Lubricating Oil Additives Market worth 17.74 Billion USD by 2023 | Key Players include Afton Chemical, Chevron Oronite, BASF, Evonik Industries, Lubrizol Corporation, and Lanxess

According to recent market research "Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023", The lubricating oil additives market is projected to reach USD 17.74 Billion by 2023. The lubricating oil additives market is projected to grow from USD 15.57 Billion in 2018 to USD 17.74 Billion by 2023, at a CAGR of 2.64% between 2018 and 2023.

Asia Pacific is expected to lead the global lubricating oil additives market during the forecast period. Lubricating oil additives are used to enhance the performance of lubricants and functional fluids. Each functional type additive is selected for its ability to perform one or more specific functions in combination with other additives. Selected additives are formulated into packages to be used with specific base stocks for automotive and industrial applications. The primary functions of lubricating oil additives are to reduce friction, prevent wear and rust, and control formation of sludge and oxidation.

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Based on application, the engine oil segment was the largest segment of the lubricating oil additives market in 2017. The demand for engine oil is backed by the increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages according to the specifications of OEMs.

The oxidation inhibitors segment is expected to be the fastest-growing functional type segment of the lubricating oil additives market during the forecast period. Oxidation inhibitors are used to reduce thickening and inhibit acid formation in a wide variety of applications, such as engine oil, gear oil, hydraulic oil, automatic transmission fluid, industrial oil, and compressor oil. Oxidation inhibitors also help prevent degradation of lubricants over time.

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The lubricating oil additives market is projected to grow from USD 15.57 Billion in 2018 to USD 17.74 Billion by 2023, at a CAGR of 2.64% between 2018 and 2023. APAC is estimated to be the largest consumer of lubricating oil additives in 2018; this can be attributed to the increasing number of passenger car and commercial vehicles in the region and the increasing demand for lubricants from the construction & mining, metal production, power generation, and marine industries.

Some of the major players in the lubricating oil additives market include Afton Chemical, Chevron Oronite, BASF, Evonik Industries, Lubrizol Corporation, and Lanxess. These players have adopted various strategies, such as investments & expansions, mergers & acquisitions, and partnerships & agreements to enhance their market share and global footprint in the lubricating oil additives market. Investments & expansions was the key strategy adopted by major players between 2015 and 2017, which helped them enhance production capacity and global presence in the lubricating oil additives market. This strategy accounted for a share of 61% of the total growth strategies adopted by key market players. For instance, in March 2016, Infineum started to produce lubricant additives in its new blending plant at Zhangjiagang, China, mainly to cater to the rising demand for lubricating oil additives in the APAC region, especially from China and India. In April 2015, Chevron Oronite signed an investment agreement to build an additive manufacturing plant in Ningbo, China, with production expected to start by 2019, to cater to the increasing demand for additives from the country's dominant automobile market.

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Lubrizol Corporation, a major player in the lubricating oil additives market, is a specialty chemical company that operates under two business segments: Lubrizol Additives and Lubrizol Advanced Materials. The Lubrizol Additives business segment produces engine oil additives, driveline additives, and industrial lubricant additives that are used in engine oil, transmission fluid, gear oil, gasoline and diesel fuel, metalworking fluid, compressor lubricants, and greases. The company focuses on research and development to innovate new products in its additive business segment. In April 2017, the company launched a new additive technology, called Lubrizol PV1119, to provide protection against low-speed pre-ignition (LSPI) and premature chain wear. The company works with global OEMs to solve challenges in gasoline direct injection and turbocharged gasoline direct injection (T/GDI) engines.

Afton Chemical is an important company in the lubricating oil additive business and operates as a subsidiary of NewMarket Corp. (US). The company offers industrial additives, engine oil additives, and driveline additives in its respective business segments. Afton Chemical focuses on organic growth to increase its market presence; for instance, in May 2016, the company expanded its production capacity in Jurong Island, Singapore to meet the increasing local and global demand.

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