Europe Lubricants Additive Market Strategies and Opportunities Forecast 2022-28

The research report "Europe Lubricants Additive Market: by Product Type (Dispersants, Viscosity index improvers, Detergents, Anti-wear agents, Antioxidants, Corrosion inhibitors, Friction modifiers, Emulsifiers, Others), By Application (Automotive Lubricant, Industrial Lubricants), and Geography- Global/Region/Country Forecast to 2028. Europe lubricants additive market anticipated to be valued at US$ X Mn in 2021 and poised to grow at significant CAGR rate of X% over the period 2022-2028.

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High growth in the developing nations along with efforts toward fuel economy is driving the Europe Lubricants Additive Market:
The enhancement in durability provides capabilities to use alternative fuels, enables efficient use of energy resources and maintains low levels of exhaust emissions. Extensive research is done to achieve fuel economy and improve lubricant additive characteristics as well as properties to comply with the technological changes in modern engines and accessories. One of the major factors fuelling the lubricant additives market is high growth in the developing nations along with efforts toward fuel economy. There are a few more factors impelling the lubricant additives market growth such as increase in aviation and marine transportation, improved emission rules in combination with fuel economy standards and growing automotive industry. The use of environment-friendly fuels like renewable fuels in both industrial and automotive engines is projected to fuel the demand for lubricant additives over the estimation period. But, higher drain intervals for high-grade lubricants slow down the growth of market due to lubricant solutions with reduced maintenance servicing and costs. Moreover, variations in the lubricant market are responsible for the comparatively low growth rate of the global lubricant additives market. Europe lubricant additives market is exemplified by the presence of a huge number of players.

Adoption of strategies such as product launches, merger and acquisition by the companies allow them to thrive in the market. For example, Italmatch Chemicals is planning to acquire metalworking fluid business of Afton Chemical which helps in further expansion and advantageous for the former's portfolio.

Russia accounted for major share in the Europe Lubricants Additive Market:
Among other countries of Europe, Russia accounted for major share in the Europe lubricants additive market. Strict rules mandating emission reduction to 95 grams of carbon dioxide per kilometer till the end of 2021 are enhancing the Europe lubricants additive market. Such rules have also pushed the use of lubricants to maintain engine efficiency. Moreover, lubricants also lessen friction and wear and tear in machines. These also work as coolants and estimated to foster theair demand in the forthcoming years. Growth in Central and Eastern Europe is there including the economies of the former USSR on the basis of improvements in economic and political stability.

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Competitive Analysis - Europe Lubricants Additive Market:
Major players working in the Europe lubricants additive market are Chevron Corp, Afton Chemical Corporation, The Lubrizol Corporation, Infineum International Limited and BASF SE.

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