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Driveline Additives Market to hit US$6 Billion by 2023 with 5.2% CAGR
Driveline Additives Market
Driveline Additives Market is estimated to reach $6 Billion by 2023, with 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.
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Global Driveline Additives Market key players are BRB International B.V., The Lubrizol Corporation, Vanderbilt Chemicals, LLC., Infineum International Ltd., Afton Chemical Corporation, BASF SE, Chevron Oronite Company, LLC., Lubrilic Corporationand others.
The global driveline additives market is driven by growth in vehicles production, 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 fuel efficiency of vehicles. Moreover, implementation of stringent emission norms globally and continuing requirement for hardware durability are 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.
Key Findings are:
1. In 2016, Asia-Pacific dominated the global market, constituting around half of the market share, in terms of both revenue and volume.
2. 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.
3. On the basis of vehicle, the off-highway vehicles segment is estimated to grow at a CAGR of 6.0% from 2017 to 2023, in terms of revenue.
4. The passenger vehicles segment accounted for around two-thirds share of the global driveline additives market.
5. 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.
6. The dispersants segment leads the additive segment, and accounted for two-thirds share in the global market, in terms of revenue.
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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 automobile industry in countries, such as China, India, Indonesia, Iran, Philippines, and Vietnam. Europe was the second leading in geographical segment, which registered a CAGR of 5.0%, in terms of revenue, in 2016.
Driveline additives are used in transmission fluids to fulfil 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.
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