Lubricant Additives Market Expected to Reach $20.54 billion by 2026 – BASF ,Evonik, Chevron, Afton, Croda, Lubrizol, Tianhe

According to Publisher, the Global Lubricant Additives market is accounted for $13.89 billion in 2017 and is expected to reach $20.54 billion by 2026 growing at a CAGR of 4.4%. Some of the key factors responsible for the market growth include increasing marine and aviation transportation, growing automotive industry across the globe, stringent emission norms, extensive R&D to develop better and environment friendly products. However, factors such as fluctuations in the lubricant market, automobile manufacturers focusing on engine downsizing and drive towards alternative fuels are hindering the market growth.

Lubricant additives improve the lubricants characteristics. They are usually liquid formulations that are added to a variety of petroleum products in order to improve their qualities which was lost or wasn't able to meet during various actions. These additives are added in very minute concentrations. Additives do a variety of functions within engine lubricants. It is used to raise the lubricant properties such as anti-foams, anti-oxidation and more to avoid lubricants from getting ruined due to microbial growth and water. Most of the lubricant additives are added to the lubricant in order to improve the lubricant performance of base oil.

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Amongst application, passenger car motor oil dominated the global market and is expected to maintain its dominance over the forecast period. EURO norms, regulating the amount of nitrogen oxide, carbon monoxide, soot and hydrocarbons together with changing consumer preferences towards using operationally efficient and low viscosity fuel is driving the need for passenger car motor oil. Based on geography, Asia Pacific held largest market share being the global manufacturing hub of the world. Developing economies such as China and India, rising actions in the construction, industrial and automotive sector provide a further push to the market. Lower cost of production has provided a great opportunity for the global players to place them in the Asia-Pacific region.

Some of the key players in the global market BASF SE, Evonik Industries Ag, Chevron Oronite Company Llc, Afton Chemical Corporation, Shamrock Shipping & Trading Limited, Croda International Plc, The Lubrizol Corporation, Tianhe Chemicals Group, Infineum International Ltd., Chemtura Corporation, Jinzhou Kangtai Lubricant Additives Co. Ltd., DOG Chemie, Wuxi South Petroleum Additive Co., Shepherd Chemical Company, The Elco Corporation, Eni S.p.A.,
BRB International BV, Dorf Ketal and Dover Chemical.

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Posted by on Friday October 04 2019, 7:15 AM EST. All trademarks acknowledged. Filed under Advanced Materials, Business Services, Chemicals, Chemicals & Materials, Featured Press Release, Metallurgical, Metals & Minerals, Plastics, Pulp & Paper, Textiles. Comments and Trackbacks closed. Follow responses: RSS 2.0

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