Global lubricant additives market is expected to witness rapid growth owing to high demand from major end-use industries such as construction, automotive, and manufacturing. Rapidly growing transportation industry is expected to fuel demand for automotive lubricants such as heavy-duty motor oil and passenger car motor oil.
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Increasing construction spending, especially in the developing regions such as Asia Pacific and Central & South America, are presumed to aid the industry as well. Burgeoning manufacturing industry led by emerging economies such as China, India, and Brazil is presumed to play a critical role in shaping the future market over the forecast period.
Alternative fuels such as LPG and CNG tend to increase lubricant life and extend their oil change intervals. Growing demand for such alternative fuels is expected to negatively impact demand in the near future. Increasing concerns regarding hazardous environmental impacts associated with conventional lubricants have fueled bio-lubricants’ demand in the recent past and is projected to continue this trend over the forecast period. Such growing demand for bio-lubricants is anticipated to hinder the global conventional lubricant additive industry.
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Dispersants, viscosity index improvers, detergents, anti-wear additives, antioxidants, corrosion inhibitors, friction modifiers, and extreme pressure additives are the major lubricant additive types. Among these products, dispersants accounted for a large chunk of the global demand over the recent years and is projected to continue this dominance over the forecast period. Viscosity index improvers’ market valuation is expected to experience the fastest growth over the next seven years.
Increasing awareness regarding detergent additives have resulted in wider acceptance across automotive and manufacturing industries. Corrosion inhibitors and anti-oxidant additives are gaining importance in automotive sector due to their ability to protect metal casings in engines from oxidation. These trends are expected to have a positive impact on the global market over the next six years. Abundant feedstock availability coupled with growing demand for industrial additives in machineries and metal casings is expected to further drive the global industry growth over the forecast period.
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