Lubricant Anti-wear Agents Market worth $784 Million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 15, 2020 /PRNewswire/ -- According to the new market research report "Lubricant Anti-wear Agents Market by Type (ZDDP, Phosphate, Phosphite, Phosphonate) by Application (Engine Oil, Automotive Gear Oil, Automotive Transmission Fluid, Hydraulic oil, Metalworking Fluid, Grease) and Region - Global forecast to 2025", published by MarketsandMarkets™, the Lubricant Anti-wear Agents Market is projected to grow from USD 698 million in 2020 to USD 784 million by 2025, at a CAGR of 2.4% from 2020 to 2025.
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Browse in-depth TOC on "Lubricant Anti-wear Agents Market"225 – Tables 42 – Figures 224 – Pages
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The growing demand for passenger and commercial vehicles in the automotive industry and the increasing GDP in the Asia Pacific driven by increasing industrial activities are the key factors fueling the growth of the Lubricant Anti-wear Agents Market across the globe.
The merchant segment of Lubricant Anti-wear Agents Market, by sales channel, is expected to be the largest market from 2020 to 2025.
Merchant is a non-specific term used for anyone who sells anything, but only refers to the product or service that is being sold for a profit. The merchant sales channel in the Lubricant Anti-wear Agents Market refers to companies that produce lubricant anti-wear agents to be sold to package manufacturers to be resold to lubricant blenders. Lubricant anti-wear manufacturers may also sell products directly to lubricant blenders to be used as additives in various types of lubricants such as industrial lubricants and automotive lubricants. In the merchant sales channel, lubricant manufacturers do not require investing significantly on infrastructure such as in additive manufacturing plants and raw material for the production of lubricant anti-wear agents.
The engine oil application segment is projected to lead the global Lubricant Anti-wear Agents Market during the forecast period.
Engine oils anti-wear agent additives are designed to protect passenger car engines, heavy duty diesel engines, marine diesel engines, motorcycle engines, recreational vehicle engines, power tool engines, stationary natural gas engines, and others from mechanical wear and corrosion. They help enhance vehicle performance by improving fuel efficiency. They also offer excellent lubrication at different temperatures and reduce the environmental impact.
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Asia Pacific Lubricant Anti-wear Agents Market is projected to grow at the highest CAGR
The Lubricant Anti-wear Agents Industry in the Asia Pacific is expected to grow at the highest CAGR from 2020 to 2025. India, China, Indonesia, and Japan are key countries contributing to the increased demand for lubricants and, thus, lubricant anti-wear agents. Factors such as increasing GDP led by the rising industrial activities in the Asia Pacific have increased the demand for lubricant anti-wear agents in this region. Furthermore, the growth of transportation, power generation, mining, and other sectors are responsible for the growth of the Lubricant Anti-wear Agents Market in the Asia Pacific.
Afton Chemical (US), BASF SE (Germany), Chevron Oronite (US), Solvay (Belgium), LANXESS (Germny) are some of the leading players operating in the Lubricant Anti-wear Agents Market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.
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