Press release
Demand for Global Driveline Additives Market to Expand at a CAGR of 5% Through 2029 | BASF SE, BRB International, Chevron Oronite Company
Increasing demand from off road applications for improved friction durability, fuel efficiency and high torque capacity will burgeon the demand for driveline additives.Click here to Get Complete Synopsis of the Report – https://www.factmr.com/report/4465/driveline-additives-market
To offer a dedicated solution to increase overall vehicle efficiency and component protection, demand for driveline additives is poised to expand at a CAGR rate of ~5% during the assessment period (2019-2029). Driveline additives are formulated to feature extended drain intervals, temperature stability, and wear resistivity which will push its demand in automotive and industrial applications.
Increased focus towards reducing fuel and energy consumption has given birth to continuously variable, and dual-clutch transmission technology, where driveline additives are becoming lucrative.
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Key Takeaways of Driveline Additives Market:
• Increasing need for low-temperature fluidity and oxidation stability will upsurge the demand for driveline additives in automatic transmission fluids over the forecast period.
• Efficacy to offer enhanced performance and improved lubrication against friction is likely to propel its demand in construction, mining, and forestry equipment.
• Transmission fluid additive type is projected to continue its reign in the market and is forecast to account for over half of the market by 2029
• Passenger cars have dominated the demand for driveline additives in 2018 and are set to drive the demand for driveline additives with a leading growth rate over other applications.
• Europe is projected to continue its supremacy among other regions accounting for over one-third of the global demand in 2029
• APEJ is forecast to grow at a leading growth rate of ~9% among other regions during the assessment period.
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“Efficacy to offer many years of trouble-free performance and unrivaled friction control will fuel the demand for driveline additives, says the Fact.MR analyst.”
Key Players Account for One-fourth Market Share, with Focus on Emerging Economies
Afton Chemical Corporation, BASF SE, BRB International, Chevron Oronite Company, LLC, Infineum International Limited are the prominent stakeholders in the driveline additives market. Top five players accounted for nearly one-fourth of the market share in 2018.
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Players are focusing on emerging economies to gain huge profits and have been focusing on contracts with distributors in the region. Prominent players are striving to create a monopoly by offering innovative products to sustain extreme pressure and anti-corrosion properties for industrial use. Furthermore, increasing off-road applications in agriculture, construction, mining, forestry and heavy machinery will provide remunerative opportunities to market players.
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Research Insight: https://www.factmr.com/report/4465/driveline-additives-market
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