Lubricating Oil Additives Market: Overview
Constant advances have been made in the formulations for lubricating oil and functional fluids for use in range of industrial applications. Additives have to come occupy a crucial role in imparting the various desired performance characteristics and often are instrumental in enhancing the properties of the base oil. In essence, lubricant oil manufacturers world over have unveiled several lubricants with new qualities by incorporating a combination of additive chemicals.
The demand for specialty chemicals for catering to the requirements of additives in industrial lubricant is a key driver for the evolution trajectories of the lubricant oil additive market. The automotive industry is one of the key consumers of lubricant oils, wherein they are commonly used in gears, engine crankcase, and as hydraulic fluids. Thus, the growing use of lubricant oils in range of applications is driving sizable sales in the lubricant oil additives market.
Lubricating Oil Additives Market: Drivers, Current Growth Dynamics, Lucrative Avenues
The need for reducing service intervals and improve the machine durability is a key factor propelling advancements in the lubricating oil additives market. Depending on the functional requirements required, the products in the lubricant oil additives market comprise dispersants, oxidation inhibitors, detergents, antiwear agents, and viscosity index improvers. Other common categories are emulsifiers and demulsifiers. A significant proportion of engine oils consists of lubricant oils. In addition to meeting common functional characteristics, some additives are chosen for their biocidal properties. The addition of each of the oil additive might serve different operating conditions such as loads, temperature, machine parts materials, and environment. Thus, the wide range of demand to meet different operating conditions drives the growth of the lubricating oil additives market.
New avenues in the lubricant oil additives market have come from some big advancements in the formulations of metalworking fluid (MWF) additives. Advancements made in machinery used in commercial and industrial applications has set the tone for innovations in auto vehicle lubricants, thereby heavily influencing the growth dynamics of the market. The fluctuation in raw material prices is a key trend that has hampered the long-term prospects of the lubricating oil additives market.
Lubricating Oil Additives Market: Competition Landscape and Key Developments
The lubricating oil additives market is seemingly competitive with low scope of product differentiation. Only few players hold prominence in the market, mainly by following captive sourcing of raw materials. Top players are keen on adopting novel formulations to retain their stronghold in the lubricating oil additives market.
Regulatory frameworks pertaining to auto emissions in developed and developing economies have increasingly shaped the direction of investments by prominent players in the lubricant oil additives market.
Some of the key players in the market are MidContinental Chemical Company, Cerion Nanomaterials, Eurolub GmbH, Clariant AG, International Petroleum and Additives Company, BRB International, Infineum International, Limited Evonik Industries AG, Chevron Oronite Company LLC, and BASF SE.
Lubricating Oil Additives Market: Regional Landscape
Asia Pacific is replete with massive opportunities. Rebound in automotive production in emerging and developed economies in the region is expected to spur sales of antifoaming agents in the lubricating oil additives market in the foreseeable future. Substantial demand for engine oils in several industrialized nations is a key factor propelling the prospects of the regional market. The Asia Pacific lubricating oil additives market is also expected to witness incremental avenues on the back of strides made by specialty chemical manufacturing.
North America is another lucrative lubricating oil additives market. Enormous advancements in the specialty chemical formulations notably in extreme pressure (EP) additives and rust and corrosion additives have opened up lucrative avenues for players in the established markets.
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