Lubricant Additives Market
Lubricant Additives Market (Product Type: Viscosity Index (VI) Improvers, Pour Point Depressants (PPD), Detergents, Dispersants, Antioxidants, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Global Lubricant Additives Market: Key Highlights
- The global demand for lubricant additives stood nearly at US$ 15.72 Bn in 2018 and is projected to reach over US$ 18 Bn by 2027. Lubricant additives are blended with base oils to produce finished lubricants. These additives perform different functions to enhance the life and performance of finished lubricants.
- In terms of volume, global lubricant additives market is anticipated to reach more than 5,000 Kilo Tons by 2027. The lubricant additives market would be chiefly driven by the strict emission standards and increasing number of passenger cars in developing countries during the forecast period.
- China has announced their VI emission standards for 2021 and India has planned to skip Bharat Stage V and implement Bharat Stage VI emission standards from 2020 onwards. These new emission standards in developing countries is likely to drive global lubricant additives market.
- Lubricant additives primarily include viscosity index (VI) improvers, corrosion inhibitors (CI), pour point depressants (PPD), antioxidants, and friction modifiers. The percentage of additives used in lubricants depends upon the specific nature of their applications.
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Global Lubricant Additives Market: Phenomenal Characteristics by Viscosity Index Improvers and Antioxidants
- Viscosity index (VI) improvers are a class of additives that optimize the rheological properties of a lubricant and enable it to work at extreme temperatures. These are polymeric materials adapted from the following technologies: poly-alkyl methacrylates, olefin copolymers, styrene block polymers, and poly-isobutylene and ethylene alpha-olefin copolymers.
- VI improvers reduce the viscosity of engine oils that results in better performance and lower carbon emissions. The market share of VI improvers is anticipated to increase during the forecast period. The shift from high to low viscosity lubricants is expected to fuel the consumption of VI improvers significantly in global lubricant additives market from 2019 to 2027.
- VI improvers can be used in engine oils, automatic transmission fluids, gear oils, greases, and various hydraulic fluids.
- Antioxidants is expected to be the fastest-growing segment during the forecast period. The major reason for the increase in consumption of antioxidants is the high probability of damage to modern engines and turbines from oxidation in lubricants.
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Global Lubricant Additives Market: Regional Insights
- Asia Pacific dominated the global lubricant additives market in 2018 with more than 32% market share in terms of volume. Factors such as increasing number of passenger cars in China, increased disposable income, and stringent emission regulations have significantly contributed to the major market share of the region.
- Asia Pacific is considered as the most attractive market for lubricant additives. However, improved performance of finished lubricants that results in longer drain interval is hindering the growth of the lubricant additives market. Improved drain interval minimizes the consumption of finished lubricants and would ultimately affect the consumption of lubricant additives.
- The permissible emission limits in Europe and North America are very low chiefly due to strict emission standards. High disposable incomes in these regions allow OEMs to provide better technology for the engines used in vehicles. High quality lubricants are preferred in these regions. These lubricants are compatible with the engines and result in lower emission and better fuel economy. The emission standards in Middle East countries such as the UAE have also improved over the years.
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Global Lubricant Additives: Competition Landscape
- Some of the key players in the lubricant additives market include
- NewMarket Corporation
- Infineum International Limited
- Chevron Oronite Company LLC.
- The Lubrizol Corporation
- Tianhe Chemicals Group Limited.
- These companies compete with each other to increase their market share in the lubricant additives market.
- The global lubricant additive market was dominated by top five players in 2018. These players offer packaged formulated components and most of these compounds are captively manufactured. The major players observe that the end-users market is highly competitive and have high bargaining power.
- In April 2019, Mitsui Chemicals held a groundbreaking ceremony for a new plant for Lucant, a leading brand of Lubrizol Additives business segment. The additional plant is anticipated to meet growing demand from lubricants market.
- In January 2020, Vertellus acquired Bercen Chemicals which will strengthen Vertellus’s current portfolio and supports lubricant additives market in North America.
Global Lubricant Additives Market: Overview
TMR’s recent publication on the global lubricant additives market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the global lubricant additives market analyzes the market with respect to the historical and current market scenario and offers forecast for the period from 2019 to 2027.
Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive insights on the global lubricant additives market enclosed in the study. The report on the global lubricant additives market also provides in-depth understanding of key market trends and advancement made by companies. This TMR report is divided into different sections to allow readers to gain individual understanding of the global lubricant additives market.
Key Queries Addressed in Report
- How much volume sales is expected to be generated in the global lubricant additives market by the products during the forecast period?
- What are key growth indicators and market dynamics that are expected to drive the global lubricant additives market in the next five to seven years?
- Which regions are estimated to provide lucrative opportunities to the global lubricant additives market during the forecast period?
- What are the essential strategies adopted by key players operating in the global lubricant additives market in order to expand their geographical presence?
The first section of the TMR’s report on the global lubricant additives market begins with a premise that includes report scope, market segmentation, and research highlights. This is followed by the executive summary that highlights aspects of the global lubricant additives market covered in the study. This section provides brief understanding of market elements and enables readers to understand the aspects covered in the study. The report also includes market dynamics on lubricant additives that offer understanding of market drivers, restraints, and opportunities.
The next section includes segmentation analysis of the global lubricant additives market. This evaluation includes segmentation of the global lubricant additives market based on product and region. Further, antioxidants product segment is bifurcated by its derivatives from 2018 to 2027. Furthermore, analysis of key segments, year-on-year growth projection, and basis point share analysis are included in the report. These help readers identify promising areas for growth of the market.
The TMR’s study on the global lubricant additives market offers assessment of the geographical landscape of the market. The regional study helps market competitors make important decisions pertaining to their business. Individualized, region-wise, and segment-wise analysis helps readers decipher the growth potential for the market across various geographies. Supported by year-on-year growth projection and global market value and volume share, this section is a vital part of the lubricant additives report.
The study on the global lubricant additives market offers a holistic competitive value judgment, with details of leading as well as emerging market players. The dashboard view of competitors operating in the global lubricant additives market allows readers to understand business strategies of these players along with their performance.
Global Lubricant Additives Market: Research Methodology
The TMR’s report on the global lubricant additives market is based on detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the global lubricant additives market, in terms of competition scenario, is supported by individual-level examination of different avenues related to the market. Furthermore, for secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the required understanding of the global lubricant additives market. This helps TMR’s analysts derive crucial predictions and forecast of the global lubricant additives market. Readers can access the study of the global lubricant additives market to gain projected market analysis for the period from 2019 to 2027.
Global Lubricant additives Market: Segmentation
PPD (Pour Point Depressants)
Rest of the world (RoW)