Lubricant Antioxidants Market Inclined to Deliver Positive Growth Results until 2028|| Growth Drivers Lubrizol, Chevron Oronite Company (Chevron), Afton Chemical, Songwon Industrial Group
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Lubricant antioxidants market revenues grew at a CAGR of 2.4% during 2013-2017. Global demand for non-depleting lubricant antioxidants that improve the long-term performance of lubricants and greases continued to surge during this period, creating challenges for manufacturers.
Lubricant antioxidants market revenues reached US$ 1.6 billion in 2018 on back of growing focus on improving the efficiency and expanding the lifespan of lubricants.
The lubricant antioxidants market is set to witness 3% y-o-y in 2019 over 2018. The long-term outlook on the market is also bullish, with our estimates suggesting a CAGR of 3.6% between 2018 and 2028.
East Asia is likely to remain the leading market for lubricant antioxidants, as leading chemical companies and lubricant manufacturers continue to invest heavily in China to capitalize on increasing industrial growth in the country.
Middle East & Africa (MEA) is expected to emerge as a high-growth market for lubricant antioxidants during the assessment period, with our estimates suggesting a CAGR of 4.8% through 2028.
What are the Key Growth Drivers of Lubricant Antioxidants Market?
Imposition of emission control regulations and high fuel economy standards has led to higher demand from the automotive industry.
Lubricant antioxidants play an important role in improving the durability and lifespan of engines by forming a protective layers upon engine parts. As focus on preventive maintenance grows, demand for lubricant antioxidants and other materials has witnessed a steady surge.
The fortunes of lubricant antioxidants industry are dependent on broader developments in lubricant production – in recent years, global lubricant production has remained steady, creating sizeable opportunities for lubricant antioxidants industry.
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Automotive Industry Drives Demand for Primary Lubricant Antioxidants
Growing emphasis on the importance of antioxidants in lubricants, especially in automotive lubricants, has been contributing to the steadily increasing applications of both primary and secondary variants. However, primary antioxidants for lubricants, which are also known as radical scavengers, continue to remain sought-after, especially in the automotive industry.
Increasing use of primary antioxidants, such as aminic and phenolic antioxidants, in lubricants is mainly attributed to their improved performance characteristics, such as greater oxidation control and higher additive treat rates than secondary antioxidants. Primary antioxidants also play an important role in modern automotive lubricants as tightening fuel efficiency regulations and high standards have created a need for improving the performance of lubricants against oxidation.
Thereby, as primary lubricant antioxidants offer multifold greater performance and oxidation control than secondary antioxidants, an upsurge in demand for aminic and phenolic antioxidants is likely to persist in the coming future.
Lubricant Antioxidants Market – Competitive Landscape
Leading players in the lubricant antioxidants market include BASF SE, Lubrizol, Chevron Oronite Company (Chevron), Afton Chemical, Infineum (ExxonMobil), Songwon Industrial Group, ENI, Evonik, LANXESS, Jinzhou Kangtai Lubricant Additives, Wuxi South Petroleum Additive, SI Group (acquired by SK Capital), ADEKA Corporation, and OXIRIS Chemicals S. A.
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