Driveline Additives Market projected to exhibit a CAGR of over 4% and reach US$ 12 Billion by the end of forecast period (2022-2029)

Employment of stringent emission guidelines around the world and constant requirements of hardware durability are projected to create substantial opportunities for key market players. According to FMI's recent market study, the driveline additives market is projected to exhibit a CAGR of over 4% and reach US$ 12 Billion by the end of forecast period (2022-2029).

Driveline additives are designed to optimize automotive performance and help reduce energy loss. Driveline additives help ensure smooth functioning of the drivetrain, and, in turn, enhance hardware life. Extended hardware durability translates directly into increased profitability and return on investment for everyone in the supply chain.

Driveline Additives Market: Competitive Landscape

The global driveline additives market is estimated to be highly consolidated, with tier-1 players accounting for nearly half of the market share. Some of the key market players included in the report are The Lubrizol Corporation, BASF SE, and Chevron Oronite Company, LLC, among others.

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Manufacturers are striving to gain additional market share in the driveline additives market by means of strategic expansions, collaborations, and product innovation. Also, key players are currently focused on investing in new manufacturing facilities and expanding their existing ones in emerging markets to strengthen their market position across the globe.

Key Takeaways of Driveline Additives Market Study

- The transmission fluid additives segment is witnessing high growth in the global driveline additives market. Rising focus of OEMs on fuel efficiency, along with growing adoption of innovative technologies such as dual clutch technology (DCT), is poised to drive demand for transmission fluid additives over the forecast period.
- APEJ is estimated to be the largest market for driveline additives by the end of 2029. Growth of the APEJ market is mainly attributed to rapid industrialisation in the region.
- One of the major and emerging trends in the global driveline additives market has been found to be the development of high-efficiency and environmentally-sustainable (biodegradable oil/additives) additives at low cost.

Find More Valuable Insights on Driveline Additives Market

FMI, in its new research report, offers an unbiased analysis of the global driveline additives market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029. The study reveals insights on the driveline additives market, and covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the driveline additives market value chain.

Readers can also find key trends and market growth scenarios based on end-use industry and regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA.

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What was the Impact of COVID-19 Crisis on Driveline Additives Market?

Impact of the COVID-19 pandemic on the chemicals and materials industry was significant. Several production facilities were entirely shut down because of the lockdown, which had a direct impact on sales of driveline additives. However, the pandemic led to an increase in demand for driveline additives which help in maintenance of vehicles.The pandemic led to many vehicles being rendered of less usage. They were stagnant for months and months in some households. This made the application of driveline additives like detergents, dispersants and emulsifiers, and anti-wear additives, quite crucial in order to protect and safe guard the vehicles.

As numerous production facilities have reopened, the industry is progressively rebounding from losses, resulting in positive sales prospects in the driveline additives market. Increasing prospects of transmission fluid additives are also expected to boost demand for the product in the forthcoming years.

Driveline Additives Market by Category

By Product Type:
Transmission Fluid Additives
Gear Oil Additives

By Application:

Passenger Cars
Commercial Vehicles
Off-Highway Vehicles

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
Middle East & Africa

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.