Lubricating Oil Additives Market Expected to Reach USD 20.19...

Lubricating Oil Additives Market Expected to Reach USD 20.19 Billion By 2028

Posted 2023-08-03 06:05:44

Market Summary: The Lubricating Oil Additives Market is projected to reach a value of USD 20.19 Billion by 2028, showing a Compound Annual Growth Rate (CAGR) of 2.6% throughout the forecast period, starting from USD 16.38 Billion in 2020. The market's growth is primarily driven by the increasing emphasis on prolonging the lifespan of automobiles and industrial machinery. Lubricating oil additives are extensively used in the automotive and industrial sectors to improve the efficiency and performance of gearboxes, engines, and machinery components, as well as to enhance overall equipment durability. These additives are compatible with both synthetic and mineral oils.

Key Benefits of Lubricating Oil Additives: Lubricating oil additives offer several advantages, including improved performance, prevention of gaps in oil circulation, reduction of foam around the crankshaft, decreased friction in engine components, prevention of sludge buildup, and extension of engine and machinery life.

Factors Driving Market Growth: Rapid urbanization and increasing consumer demand for commodities are leading to the expansion of industrial manufacturing bases, resulting in higher demand for lubricating oil additives. These additives come in a wide range of viscosities and ISO grades to meet various application requirements, from high- and low-temperature environments to marine settings and applications with potential food contact requiring low-toxicity lubricants. Additionally, the growing use of lubricant oil additives according to Original Equipment Manufacturer (OEM) specifications to improve fuel economy and reduce viscosity will drive industry growth.

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Impact of Electric Vehicles: Although electric vehicles (EVs) are emerging, lubricating oil additives will still play a crucial role in these vehicles. EVs require specialized lubricants tailored to their specific powertrain requirements. Lubricating oil additives can help minimize transmission fluid and engine friction in EVs. Manufacturers are focusing on developing specialty lubricant additives to enhance durability, efficiency, and performance while minimizing friction for EVs.

Challenges to Market Growth: The market's growth may face challenges due to volatile raw material costs and the significant growth of the electric vehicle industry.

Regional Outlook: In 2020, Asia Pacific held the largest share of the lubricating oil additives market, accounting for around 46.9%, equivalent to USD 6.04 Billion. The region's industry is expected to expand further due to urbanization, increased demand for passenger vehicles, and growth in the automotive and industrial sectors of countries like China and India.

The Middle East & Africa is projected to make a significant contribution to the lubricating oil additives market, with an estimated CAGR of 2.9% through 2028, driven by rising automobile demand and a focus on lubricant oil technology development.

North America is expected to hold approximately 20.9% of the market by 2028, primarily driven by being the second-largest hub for automotive production and the presence of key automotive manufacturers in the region.

End-use Outlook: The automotive sector dominated the lubricating oil additives market in 2020, accounting for about 64.8% of the market share and is expected to remain the dominant end-user segment through 2028.

Application Outlook: Technological advancements in automotive machinery are driving the demand for lubricant upgrades. Additives are primarily used in automotive vehicle oils, representing approximately 70% or more of total lubricant oil additives consumption.

Hydraulic fluid applications are projected to grow at a rate of 2.9% over the analysis period, as hydraulic systems play a crucial role in automotive energy transfer.

The dispersant application segment is set to grow at a CAGR of 3.2% through 2028, driven by increasing product adoption for preventing sludge and oxidation of metal parts in vehicles.

Engine oil application accounted for a major share of the lubricating oil additives market in 2020 and is expected to exhibit continued growth through 2028.

Competitive Landscape: Key players in the lubricating oil additives market include Afton Chemical, Chevron Oronite, BASF, Evonik Industries, Lubrizol, Lanxess, Croda International, Infineum International, BRB International, and Tianhe Chemicals. These companies are focused on improving lubricating oil technology to cater to advanced vehicles.

For example, Lubrizol additives launched Lubrizol PV1119 in 2017, a new additive technology that protects against low-speed pre-ignition (LSPI) and premature chain wear in modern engines.

On August 19, 2020, Lucas Oil Products announced plans to introduce a new Synthetic 4-Stroke SxS Engine Oil designed specifically for use in ATV, UTV off-road vehicles, and Side-by-Side vehicles, protecting vital engine components in challenging driving conditions.

Segmentation: The report provides revenue forecasts and analyzes market trends for the Lubricating Oil Additives market in various segments:

Functional Type: Dispersants, Detergents, Anti-oxidants, Anti-wear agents, Extreme Pressure additives, Viscosity Index Improvers
Application Type: Engine, Gear, Process, Industrial, Hydraulics Fluid, Metal Working Fluid
Sector Type: Automotive, Industrial
Regional Outlook: North America (U.S., Canada), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil), Middle East & Africa.

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