PUBLISHER: The Business Research Company | PRODUCT CODE: 1409580
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409580
“Lubricant Additives Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on lubricant additives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for lubricant additives? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The lubricant additives market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Lubricant additives are incorporated into lubricants to enhance their performance and prolong their lifespan. Their primary purpose is to elevate the quality of the base stock across diverse operating conditions, meeting the stringent performance requirements of machinery.
The key categories of lubricant additives encompass dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, corrosion inhibitors, friction modifiers, emulsifiers, and other variants. Dispersants refer to chemical substances that aid in breaking up an oil slick into extremely minute droplets that disperse throughout the water. Various lubricant types encompass engine oil, transmission and gear oils, hydraulic fluids, greases, metalworking fluids, and other varieties. These find applications across a range of end-users, including automotive and transportation, food processing, metalworking, power generation, and other sectors.
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The lubricant additives market size has grown strongly in recent years. It will grow from $17.22 billion in 2023 to $18.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion during the historical period can be credited to the growth of the automotive industry, industrialization, increased machinery usage, the implementation of stringent emission standards, a transition towards synthetic lubricants, a focus on fuel economy, and extended maintenance intervals.
The lubricant additives market size is expected to see strong growth in the next few years. It will grow to $22.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated expansion in the forecast period can be ascribed to the adoption of electric vehicles, the emergence of bio-based lubricants, an ongoing emphasis on ESG (Environmental, Social, Governance) considerations, efforts towards climate change mitigation, urbanization, infrastructure development, and a heightened focus on renewable energy. Key trends expected in the forecast period encompass digitalization in predictive maintenance, progress in additive technology, research and development in nanotechnology, tailored additive solutions, and the integration of e-commerce in the lubricant additives sector.
The lubricant additives market is anticipated to experience growth in tandem with the increasing sales in the automotive sector. The automotive industry, comprising diverse organizations dedicated to designing, developing, marketing, producing, and selling motor vehicles, has witnessed a surge in the utilization of lubricant additives in automotive engines. This is attributed to their role in enhancing performance and extending the life of lubricants. Notably, in May 2023, the European Automobile Manufacturers Association reported a substantial 5.7% increase in global motor vehicle production, reaching 85.4 million units in 2022 compared to the previous year. Additionally, Brand Finance plc highlighted a significant 10% rise in unit sales within the automobile sector, totaling approximately 78 million units in February 2022. Consequently, the escalating automotive sales are a driving force behind the growth of the lubricant additives market.
The growth of the lubricant additives market is also expected to be propelled by the escalating levels of carbon dioxide emissions. Carbon dioxide (CO2) emissions, stemming from the burning of fossil fuels in energy production, transportation, and industrial processes, contribute to environmental concerns. Lubricant additives play a crucial role in optimizing engine performance, improving fuel efficiency, and reducing CO2 emissions in vehicles. For instance, according to the International Energy Agency's March 2023 report, CO2 emissions from industrial processes and energy combustion increased by 0.9% or 321 million tonnes in 2022 compared to the previous year. This heightened demand for solutions to mitigate environmental impact, such as lubricant additives, is driving the growth of the market.
Leading companies in the lubricant additives market are actively innovating new products to cater to customer needs. One such example is the Infineum M8040 additive package, introduced by Infineum International Limited, a UK-based chemicals company, in May 2022. This additive package is designed for two-stroke engines running on very low sulfur fuel oil (VLSFO) with a sulfur content below 0.5%. It offers exceptional performance in engine cleanliness and is approved for MAN B and W two-stroke engines, including Mark 9 and higher. The Infineum M8040 eliminates the need to switch between 40 and 100 boron nitride (BN) lubricants, providing a more efficient and sustainable solution for marine engine lubrication.
Major players in the lubricant additives market continue to innovate, as seen with products such as Doverlube 31700. Launched by Dover Chemical Corporation, a US-based specialty chemicals producer, in February 2021, Doverlube 31700 is a polymeric ester additive aimed at enhancing lubricity in metalworking fluid and lubricant applications. This oil-soluble, non-staining proprietary additive can be used in conjunction with sulfur and phosphorus to improve performance or reduce their usage levels. It is soluble in both naphthenic and paraffinic base oils, suitable for use in soluble and semi-synthetic metalworking fluid formulations.
In July 2022, Gold Eagle Co., a US-based manufacturer and distributor of automotive aftermarket fluids and additives, acquired Lubrication Specialties Inc. The undisclosed acquisition is expected to facilitate the expansion of Lubrication Specialties' Hot Shot's Secret's global distribution into new channels under Gold Eagle Co.'s operational umbrella. This move aims to provide more customers with access to LSI's products, known to enhance horsepower, torque, and fuel efficiency, ultimately aiding in engine preservation. Lubrication Specialties Inc., based in the US, specializes in manufacturing lubricating oils and greases.
Major companies operating in the lubricant additives market report are Badische Anilin und Soda Fabrik Societas Europaea SE, Evonik Industries AG, Infineum International Limited, Chevron Oronite, The Lubrizol Corporation, Croda International PLC., Afton Chemical Corporation, Exxon Mobil Corporation, Valvoline Inc., Italmatch Chemicals S.p.A, Vanderbilt Chemicals LLC, Rhein Chemie Corporation, Laxness Corporation, Dover Chemical Corporation, Wuxi South Petroleum Additives, Akzo Nobel, Shell International B.V, China National Petroleum Corporation, Shamrock, Tianhe Chemicals, Chemtura Corporation, BRB International, Adeka Corporation, Dorfketal Chemicals (I) Pvt Ltd, Jinzhou Kangtai Lubricant Additives Co. Ltd, King Industries Inc., Multisol Group, RT Vanderbilt Holding Company Inc., Shepherd Chemical, Lubrizol Corp., Sinopec Corp., Total S.A., Royal Dutch Shell plc, British Petroleum public limited company .
Asia-Pacific was the largest region in the lubricant additives market in 2023. The regions covered in the lubricant additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the lubricant additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The lubricant additives market consists of sales of extreme pressure additives, extreme temperature additives, and biocide additives. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.