The global lubricant additive market was valued at USD 15,240.70 million in 2017 and is projected to reach USD 18,325.77 million by 2023, at a CAGR of 3.12% during the forecast period, 2018-2023. By lubricant type, engine oil dominated the market with almost 50% market share in 2017.
STRINGENT ENVIRONMENTAL REGULATIONS REGARDING EMISSIONS
All lubricants are composed of base fluids and additives. Lubricant additive technology provides many benefits to the environment and the end-users. Environmental concerns contribute a major factor in lubricant formulation and use. Lubricant additives are vital ingredients in modern lubricants. They are the performance products that help maintain engines, transmissions, and after treatment equipment, in design condition for a longer duration. The enhancement in durability allows for more effective use of energy resources, provides capabilities to employ alternative fuels, and maintains low levels of exhaust emissions. The use of more environment-friendly fuels, including renewable fuels, in both automotive and industrial engines, is expected to drive the market for lubricant additives over the forecast period.
Detergents to have Higher Demand in Automotive Industry
Detergents are the surface additives involved in the process related to cleaning surfaces or basically protecting the deposits from settling. During the equipment (engine) operation, dirt, and oil insoluble products are formed as a result of oxidation. Detergents prevent these products from settling on engine surface, thus preventing the degradation of engine surface. Detergents contain metals such as calcium, sodium, barium, and magnesium helping them in their purpose of action. They generally form a protective layer around the metal surfaces to prevent sludge etc. Detergents are primarily used in automotive lubricants whose demand is expanding at a rapid rate across the globe primarily in Asia-Pacific. Therefore, the detergents are likely to witness a significant demand from automotive industry in the next few years.
China to Lead the Market
China as a global manufacturing hub, has seen dynamic growth in various industries, such as consumer products, electronics, toys and transportation equipment (like automobiles, rail cars etc.), all of which use lubricants. China is the largest producer of automotive, with more than 24 million vehicles in 2015 and the largest growth in the SUV market, with more than 5% sales growth in 2016. Used car sales have also grown significantly in the country. In the recent years, the Chinese Government has been focusing on recycling of waste lubricants, which remains a very narrow domain, but embodies huge development potentials in years to come. These aforementioned factors are expected to offset the overall growth in the lubricant additives market thus, projecting a moderate growth rate for lubricant additives in the region.
Notable Developments in the Market
• September 2017 : BASF commissioned technical lab at Innovation Campus Asia Pacific, located in Navi Mumbai, India.
Major Key Players: BASF SE, CHEVRON CORP., EVONIK INDUSTRIES AG, THE LUBRIZOL CORPORATION AND OTHER PLAYERS INCLUDE AFTON CHEMICAL CORPORATION, BRB INTERNATIONAL BV, WUXI SOUTH PETROLEUM ADDITIVE CO., CRODA LUBRICANTS, DOG CHEMIE, DORF KETAL, DOVER CHEMICAL, ENI S.P.A., INFINEUM INTERNATIONAL LIMITED, JINZHOU KANGTAI LUBRICANT ADDITIVES CO. LTD., KING INDUSTRIES INC., MULTISOL GROUP, R.T. VANDERBILT HOLDING COMPANY, RHEIN CHEMIE ADDITIVES, SHEPHERD CHEMICAL COMPANY, THE ELCO CORPORATION, TIANHE CHEMICALS CO.
Reasons to Purchase this Report
• Market analysis for the lubricant additives market, with region-specific assessments and competition analysis on a global and regional scale.
• Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
• Extensively researched competitive landscape section with profiles of major companies along with their market share.
• Identification and analysis of the macro and micro factors that affect the lubricant additives market on both, global and regional scales.
• A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
• Insights on the major countries/regions where this industry is growing and identify the regions that are still untapped.
• 3 months analyst support along with the Market Estimate sheet in excel.
Customization of the Report
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1.2 Research Methodology
1.3 Scope of the Study
2. Executive Summary
3. Global Lubricant Additives Market Insights
3.1 Market Overview
3.2 Industry Value Chain Analysis
3.3 Regulatory Policies Analysis
3.4 Industry Attractiveness – Porter’s 5 Force Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Consumers
3.4.3 Threat of New Entrants
3.4.4 Threat of Substitute Products and Services
3.4.5 Degree of Competition
4. Market Dynamics
4.1.1 Growing Global Automotive Industry
4.1.2 Rapid Industrialization in BRIC Nations
4.1.3 Stringent Environmental Regulations Regarding Emissions
4.2.1 Volatility in Prices of Single additives
4.2.2 High Price of Synthetic & Bio-Based Lubricants
4.2.3 Extended Oil Change Intervals in Machinery and Automobiles
4.3.1 Industrial Growth in Middle East & Africa
4.3.2 Developments of Novel Cheaper Products
4.3.3 Increased Acceptance of Comb Polymers
4.3.4 Growing Popularity of High-performance Lubricants in APAC
5. Market Segmentation and Analysis
5.1 By Function
5.1.1 Dispersants & Emulsifiers
5.1.2 Viscosity index improvers
5.1.5 Corrosion Inhibitors
5.1.6 Oxidation Inhibitors
5.1.7 Extreme-pressure additives
5.1.8 Friction Modifiers
5.2 By Lubricant Type
5.2.1 Engine Oil
5.2.2 Hydraulic Oil (Fluid)
5.2.3 Compressor Oils
5.2.4 Turbine Oils
5.2.5 Gear Oils
5.2.6 Metal Working Oils
5.3 By End-user Industry
5.3.3 Aerospace & Marine
5.3.6 Metallurgy & Metal Working
5.3.7 Other Industries
6. Regional Analysis
6.1.4 South Korea
6.1.5 ASEAN Countries
6.1.6 Rest of Asia-Pacific
6.2 North America
6.2.1 United States
6.2.4 Rest of North America
6.3.2 United Kingdom
6.3.5 Nordic Countries
6.3.6 Rest of Europe
6.4 South America
6.4.5 Rest of South America
6.5.1 Saudi Arabia
6.5.2 South Africa
6.5.3 Rest of MEA
7. Future of Lubricant Additives Market
8. Competitive Landscape
8.1 Mergers & Acquisitions
8.2 Joint Ventures, Collaborations and Agreements
8.3 Market Share Analysis
8.4 Strategies Adopted by Leading Players
8.5 Product Matrix
9. Company Profiles
9.1 Afton Chemical Corporation
9.2 BASF SE
9.3 BRB International BV
9.4 Wuxi South Petroleum Additive Co.
9.5 Chevron Corp.
9.6 Croda Lubricants
9.7 DOG Chemie
9.8 Dorf Ketal
9.9 Dover Chemical
9.10 Eni S.p.A.
9.11 Evonik Industries AG
9.12 Infineum International Limited
9.13 Jinzhou Kangtai Lubricant Additives Co. Ltd.
9.14 King Industries Inc.
9.15 Multisol Group
9.16 R.T. Vanderbilt Holding Company
9.17 Rhein Chemie Additives
9.18 Shepherd Chemical Company
9.19 The Elco Corporation
9.20 The Lubrizol Corporation
9.21 Tianhe Chemicals Co.
*(List Not Exhaustive)