Lubricant additives are organic or inorganic chemical compounds, which are either dissolved or suspended in order to improve the performance of lubricants and functional fluids. These compounds are utilized individually or formulated as a package according to end-use application. The demand for lubricant additive is major in heavy duty and passenger car segments, followed by metalworking fluids and industrial engine oils in the industrial application segment, owing to the lubricant consumption. The major additive types include dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers and emulsifiers, among others.
Increasing emergence of marine and aviation transportation, growing automotive industry and improved emission regulations in conjunction with fuel economy standards are driving the lubricant additives market growth. According to International Civil Aviation Organization (ICAO), over 3.5 billion passengers travelled in 2015, an increase of 6.4% from last year, leading to rising frequency of flights and more frequent lubricant changes. However, higher drain intervals for high grade lubricants inhibit the market growth owing to lubricant solutions with decreased maintenance costs and servicing.
The world lubricant additive market, is expected to reach $17,153 million by 2022, growing at a CAGR of 2.6%. The world lubricant additives market is segmented based on type, application and geography. The type segment is divided into dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, emulsifiers and others. By application, the market is bifurcated into automotive lubricants and industrial lubricants. Moreover, automotive lubricants are further segmented into heavy duty, passenger car and other automotive. In addition, industrial lubricants are divided into metalworking fluids, industrial engine oils, general industrial oils and others.
Geographically the market is segmented into North America, Europe, Asia-Pacific and LAMEA. The rapidly growing economies in Asia-Pacific have tremendous potential for lubricant additives since the rapidly evolving lifestyle demographics are driving automotive sales and industrial development to surge.
Key players in this market are adopting product launch as key business strategy to expand their market share. For example, Evonik Industries AG introduced DYNAVIS technology in August 2015, for formulating hydraulic oils making significant savings in energy consumption, while Infineum launched SV600 in January 2016, a viscosity modifier which provides fuel economy advantages and benefits in soot & viscosity control. The key players profiled in world lubricant additives industry include BASF SE, Evonik Industries AG, Infineum International Limited, Chevron Oronite Company LLC, Chemtura Corporation, Lubrizol Corporation, Croda International PLC, Afton Chemical Corporation, Vanderbilt Chemicals LLC and Rhein Chemie Corporation.
LUBRICANT ADDITIVES MARKET KEY BENEFITS
LUBRICANT ADDITIVES MARKET KEY SEGMENTS:
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