Press release
Driveline Additives Market Size, Share Analysis, Global Report 2021-2031
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Key Market Drivers and Trends:
The growth of the global driveline additives market is attributed to the increasing automobile manufacturing worldwide, rising number of on-road and off-road vehicles, adoption of continuously variable transmission (CVT), and development of transmissions with high operational temperatures. Additionally, the demand for longer drain intervals from OEMs is expected to create new opportunities in the coming years.
Impact of COVID-19:
The COVID-19 pandemic resulted in global lockdowns and temporary closures of automotive manufacturing plants, impacting the overall growth of the driveline additives market. Reduced usage of vehicles during the pandemic led to a decrease in the demand for driveline additives such as detergents, dispersants, emulsifiers, and anti-wear additives. However, with the gradual reopening of production facilities, the market is expected to recover.
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Market Segmentation:
The global driveline additives market is segmented based on product type, vehicle type, additive type, and region.
By vehicle type, the passenger vehicles segment accounted for the highest market share in 2021 and is expected to maintain its dominance during the forecast period. However, the off-highway vehicles segment is projected to witness the highest CAGR of 4.1% from 2022 to 2031.
In terms of additive type, the dispersants segment held the largest market share in 2021 and is anticipated to continue its dominance. Nevertheless, the antioxidants segment is forecasted to register the highest CAGR of 4.8% from 2022 to 2031.
Geographically, Asia-Pacific contributed the highest revenue share in 2021 and is expected to maintain its leading position through 2031. The region is also projected to exhibit the fastest CAGR of 4.0% during the forecast period. Other regions covered in the report include North America, Europe, and LAMEA.
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Leading Players:
Key players in the global driveline additives market analyzed in the report 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, and Vanderbilt Chemicals, LLC., among others.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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