Lubricant Additives Market: Still the Fuel of the Future Industry Growth?
These compounds are utilized individually or formulated as a package according to the end-use application. Consumption of lubricant additives is major in heavy-duty and passenger car lubricants in the automotive segment, followed by metalworking fluids and industrial engine oils in the industrial segment. The major additive types include dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, and emulsifiers, among others.
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To explore investment opportunities, companies should focus on broadening the product portfolios of the lubricant additives with respect to specific applications. Dispersants, detergents, and viscosity index improvers are the most popular additives used in the lubricant industry. These additives are also the most lucrative segments due to their low cost and easy availability.
The lubricant additives market is segmented into four regions: North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the highest revenue-generating region for lubricant additives. The Asia-Pacific lubricant additives market was valued at $5,957.7 million in 2015 and is expected to grow at a CAGR of 2.8% during 2016-2022. The increasing industrialization and automotive ownership are the key factors responsible for the growth of this market in the Asia-Pacific region.
The most attractive market segment in the world lubricant additives market is the LAMEA region. This region is the first preference for new entrants due to the increasing industrialization in conjunction with increasing use of high-grade lubricants. The Asia-Pacific lubricant additives market is expected to grow at a CAGR of 2.7% during the analysis period.
Heavy-duty and passenger car lubricants dominated the automotive lubricant additives market in 2015, asserting more than four-fifths of the market share collectively. These segments are estimated to grow at an expected CAGR of 2.4% and 2.6%, respectively, during the forecast period. Metalwork fluids and industrial engine oils accounted for three-sevenths and two-fifths of the market value, respectively, in the year 2015. Other lubricants segment, which includes processing lubricants, textile machinery oils, and greases, is estimated to be the fastest-growing sub segment in the industrial additive segment with a CAGR of 3.2% during the forecast period. Anti-wear agents are expected to grow with a CAGR of 3.8%, which is the highest among the lubricant additive types from 2016 to 2022, owing to the improving mileage and emission standards expected from original equipment manufacturers (OEMs) by governing bodies.
Lubricant additives are helpful in optimizing the performance of lubricants and other functional fluids, as these addendums provide protection from corrosion and wear in conjunction with regulating deposits and fluid thickness. The key elements that drive the lubricant additives market growth include, rising automotive industry, increasing transportation by marine & aviation and stringent emission regulations. However, higher drain intervals of high grade lubricants inhibit the market growth, owing to lubricant solutions with decreased maintenance, costs and servicing.
Key Findings of Lubricant Additives Market
• Friction modifiers, is projected to be the second fastest growing Additives segment in the globallubricant additives market, registering a CAGR of 3.7% (in terms of value) during 2016 and 2022.
• Automotive is projected to be the fastest growing application segment in thelubricant additives market, registering a CAGR of 2.6% (in terms of volume).
• Dispersants segment occupied around one-fourth of the market share, by volume, in the global lubricant additive market in 2015.
• Asia-Pacific is projected to occupy the highest market value, registering a CAGR of 2.8%.
• Heavy duty oil lubricants amounted for nearly half of the market share, by value, in 2015, with a CAGR of 2.4%.
The Asia-Pacific and LAMEA lubricant Additives markets are expected to offer lucrative growth opportunities, with the CAGRs of 2.8% and 2.7%, respectively; this is due to increasing economic development, expanding automotive ownership and rising disposable income. The key players profiled in globallubricant Additives market include,
• BASF SE,
• Evonik Industries AG,
• Infineum International Limited,
• Chevron Oronite Company LLC,
• Chemtura Corporation,
• Lubrizol Corporation,
• Croda International PLC,
• Afton Chemical Corporation,
• Vanderbilt Chemicals LLC and
• Rhein Chemie Corporation.
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