The global lubricantadditives market had weighed in at 4,093.45 kilo tons in 2013. According to a market research report, it is expected to progress at a CAGR of 2.66% between 2014 and 2020 and reach 4,934.61 kilo tons by 2020.
In terms of products, the segments in the global lubricant additives market include viscosity index improvers, dispersants, antioxidants, detergents, and pour point depressants. Other minor additives in this category include extreme pressure additives, metal deactivators, anti-wear additives, and corrosion inhibitors.The global lubricant additives market was dominated by dispersants in 2013, in terms of volume. This segment accounted for over 20% of the market at the time.
At the same time, the report suggests that antioxidants will be the fastest-growing product segment in the global lubricant additives market for the given forecast period. This is attributed to the greater levels of oxidation that are occurring in complex modern machinery due to the lubricants applied.
The report also states that viscosity index improvers are expected to generate a higher share in the global lubricant additives market over the given timeline owing to an increase in VI improvers in Asia Pacific.One of the major promoters of the low viscosity lubricants is the increasingly stringent regulatory pressure imposed on the global lubricant additives market over harmful emissions. For instance, the carbon dioxide emission levels in Europe are expected to reduce from the current 130 grams per km, to 95 grams per km, by the end of 2021, and the Europe lubricant additives market will play a crucial role in supporting this.
At the same time, the global lubricant additives market will also be restrained by the lengthening of time between drain intervals. Improvements in the chemicals used by the global lubricant additives market have allowed consumers to increase the duration for which they stay in the vehicle before being drained off and replaced.
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The top companies in the global lubricant additives market are Tianhe Chemicals Group Limited, The Lubrizol Corporation, Chevron Oronite Company LLC., Infineum International Limited, and NewMarket Corporation. The competition between the key players of the market is high and each player has adopted several research and development efforts in order to achieve a greater market share. Due to this, it has become difficult for a new entrant to prosper largely in the global lubricant additives market, as there are few prospective investors in new players for the production facilities as well as research and development efforts. As such, most of the smaller players resort to producing specific additives, while the top players are the only ones left with the resources to maintain a diverse portfolio of products.
Key segments of the Lubricant Additives Market
Lubricant Additives Market: Product Segment Analysis
- VI Improvers
- PPD (Pour Point Depressants)
- Other Additives (Corrosion Inhibitors, Metal Deactivators, Anti-wear Additives, etc.)
Lubricant Additives Market: Regional Analysis
- North America
- Asia Pacific
- Middle East
- RoW (Rest of the world)
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