Driveline Additives Market is expected to reach $6,097 million by 2023 | Key Players are BRB International, Lubrizol Corporation, Vanderbilt Chemicals, Infineum International, Afton Chemical Corporation, BASF, Chevron Oronite Company, Lubrilic Corporation
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Driveline Additives Market Report, published by Allied Market Research, forecast that the global market was valued at $4,296 million in 2016, and is estimated to reach $6,097 million by 2023, registering a CAGR of 5.2% from 2017 to 2023. In 2016, based on vehicle type, the passenger vehicles segment accounted for around two-thirds share of the total market.
Driveline additives is an umbrella term for additives used in automobiles to accomplish the lubrication requirements for manual transmission, automatic transmission, axles, and differentials. The additives used in the industry are dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, emulsifiers, and various others.
The global driveline additives market is driven by growth in vehicles production, a rise in on-road and off-road vehicle parc, need for longer service drain intervals for transmission fluids and axle fluids, and rise in consumer inclination toward enhancing the fuel efficiency of vehicles. Moreover, implementation of stringent emission norms globally and continuing requirement for hardware durability is expected to fuel the demand for driveline additives in the near future. However, factors, such as high cost of driveline additives as compared to conventional additives and fluctuating raw material prices are expected to hamper the market growth.
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Driveline additives are used in transmission fluids to fulfill the transmission requirements to improve fuel economy and reduce emissions. Transmission fluid additive packages are used in automatic transmission fluids (ATFs), continuously variable transmission fluid (CVT), dual clutch transmission fluid, and manual transmission fluids to overcome problems, such as transmission shudder, poor shift feel, and accelerated wear that are common due to increasing oil drain intervals.
Key Findings of the Driveline Additives Market:
• In 2016, Asia-Pacific dominated the global market, constituting around half of the market share, in terms of both revenue and volume.
• China was the leading consumer of driveline additives globally in 2016 and is expected to grow at a CAGR of 6.2% during the forecast period.
• On the basis of a vehicle, the off-highway vehicles segment is estimated to grow at a CAGR of 6.0% from 2017 to 2023, in terms of revenue.
• The passenger vehicles segment accounted for around two-thirds share of the global driveline additives market.
• Based on product, the transmission fluid additives segment accounted for the highest share in 2016 and is estimated to grow at a CAGR of 5.7% from 2017 to 2023.
• The dispersants segment leads the additive segment, and accounted for the two-thirds share in the global market, in terms of revenue.
• In 2016, Asia-Pacific dominated the global driveline additives market, in terms of both value and volume.
In addition, Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to the rapid growth in the automobile industry in countries, such as China, India, Indonesia, Iran, Philippines, and Vietnam. Europe was the second leading in the geographical segment, which registered a CAGR of 5.0%, in terms of revenue, in 2016.
The key companies profiled in the report include BRB International B.V., The Lubrizol Corporation, Vanderbilt Chemicals, LLC., Infineum International Ltd., Afton Chemical Corporation, BASF SE, Chevron Oronite Company, LLC., Lubrilic Corporation, AB Petrochem Pvt. Ltd., and VPS Lubricants.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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