With the influx of advanced machines and tools in the industrial sector to achieve efficiency in their performance, the need for lubricants for these machines and tools to produce desired output also arises. A lubricant is a thin film that minimizes friction between moving metal parts by preventing metal-to-metal contact. The application of lubricants to ease out the movement of machine parts is not new and has been there before the dawn of Iron Age. However with complexities present in the modern machineries, use of additives in lubricants to improve their properties is a must.
A base fluid together with an additive package constitutes a lubricant. The main function of the base fluid is to lubricate and carry additives. Additives are added either to improve an existing property or to add a new property to the base fluid. The already existing properties include viscosity index, viscosity, oxidation resistance and pour point. The new properties which are added may include friction reduction, leak reduction, cleaning and suspending ability, corrosion control and anti-wear performance. A friction additive is used to reduce the friction between the moving metal parts. It functions by forming a durable low resistant lubricant film as it is absorbed on the metal surface via association with the base fluid. Common materials such as molybdenum compounds, long chin fatty acids and their derivatives can be used as additives to inhibit friction in oil. In addition to minimizing friction, these additives also help in reducing wear at low temperatures and enhance fuel efficiency. The aging of machine parts causes them to wear. At higher operating temperatures the thickened grease matrix gets destroyed thus resulting in oil leakage into the combustion chamber via other machine parts and get burned away with the fuels. Oil leakage also causes contamination of the lubricants. Hence, leak reducing additives are required that would prevent softening of the lubricant under high shear or at high operating temperatures. Chemical compounds used as leak reducing additives in oil are long chain, high molecular weight polymers.
Amidst the declining oil prices the friction and leak-reducing additives market is expected to grow in order to fast growing demands of the industries, especially the automotive industry among others. The key drivers for such market to develop are the abilities of the additives to improve fuel efficiency and ensure prolonged lifetime of the machineries. Furthermore, the frequent amendments in the emission norms around the globe may also contribute to such lubricant additives market to progress in the coming years. The stagnant demand for high end gasoline by the industries and huge investment involved in the research and development of such additives may intervene in such market development.
Asia pacific is expected to be the largest market for friction and leak reducing additives market in the coming years as it is the global manufacturing hub of the world. Especially emerging economies like China and India maintaining their low cost of production may be attractive for the additives market to develop. Additionally the revised emission norms in these nations may also call for increased usage of friction and leak reducing additives, thus leading to such market to progress. North America and Europe are expected to follow Asia Pacific in such market growth. Europe is predicted to experience slow growth due to its economic slowdown. The Middle East and Africa are also projected towards slow growth of the lubricant additives market owing to ongoing political unrest over there.
The lubricant additives market is segmented based on products such as grease, mineral oil, bio-based oil, and synthetic oil. Grease is formed by adding a thickener at apt proportion to the mixture of base oil and additives. A mineral oil lubricant uses mineral oil derived from crude oil as the base fluid. In synthetic oil lubricant synthetic oil containing synthetic hydrocarbons such as polyester, di-ester and many others is used as a base fluid. Bio-based oil used as a base fluid in bio-based oil lubricant.
Some of the key players in friction and leak reducing market are BASF SE, Evonic Industries Ag, The Lubrizol Corporation, And Chevron Oronite Company,LLC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.