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Driveline Additives Market worth $10.7 billion by 2031, Analysis, Product Type, Vehicle Type, Additives Type, and Key Players
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Driveline Additives Market growth is driven by rise in manufacturing of automobiles around the world, surge in number of on-road and off-road motors in operation, growth in adoption of continuously variable transmission (CVT), and the creation of transmissions with high operational temperatures. Moreover, growth in demand for longer drain intervals from the OEMs presents new opportunities in the upcoming years.
Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 4.0% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
Based on vehicle type, the passenger vehicles segment held the highest market share in 2021, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the off-highway vehicles segment is estimated to register the highest CAGR of 4.1% from 2022 to 2031.
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Based on additive type, the dispersants segment held the largest market share in 2021, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the antioxidants segment is projected to register the highest CAGR of 4.8% from 2022 to 2031.
Leading players of the global driveline additives market analyzed in the research include AB Petrochem Pvt. Ltd., Afton Chemical Corporation, BASF SE, BRB International B.V., Chevron Oronite Company, LLC., Evonik Industries AG, International Petroleum & Additives Company, Inc., The Lubrizol Corporation, Vanderbilt Chemicals, LLC., VPS Lubricants.
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