Demand for Lubricating Oil Additives Upbeat, EVs Likely to Pose a Major Threat to Market Growth

Besides the key application areas, i.e., automotive, and marine/industrial engines, lubricating oil additives find extensive application across engineering plastics that are applied in aerospace components. This is predominantly driving the growth of lubricating oil additives market. A new Fairfield Market Research study intends to assess the growth outlook of global lubricating oil additives market and deliver a growth forecast for the same for the next few years. Increasing adoption of these additives in auto engines for enhanced fuel economy, improved regulatory compliance, and reduced emission will also push the growth prospects of market. However, the report also marks that as the boom around electric and hybrid electric vehicles (EVs, and HEVs) grows denser, it would pose a serious threat to lubricating oil additives market. Entry of EVs in the mainstream will lead to dramatically reduced demand for oils and oil additives.

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Automotive Industry Continues to be the Top Revenue Generator

Rampant growth of automotive industry, and the mounting rate of car ownership collectively uphold the demand surge in lubricating oil additives. The latter has been seen as a prominent trend across developing economies rather than in the developed nations. While auto industry continues to be the top demand generator for oil additive producers, regulatory guidelines are now prompting automakers to opt for more efficient and environment-friendly lubricants, and additives. This will remain an important trend in market. Incessant sales of passenger cars, and a wide range of transportation machines are expected to warrant automotive industry as the top revenue contributor for lubricating oil additives market.

Engine Oil to Lead Global Lubricating Oil Additives Market

Engine oils remains the largest application category for lubricating oil additives and some of the most sought-after additive types include antioxidants, corrosion inhibitors, detergents, and dispersants. Among these, antioxidants are expected to remain one of the most common types of lubricating oil additives as they efficiently serve to prevent the formation of harmful deposits that account for premature wearing and overheating of the various engine parts. Sustained preference for antioxidants is also attributed to its protective action against rust, and corrosion. Corrosion inhibitors will be another popular category, especially for metal surfaces.

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Asia Pacific Remains at the Forefront of Revenue Generation

Unprecedented expansion of automotive industry, and several industrial sectors will continue to account for the most attractive market positioning of Asia Pacific, especially China, Japan, and India. The market in Asia Pacific is projected to remain at the forefront, exhibiting the faster growth over the next few years. Europe, and North America will follow, led by the UK, and Mexico, respectively. Initial findings of the report suggest that the European market will continue to witness the primacy of Germany in terms of revenue generation in lubricating oil additives landscape.

Vendor Landscape of Global Lubricating Oil Additives Market

ExxonMobil, Chevron Corporation, Royal Dutch Shell, and Total S.A. constitute the top players collectively holding a dominant share of around 43% in global lubricating oil additives market. The competition landscape would be thoroughly analysed in the report to reveal some exclusive insights on the financial and strategic profiles of the leading companies driving the competition landscape of lubricating oil additives market. Besides the top four, some of the profiled players include Valvoline Inc., BP plc, Addax Petroleum Company, Idemitsu Kosan Co. Ltd., and Fuchs Petrolub SE.

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