New York, Sept. 17, 2019 (GLOBE NEWSWIRE) -- The growing popularity of light weight vehicles, and an increase in the sales of automotive in emerging nations are driving the market for Lubricating Oil Additives.
The global lubricating oil additives market is forecast to reach USD 18.40 Billion by 2026, according to a new report by Reports and Data. Lubricating oil additives are used to improve the performance of lubricants and other functional fluids. The additive is selected for its ability to perform certain functions when combined with other additives. The largest application is in automotive engine crankcase lubricants. Many metalworking oils and industrial lubricants also contain lubricating oil additives.
Lubricant oil additives improve performance in extreme temperature and extend the life of the engine oil. Certain additives improve the viscosity of the engine oil for optimum performance under varying operating temperatures, thereby reducing wear and tear. Additives that reduce friction enhance the performance of the engine. Increase in aviation and marine transportation, growth in the automotive industry, and improved emission regulations in conjunction with fuel economy standards are driving the lubricant additives market.
However, higher drain intervals for high-grade lubricants inhibit the market growth owing to lubricant solutions with decreased maintenance costs and servicing. In addition, the fluctuations in the lubricant market are responsible for the relatively low growth rate of the world lubricant additives market. An incorrect combination under adverse weather conditions can alter the effects of engine oil additives.
The Asia Pacific region held a market share of 46.9% in the year 2018. Increased demand for global lubricating oil additives, especially in the automotive sector from China, Japan, India, South Korea, and Indonesia are driving the market. Additionally, the growth of the industrial sector and the need to increase the efficiency of the machines will propel the growth of the market.
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Further key findings from the report suggest
- Dispersants held a market share of 13.9% in the year 2018. Dispersants are found in lubricant oil with detergents to help engines stay clean and free of deposits. The primary function of dispersants is to keep particles of lubricant engine soot suspended or finely dispersed in the oil. Dispersants are mainly ashless and organic.
- Automotive Sector held the larger market share of 64.8% in the year 2018. High demand for additives in the automotive industry will drive the market in the coming years. These additives improve the properties of the lubricants providing the efficient and economical performance of the engine. They also prevent corrosion, improve the viscosity index, and act as antioxidants to extend hardware durability.
- Hydraulic fluids are forecasted to grow with a CAGR of 2.9% during the forecast period. It is the energy transfer medium in all hydraulic systems. Lubrication is crucial in hydraulic components to protect internal parts from wear and tear and downright melting, due to metal-to-metal friction.
- North America is forecasted to hold a market share of 20.9% in the year 2026. The region is the second-largest region for automotive production, which in turn raises the demand for lubricating oil additives. The U.S. is the major contributor with its high per capita vehicles in the world.
- Key participants Afton Chemical, Evonik Industries, Lanxess, BRB International, BASF, Infenium, Lubrizol Corporation, Croda, Clariant, and Dorf Ketal, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Lubricating Oil Additives market on the basis of functional type, application, industries, and region:
Functional Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Dispersants
- Detergents
- Anti-oxidants
- Anti-Wear Agents
- Viscosity Index Improvers
- Rust & Corrosion Inhibitors
- Emulsifiers
- Pour Point Depressants
- Friction Modifiers
- Extreme Pressure Additives
- Others
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Engine Oils
- Hydraulic Fluids
- Process Oils
- Metalworking Fluids
- Gear Oils
- Industrial Oils
- Others
Industries Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Automotive Sector
- Industrial Sector
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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