What is Global Lubricant Additives Market?
The Global Lubricant Additives Market is a vast and dynamic sector that plays a crucial role in the smooth functioning of various industries. Lubricant additives are chemical compounds added to lubricants to enhance their performance and extend their lifespan. These additives are used to improve the viscosity, friction, and oxidation stability of the lubricants, making them more efficient and effective. The market for these additives is global, meaning they are produced and used all over the world. The value of this market was estimated at US$ 15670 million in 2022 and is projected to reach US$ 17910 million by 2029. This indicates a steady growth in the market, with a Compound Annual Growth Rate (CAGR) of 1.9% expected from 2023 to 2029.
Single Component, Additive Package in the Global Lubricant Additives Market:
The Global Lubricant Additives Market is segmented into two main categories: Single Component and Additive Package. Single Component additives are those that are added individually to the lubricant to enhance a specific property. These can include anti-wear agents, antioxidants, and viscosity index improvers, among others. On the other hand, Additive Packages are pre-formulated mixtures of additives that are designed to provide a broad range of enhancements to the lubricant. These packages can simplify the process of formulating a lubricant, as they eliminate the need to measure and mix individual additives. The main suppliers in this market are Lubrizol, Infineum, Chevron Oronite, and Afton, which together account for more than 85% of the production share. Lubrizol alone accounts for about 33% of the production share.
Heavy Duty Motor Oil, Passenger Car Motor Oil, Metal Working Fluids, Others in the Global Lubricant Additives Market:
The Global Lubricant Additives Market finds its applications in various areas such as Heavy Duty Motor Oil, Passenger Car Motor Oil, Metal Working Fluids, and others. Heavy Duty Motor Oil requires additives that can withstand high temperatures and pressures, and that can prevent wear and tear in heavy-duty engines. Passenger Car Motor Oil, on the other hand, requires additives that can improve fuel efficiency and extend the life of the engine. Metal Working Fluids require additives that can prevent rust and corrosion, and that can improve the lubricity of the fluid. Other applications of lubricant additives can include industrial lubricants, marine lubricants, and aviation lubricants, among others. In terms of consumption, North America and Europe are the leading regions, accounting for about 24% and 25% of the market share respectively.
Global Lubricant Additives Market Outlook:
The Global Lubricant Additives Market outlook highlights the steady growth and dynamic nature of this market. The market was valued at US$ 15670 million in 2022 and is expected to reach US$ 17910 million by 2029, indicating a CAGR of 1.9% during the forecast period of 2023-2029. The market is dominated by four main suppliers: Lubrizol, Infineum, Chevron Oronite, and Afton, which together account for more than 85% of the production share. Lubrizol alone accounts for about 33% of the production share. In terms of consumption, North America and Europe lead the market, accounting for about 24% and 25% of the market share respectively. This outlook provides a comprehensive overview of the current state of the Global Lubricant Additives Market and its potential for growth in the coming years.
| Report Metric | Details |
| Report Name | Lubricant Additives Market |
| Accounted market size in 2023 | US$ 15670 million |
| Forecasted market size in 2030 | US$ 17910 million |
| CAGR | 1.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Lubrizol, Infineum, Chevron Oronite, Afton, Chemtura, BASF, Tianhe, Adeka, Additiv Chemie Luers, Akzo Nobel, Dow Chemical, IPAC, Miracema Nuodex, PCAS, Sanyo ChemicalIndustries, Vanderbilt |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
