lubrizol Corporation, Afton Chemical, LLC., Infineum International Limited, Chevron Oronite Company LLC., Lubrilic, Evonik Industries, AB Petrochem, DowDuPont and VPS Lubricants.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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