Lubricant Anti-wear Agents Market Demand Size Analysis 2022-2029

The Lubricant Anti-wear Agents Market is expected to grow at a CAGR of 2.3% during the forecast period 2022-2029. North America region has the highest market share in the Lubricant Anti-wear Agents Market, and it is further continuing its dominance during the forecast period.

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Our research report gives wide perceptions of the latest trends and development prospects of the market analysis, detailed segmentation analysis, volume, size, share, growth drives, and opportunities in the market. In-depth regional and country-level illustration of the competitive landscape depends on several phases and status of clinical trials over the prominent economies of the globe, and also report contains a number of major companies profiled in the relevant market.

Market Drivers:

The market for lubricating oil additives in the automotive industry is being driven by steadily rising sales of both passenger and commercial vehicles. Engine oil, gear oil, transmission fluid, and hydraulic fluid all contain lubricant anti-wear agents that protect metal components and prevent adhesive wear. In addition, the rate of motorization in Asia-Pacific has steadily increased over the past five years.

South Korea, China, India, Japan, Indonesia, and India are some of the most important nations driving growth in the region. India's annual vehicle production reached US$ 29.08 million in 2018, up from US$ 25.33 million in 2017, according to the NIPFA (National Investment Promotion and Facilitation Agency). India is anticipated to be the third-largest passenger vehicle market in the world by 2021. In FY 2018-19, sales of passenger vehicles increased by 2.7%, sales of two-wheelers by 4.8 percent, and sales of three-wheelers by 10.27% in comparison to FY 2017-18. According to Trading Economics, the number of cars sold in China increased by 12.8% in September 2020 to 2.57 million. As a result, it is anticipated that rising automobile demand will increase demand for lubricants, which in turn will increase demand for lubricant anti-wear agents.

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Market Segmentation:

By Type:
• ZDDP
• Phosphate
• Phosphite
• Phosphonate

By Application:
• Engine Oil
• Automotive Gear Oil
• Automotive Transmission Fluid
• Hydraulic Oil
• Metalworking Fluid
• Grease
• Others

Geographical Classification:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

Major Companies Listed:

Afton Chemical, BASF SE, Solvay S.A., Lanxess AG, King Industries, Lubrizol Corporation, Prasol Chemicals, Israel Chemicals (ICL), Italmatch Chemicals SPA and Transasia Petrochem.

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This release was published on openPR.