Market Overview
The
Global Lubricant Additive Market is projected to hold a market value of
USD 18.5 billion in 2023 and is further anticipated to reach a market value of
USD 27.7 billion by 2032 at a
CAGR of 4.6%.
The global lubricant additive market refers to the enterprise that is engaged in the production and distribution of chemical compounds that are designed to enhance the performance and residences of lubricants, which are ordinarily used to reduce friction in automobiles. These components are in the main used within the business and automotive sectors. Lubricant components are combined with base oil to improve their residences, such as better viscosity management, oxidation resistance, and anti-wear houses.
Market Dynamic
In the prospect of this market, it's far necessary to recognize and adapt to the converting market dynamic. It is vital for companies to exchange their strategies with the changing tendencies, as those factors determine which way the market will develop. The international lubricant additive market in general seeks to improve the efficiency and sturdiness of machinery & vehicles, which is the major driver behind the growing demand for high-performing lubricants.
New advances in this market such as the development of more effective anti-wear agents, antioxidants, and friction modifiers directly impact the growth of this market. Economic growth in various industries like automotive, manufacturing & construction influence the demand for lubricant additives. The expansion of these sectors creates more growth opportunities for this market.
As consumers are becoming more conscious about the environment and eco-friendly products, they are shifting their preference towards lubricants with biodegradable and sustainable additives. This shift in consumer preference influences the growth of the Global Lubricant Additive Market.
Research Scope and Analysis
By Product
In terms of product, dispersants dominate this market as they held a 24.1% market share in 2023 and are projected to show subsequent growth in the upcoming years as well. The reason dispersants dominate this market is that they play a vital role in improving the performance and longevity of lubricants.
Dispersants are chemical compounds that is added to the lubricant to prevent the chemical reaction where they form harmful deposits and sludge. Dispersants work by keeping insoluble contaminants such as soot, oxidation products, and other impurities, finely suspended particles in the lubricant from sedimenting otherwise this will cause engine failure.
By Application
The segmentation of the global lubricant additive market by application highlights various uses of lubricant additives in different sectors, where the automotive sector holds 63.4% of the market share in 2023 and is expected to show significant growth in forthcoming years as well. In automotive industries based on their usage on different vehicles, lubricant additives are categorized as heavy-duty motor oil & passage car motor oil. Heavy-duty motor oil is used on heavy-duty vehicles like trucks, and buses whose, engines are larger and more powerful.
These additives reduce friction, protect the engine, and ensure that the engine meets emission standards by controlling its carbon footprint. As for, Passenger car motor oil, it is formulated for smaller and lighter vehicle engines like cars. This motor oil is formulated with specific lubricant additives that maintain engine efficiency and extend engine life. These lubricants also help to minimize carbon emission in vehicles that align with the environmental standard set by the government.
The Global Lubricant Additive Market Report is segmented on the basis of the following:
By Product
- Dispersants
- Viscosity Index Improvers
- Detergents
- Anti-wear Additives
- Antioxidants
- Friction Modifiers
- Others
By Application
- Automotive Lubricant
- Heavy Duty Motor Oil
- Passenger Car Motor oil
- Others
- Industrial Lubricant
- General Industrial Oil
- Industrial Engine Oil
- Metalworking Fluids
- Others
Regional Analysis
Asia-Pacific region not only emerged as the dominant consumer of lubricant additives but also dominated this market in manufacturing as it held 35.0% of the market share in 2023. The reason behind the growth of this market is attributed to its continuous growth and engagement in the economic and industrial sectors.
Asia-Pacific harbors the largest and fastest-growing automobile industry as this sector is a significant consumer of lubricant additives, especially passenger cars, commercial vehicles, and two-wheelers.
Major Asian countries like China, India, South Korea, and Japan act as prominent manufacturing hubs for lubricant additives. Many leading manufacturing companies have opened their production facilities in these countries as they offer cost-efficient labor and raw materials that cater to the growing demand for lubricant additives and give this market a new prospect to grow.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The competitive landscape of the global lubricant components marketplace is marked by the aid of intense competition the various main players competing with each other to gain a competitive edge over others. The growth of this market is driven by multinational organizations, regional players, and startups. Multinational organizations like BASF SE and Infineum International Ltd dominate this industry as they provide an extensive variety of lubricant additives, fulfilling the needs of automotive and different manufacturing industries.
These groups are competing with each other to benefit from a competitive aspect in this market that is driven by the growing call for sustainable and fee-efficient merchandise. Continuous studies and development efforts are vital in this enterprise. Companies that put money into research and improvement create more increase opportunities and gain an area. The main key gamers in this market are BASF SE, LANXESS, Chevron Oronite Company, Croda International, Evonik Industries, Lubrizol Corporation, Tianhe Chemical Group, Hornett Brothers & Co. Ltd., MidContinental Chemical Co., and others.
Some of the prominent players in the Global Lubricant Additive Market are:
- BASF SE
- LANXESS
- Chevron Oronite Company
- Croda International
- Evonik Industries
- Lubrizol Corporation
- Tianhe Chemical Group
- Hornett Brothers & Co. Ltd.
- Midcontinental Chemical Co.
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Lubricant Additive Market:
The COVID-19 pandemic and subsequent financial crisis had a significant impact on this market. Travel restrictions and lockdowns during the first phase of the COVID-19 pandemic had an impact and reduced demand for automotive and industrial lubricants. The pandemic also disrupted global supply chains leading to raw material shortages that disrupted production lines and created a new complexity in manufacturing and distribution channels.
As this industry was facing a slow increase there has been a shift in the call for a high-performance lubricant. This shift had many important implications in this market.
The pandemic highlighted the significance of the environment in the way it affects our fitness and our everyday lifestyles. After a lot of these disruptions in this marketplace as the world moves to get over the pandemic and adapt to the brand new regular, the lubricant additive market is anticipated to stabilize and adapt to the changing market dynamic and purchaser preferences.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 18.5 Bn |
| Forecast Value (2032) |
USD 27.7 Bn |
| CAGR (2023-2032) |
4.6% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Dispersants, Viscosity Index Improvers,
Detergents, Anti-wear Additives, Antioxidants,
Friction Modifiers and Others), By Application
(Automotive Lubricant and Industrial Lubricant) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
BASF SE, LANXESS, Chevron Oronite Company, Croda
International, Evonik Industries, Lubrizol Corporation,
Tianhe Chemical Group, Hornett Brothers & Co. Ltd.,
Midcontinental Chemical Co., and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Lubricant Additive Market is projected to hold a market value of USD 18.5 billion in 2023 and
is further anticipated to reach a market value of USD 27.7 billion by 2032 at a CAGR of 4.6%.
Lubricant Additives are used to reduce friction in machines and automobiles.
Asia-Pacific region not only emerged as the dominant consumer of lubricant additives but also placed
itself first in manufacturing as it holds 35.0% of the market share in 2023.
The major key players in the Global Lubricant Additive Market are BASF SE, LANXESS, Chevron Oronite
Company, Croda International, Evonik Industries, Lubrizol Corporation, Tianhe Chemical Group, Hornett
Brothers & Co. Ltd., MidContinental Chemical Co., and others.