Lubricant additives can be defined as substances formulated to provide actions a better experience that reduces friction and enhances performance, all the while extending the life of the tool. The product can be both organic or inorganic. However, stringent regulations are taking the market towards bio-friendly products. The market for lubricant additives market can make a moderate growth with a CAGR of over 3%, which as per the report of Market Research Future (MRFR) can surpass a predicted valuation of USD 16.4 billion during the forecast period of 2021 to 2028.
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Among significant factors, the impact of the global automotive and transportation industry would be substantial due to the growing stringent regulations. Automobiles sales have increased, and the market is expanding to distant corners. Growing exploration activities and investment in research & development sector can inspire the market. But dwindling crude oil prices can be a deterrent for the global market.
The global market for lubricant additives has been discussed by MRFR in a report where they have studied various details of the market. The process included segmentation of the market into function, type, and end-use industry.
By function, the global market for lubricant additives can be founded on antioxidants, dispersants, viscosity index improvers, rust & corrosion inhibitors, extreme pressure additives, anti-wear agents, anti-foaming agents, pour point depressants, detergents, demulsifiers, friction modifiers, tackifiers, emulsifiers, and others.
By type, when considered for a study, the global market included transmission fluids, engine oils, hydraulic fluids, gear oils, steering fluids, absorber fluids, grease, turbine oils, metalworking fluids, and others.
By end-use industry, the market includes various industries like energy, construction, automotive, aerospace & defense, food processing, marine, metallurgy & metalworking, and others. These segments can transform the lubricant additives market share considerably.
North America, Europe, and Asia-Pacific (APAC) can witness substantial growth in the region-specific understanding of the lubricant additives market. The Middle East & Africa (MEA) market has the potential to score well as various fossil fuel sectors are from this region only.
The APAC market scored the highest in 2018 by collecting the highest market share among its peers. This would include various industries like construction, automotive, aerospace & defense, and energy who are enjoying growing investment in respective markets. Industrialization and urbanization have a significant role to play in deciding the future market movement for the regional market.
Europe and North America are expected to score substantially well as a lot of companies are from these two regions. High consumption of automotive, growing defense sector and aerospace industries in various countries are expected to take these regional markets ahead. Both these regions also display a strong industrial base, which can influence the intake of lubricant additives.
Brazil and Chile are undergoing various industrial changes owing to which these country-specific markets can expect strong traction from the product. At the same time, the consumption rate is growing, which can inspire the regional market. The presence of various manufacturing units in GCC, UAE, and Saudi Arabia can influence the market for lubricant additives in the Middle East & Africa.
The report discusses the enhanced market competition that is a result of the efforts of the following market players:
- Afton Chemical (US)
- Total (France)
- Croda (UK)
- Chevron Oronite (US)
- BRB International (Netherland)
- Lanxess (Germany)
- BASF (Germany)
- Infineum (UK)
- Evonik Industries (Germany)
- Lubrizol (US)