Transparency Market Research (TMR) has recently published a study on the global lubricant additives market, projecting this market to rise at a moderate CAGR of 2.66% during the period from 2014 and 2020. The research report, titled “Lubricant Additives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” states that the overall consumption of lubricant additives across the world is likely to increase from 4,093.45 KT in 2013 to an estimated volume of 4,934.61 KT by the end of the forecast period.
Lubricants are used for reducing friction between two or more surfaces in contact, eventually reducing the heat produced when the surfaces move. To improve the performance of these lubricants, additives such as antioxidants, corrosion inhibitors, detergents, anti-foaming agents, and friction modifiers are utilized. Each additive has a particular ability to perform one or more specific functions.
The global market for lubricant additives has been witnessing immense demand, thanks to the rapid rise of the automotive industry, worldwide. The increasing spending power of people across the world has fueled the demand for automobiles significantly, consequently stimulating the need for lubricant additives in the global arena.
Government-implemented stringent emission rules, aimed at curbing CO2 emission, are also fueling the need to use lubricant additives in base oils, adding significantly to the global market for lubricant additives, states the report.
The research report has studied the global market for lubricant additives on the basis of its regional distribution and the product available in this market. Based on the product, the market has been classified into dispersants, detergents, pour point depressants (PPD), VI improvers, antioxidants, and other additives such as metal deactivators, corrosion inhibitors, and anti-wear additives.
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In 2013, the dispersants segment led the overall market with a share of 20%. However, the antioxidants segment is likely to register the fastest growth during the forecast period, owing to the rising usage of antioxidants in order to save modern engines and turbines from oxidation.
Apart from these, the VI improvers segment is also anticipated to exhibit significant growth in the coming years on account of the increasing shift to lubricants with low viscosity from their high viscosity counterparts in emerging economies of Asia Pacific, states the research report.
Regionally, the report has segmented the global lubricant additives market into Europe, North America, Asia Pacific, and the Rest of the World. The demand for lubricant additives in these regions depends on their GHG emission norms. Europe has enforced the most stringent regulations followed by North America. In Asia Pacific, South Korea and Japan have introduced stringent emission rules in order to curb carbon footprints in this region.
Rhein Chemie Rheinau GmbH, NewMarket Corp., Tianhe Chemicals Group Ltd., The Lubrizol Corp., Infineum International Ltd., Evonik Industries AG, Chevron Oronite Company LLC, Chemtura Corp., and BASF SE are some of the international lubricant additive producers, mentioned in this market study.
The global lubricant additives market is segmented into:
By Product
- VI Improvers
- PPD (Pour Point Depressants)
- Detergents
- Dispersants
- Antioxidants
- Other Additives (Corrosion inhibitors, Metal deactivators, Anti-wear additives, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East
- RoW (Rest of the world)
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