Market Research Future published a Half Cooked Research Report on “Global Lubricant Additives Market Research Report – Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
BASF SE, Chemtura Corp., Chevron Oronite, Croda International, Evonik Industries, Infineum International, Lubrizol Corp, Shamrock Shipping & Trading Limited, Tianhe Chemicals, Afton Chemical Corporation among others are some of the prominent players at the forefront of competition in the Global Lubricant Additives Market and are profiled in MRFR Analysis.
Lubricant Additives Market – Overview
Lubricant Additives are predominantly added to lubricants to enhance specific favorable properties. Lubricant Additives market is predicted to witness moderate growth due to its significant usage in automotive & industrial sector. Among application segment, industrial lubricant is expected to register strong growth in the near future on account of improving and modernizing manufacturing process in numerous end use industries. Furthermore, growing per capita disposable income has led to increase the demand for passenger cars among the middle class population in developing countries which in turn opened the new avenues for the product market over the forecast period.
Geographically, Asia Pacific emerged as the largest market for Lubricant Additives followed by North America and Europe in 2016. The Asia Pacific region accounted for largest market share of lubricant additives market in 2016 and is estimated to retain its dominance over the forecast years due to increasing demand from automotive and various industrial sector specifically in China, India, Japan, Vietnam, Thailand, Taiwan, and South Korea. In addition to this, the growth of Lubricant Additives is largely driven by development fuel efficiency norms combined with increasing environmental concerns about carbon emission in developing economies. Moreover, economic growth in this region along with industrialization has enabled greater production and sales of lightweight and heavy duty vehicles. Furthermore, increased investment by key operating players in their R&D activities and shifting of lubricant additives production units as well as significantly increasing end use industries in this region is estimated to drive the lubricant additives regional market growth. North American market is predicted to witness steady growth due to increasing demand from automotive sector. In North America, U.S. and Canada are among the major contributor in the regional market growth owing to the rising sale of passenger vehicles as well as growing tendency for possession of individual vehicle. Europe is predicted to witness moderate growth due to growing automotive production and sales in various countries such as Germany, Italy, UK, France, and Spain. Middle East & African market is estimated to register above average growth owing to increasing industrial set up specifically in Qatar, Turkey, the United Arab Emirates, Oman, and Saudi Arabia. Latin American countries such as Brazil and Mexico is expected to register moderate growth due to strong consumer base for automotive industry.
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Industry/ Innovation/ Related News:
January 2017- Evonik Industries AG acquired units of U.S. based Air Products Performance Materials Business. This strategic acquisition put Evonik in superior position for further profitable growth in the lucrative specialty additives market. This acquisition is predicted to raise the adjusted earnings per share of Evonik Industries in 2017 business year.
April 2017– Olean and The University of Malaya (UM) established an agreement in which they together will join each other in research to produce a new generation of environmentally friendly additives for lubricants. This project has a duration of two years and will build on Oleon’s expertise in lubricant additives.
April 2017- LANXESS acquired U.S. based Chemtura, a leading supplier of lubricant additives and flame retardant. This strategic move enhance the company’s additives portfolio and increase its presence in North America. Moreover, Chemtura’s urethanes and organometallics businesses will merge into LANXESS Portfolio and expansion of this provides company and additional strong pillar.
May 2016– US based Afton Chemical Corporation constructed a lubricant additive manufacturing plant on Jurong Island. This plant cost around USD 100 million and will manufacture key components used in Afton’s engine oil additives to meet the increasing regional and global demand. This plant will help company to strengthen its position in Asia Pacific region.
May 2016– Lanxess expanded its capacity for light colored sulfur carriers at its sites in Mannheim, Germany and Antwerp, Belgium. With this capacity expansion, the company strengthen its position in market for the highly specialized industrial lubricant additives.
The Lubricant Additives Market Report analyses the degree of competition among the major players as well as industry growth and market scenario. The Global Lubricant Additives Market includes various players operating in the market which comprised of large scale and medium size producers. The important market players operating in the Global Lubricant Additives Industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of lubricant additives to meet the increasing demand for lubricant additives.
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