Lubricant Additives Market is Forecasted to Reach US$ 31.3 Billion in 2028, Says Stratview Research

The global lubricant additives market is projected to witness a growth rate of 3.7% annually from 2023 to 2028, with an anticipated size of US$ 31.3 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global lubricant additives market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 31.3 billion
Growth (CAGR): 3.7% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Lubricant Additives Market:

The global lubricant additives market is segmented based on function type, application type, and region.

Based on function type - The lubricant additives market is segmented into dispersants, VII, detergents, antiwear, antioxidants, corrosion inhibitors, emulsifiers, and others. Dispersants are expected to remain the largest function type in the market during the forecast period. The dispersant is one of the components required to create additive packages for the industrial and automotive markets. It recommends suspending the insoluble impurities in the oil to prevent the formation of sludge. Dispersants are frequently used to prevent deposits on surfaces, such as varnish, sludge, and other types of deposits. Diesel and petrol engine oils, where their use is restricted to engine protection, make up about three-quarters of all usage.

Based on application type - The market is segmented into automotive and industrial lubricants. Automotive is expected to remain the dominant as well as the fastest-growing application in the market during the forecast period. While the industrial application is anticipated to experience a significant growth rate throughout the projected period, the automotive segment is expected to continue to hold the majority of the market share. In 2022, passenger car motor oil dominated the market, and this dominance is anticipated to continue during the forecast period. The requirement for passenger car motor oil is driven by EURO norms, which control the levels of nitrogen oxide, carbon monoxide, soot, and hydrocarbons associated with customer decisions to use fuel that is low in thickness and operationally efficient.

To know the most attractive segments, click here:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for lubricant additives during the forecast period. This growth outlook is majorly attributed to the following-

• This is supported by the region's substantial customer base and important player presence.
• The region's expanding industrialization and economic development have enabled greater vehicle production and ownership, which has increased the demand for lubricant additives in the area.

Lubricant Additives Market Drivers:

Some of the key drivers listed in the report are given below.
• Emerging economies in the Asia-Pacific region, which account for approximately 30% of the demand for lubricant additives, are the main market drivers in this sector.
• Due to the region's price sensitivity, the growing construction, manufacturing, and automotive industries-which are not subject to severe environmental regulations-fuel the demand for lubricant additives of moderate grade.

Top Companies in the Lubricant Additives Market:

Stratview Research has identified the following companies as the top market players.
• Afton Chemical Corporation.
• BASF SE
• Chemtura Corporation
• Chevron Oronite Company Llc
• Croda International Plc
• Evonik Industries Ag
• Infineum International Ltd.
• The Lubrizol Corporation
• Shamrock Shipping & Trading Limited
• Tianhe Chemicals Group

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Lubricant Additives Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Related Reports:
• Lubricating Oil Additives Market: https://www.stratviewresearch.com/3458/lubricating-oil-additives-market.html

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