Lubricant Additives Market to Garner $31.3 Billion, Globally, By 2030 at 3.7% CAGR, Says Allied Market Research

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Apr 06, 2022, 09:30 ET

Increased demand from the automotive industry and stringent environmental regulations regarding emission drive the growth of the global lubricant additives market.

PORTLAND, Ore., April 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Lubricant Additives Market by Type (Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers and Others) and Application (Industrial and Automotive): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global lubricant additives industry generated $18.3 billion in 2020, and is anticipated to generate $31.3 billion by 2030, witnessing a CAGR of 3.7% from 2021 to 2030.

Prime determinants of growth

Increased demand from the automotive industry and stringent environmental regulations regarding emission drive the growth of the global lubricant additives market. However, fluctuating prices of crude oil hinder the market growth. On the other hand, increase in market opportunities from developing economies presents new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global lubricant additives market, owing to decline in demand for lubricant additives from the end-use industries such as automobile.
The pandemic had halted the production facilities of the lubricant additives industry and disrupted the supply chain, owing to the implementation of lockdown.
However, the market is going to recover soon in 2022.

The dispersants segment to maintain its leadership status throughout the forecast period

Based on type, the dispersants segment held the highest market share in 2020, accounting for more than one-fourth of the global lubricant additives market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its wide usage in forming additive packages for both, automotive and industrial segments. Moreover, the antioxidants segment is projected to manifest the highest CAGR of 4.7% from 2021 to 2030. This is because anti-oxidants help increase the oxidative resistance of base oil and also allow the lubricants to operate effectively at higher temperatures.

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The automotive lubricant additives segment to maintain its lead position during the forecast period

Based on application, the automotive lubricant additives segment accounted for the largest share in 2020, contributing to more than two-thirds of the global lubricant additives market, and is projected to maintain its lead position during the forecast period. This is owing to the rapid development in the automotive sector and increase in production of vehicles in major regions. However, the industrial lubricant additives segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030. This is owing to rapid industrialization, use of lubricant additives for the effective use of energy resources, and expansion of various end use industries.

Asia-Pacific, followed by LAMEA & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by LAMEA & North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global lubricant additives market. Moreover, the same region is expected to witness the fastest CAGR of 3.9% during the forecast period, attributed to the presence of key players and huge consumer base in the region.

Leading Market Players

BASF SE
Evonik Industries AG
Infineum International Limited
Chevron Oronite Company LLC
Chemtura Corporation
The Lubrizol Corporation
Croda International PLC
Afton Chemical Corporation
VAnderbilt Chemicals LLC
Rhein Chemie Corporation.

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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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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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