The global lubricant additives market is expected to reach USD 18.85 billion by 2024, according to a new report by Grand View Research, Inc. Stringent regulations regarding the permissible amount of carbon emission in the atmosphere are expected to remain a key driving factor for global lubricant additives market. Additive prices witnessed a significant decline in 2015 as a result of fluctuations in prices of key raw materials. Their prices are heavily dependent on prices of calcium carbonate, zinc metal, and crude oil.
Viscosity index improvers were the leading product segment with demand share estimated at 23.3% in 2015. Friction modifiers, which act as a cushion between two coated surfaces thereby minimizing surface contacts, are expected to register highest volume growth of 3.5% over the forecast period.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/lubricant-additives-market
U.S. lubricant additives market volume by product, 2014 - 2024, (Kilo Tons)
Further key findings from the report suggest:
·
Global lubricant additives market demand was4.28
million tons in 2015 and is expected to reach 5.36 million tons by 2024,
growing at a CAGR of 2.5%from 2015 to 2024
·
Automotive lubricants were the largest
application segment and accounted for over 59.5% of total market volume in
2015. Increasing passenger car production and consequent sales particularly in
China, India, Thailand, and Indonesia is expected to drive this segment over the
forecast period.
·
General industrial oils were the largest segment
for industrial lubricants and accounted for over 35% of its volume in 2015.
Recovery of manufacturing sectors in North America and Europe along with high
industrial output in Asian markets is expected to drive the segment growth.
·
Passenger car motor oil was the leading segment
for automotive lubricant additives with its demand estimated at over 900 kilo
tons in 2015. Consumption is expected to be driven by developing aftermarket
for lubricating oils in emerging economies.
·
Asia Pacific emerged as the leading regional
market with demand share exceeding 30% in 2015. High demand for passenger cars
in China, South and Southeast Asia along with a robust lubricant aftermarket
sale is expected to complement the regional demand.
·
Global lubricant additives market is highly
concentrated in nature with Chevron Oronite, Afton Chemical, and Lubrizol being
the top manufacturers. Top four companies account for over three-quarters of
the industry share. Other key participants include BASF, Evonik Industries,
Chemtura Corporation, Shamrock Shipping & Trading Limited, Infineum
International Limited, IOCL, Croda International plc, and Tianhe Chemicals
Group.
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Grand View Research has segmented the lubricant additives market on the basis of product, application and region:
Global Lubricant Additives Product Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Dispersants
·
Viscosity Index Improvers
·
Detergents
·
Anti-wear Additives
·
Antioxidants
·
Friction Modifiers
·
Others
Global Lubricant Additives Application Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Automotive Lubricants
·
Heavy Duty Motor Oil
·
Passenger Car Motor Oil
·
Industrial Lubricants
·
General Industrial Oil
·
Industrial Engine Oil
·
Metalworking Fluids
Global Lubricant Additives Regional Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
North America
·
U.S
·
Europe
·
Germany
·
UK
·
France
·
Italy
·
Russia
·
Asia Pacific
·
India
·
China
·
Japan
·
Central & South America
·
Brazil
·
Middle East and Africa
·
Saudi Arabia
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