Lubricant Additives Market: Global Major Key Players Analysis and Forecast to 2024

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.

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.

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.

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.

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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.

Top Players of Lubricant Additives Market:

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.

Market Segmentation of Lubricant Additives Market:

The Global Lubricant Additives Market segmented on the basis of Product, Application and Region.

By Product:

    Dispersants
    Viscosity Index Improvers
    Detergents
    Anti-wear Additives
    Antioxidants
    Friction Modifiers

By Application:

    Automotive Lubricants
        Heavy Duty Motor Oil
        Passenger Car Motor Oil
    Industrial Lubricants
        General Industrial Oil
        Industrial Engine Oil
        Metalworking Fluids

By Region:

    North America
    Europe
    Asia Pacific
    Central & South America
    Middle East and Africa

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