According to a new report
published by Allied Market Research titled, "World Lubricant Additives Market -Opportunities and Forecasts, 2015
-2022", the lubricant additives market is poised to reach $17,153
million by 2022, with a CAGR of 2.6% during the forecast period. The
dispersants and viscosity improvers segment leads the lubricant additives
market with more than three-fourths of the market share. Automotive lubricant
additives application segment accounted for more than two-thirds of the market
share and is expected to grow at a CAGR of 2.6% (in terms of volume) from 2016
to 2022.
Lubricant additives are
helpful in optimizing the performance of lubricants and other functional
fluids, as these addendums provide protection from corrosion and wear in
conjunction with regulating deposits and fluid thickness. The key elements that
drive the lubricant additives market growth include, rising automotive
industry, increasing transportation by marine & aviation and stringent
emission regulations. However, higher drain intervals of high grade lubricants
inhibit the market growth, owing to lubricant solutions with decreased
maintenance, costs and servicing.
Heavy duty and passenger
car lubricants segment dominated the automotive lubricant Additives market in
2015, generating more than four-fifths of the market share collectively. These
segments are estimated to grow with a CAGR of 2.4% and 2.6%, respectively,
during the forecast period. Metalwork fluids and industrial engine oils
accounted for more than 80% in 2015. Among different types of lubricant
additives, anti-wear agents are expected to grow with a highest CAGR of 3.8%,
owing to the enhanced mileage and emission standards expected from OEMs by
governing bodies.
Key findings of the
study:
·
Friction
modifiers, is projected to be the second fastest growing Additives segment in
the world lubricant additives market, registering a CAGR of 3.7% (in terms of
value) during 2016 and 2022.
·
Automotive
is projected to be the fastest growing application segment in the world
lubricant additives market, registering a CAGR of 2.6% (in terms of volume).
·
Dispersants
segment occupied around one-fourth of the market share, by volume, in the
global lubricant additive market in 2015.
·
Asia-Pacific is
projected to occupy the highest market value, registering a CAGR of 2.8%.
·
Heavy
duty oil lubricants amounted for nearly half of the market share, by value, in
2015, with a CAGR of 2.4%.
The Asia-Pacific and
LAMEA lubricant Additives markets are expected to offer lucrative growth
opportunities, with the CAGRs of 2.8% and 2.7%, respectively; this is due to
increasing economic development, expanding automotive ownership and rising
disposable income. The key players profiled in world lubricant Additives market
include, BASF SE, Evonik Industries AG, Infineum International Limited, Chevron
Oronite Company LLC , Chemtura Corporation, Lubrizol Corporation, Croda
International PLC, Afton Chemical Corporation, Vanderbilt Chemicals LLC and
Rhein Chemie Corporation.
About Us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in Portland,
Oregon. Allied Market Research provides global enterprises as well as medium
and small businesses with unmatched quality of “Market Research Reports” and
“Business Intelligence Solutions”. AMR has a targeted view to provide business
insights and consulting to assist its clients to make strategic business
decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps us generate
accurate research data tables and confirms utmost accuracy in our market
forecasting. Each and every data presented in the reports published by us is
extracted through primary interviews with top officials from leading companies
of domain concerned. Our secondary data procurement methodology includes deep
online and offline research and discussion with knowledgeable professionals and
analysts in the industry.
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