Lubricating Oil Additives Market worth $20.4 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 26, 2021 /PRNewswire/ -- According to the new market research report "Lubricating Oil Additives Market by Type, Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil), Sector (Automotive & Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Lubricating Oil Additives Market is projected to reach USD 20.4 billion by 2026, at a CAGR of 2.3% from USD 18.2 billion in 2021.

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Lubricating oil additives are chemicals that are used to improve the efficiency of lubricants. These lubricating oil additives enhance existing base oil properties, suppress undesirable base oil properties and also impart new properties to base oils. Lubricating oil additives are used in various applications such as in engine oil, hydraulic fluid, gear oil, metalworking fluids, transmission fluid, grease, compressor oil and others. These additives can be categorized into ten types- viscosity index improvers, dispersants, detergent, anti-oxidants, anti-wear agents, rust & corrosion inhibitors, friction modifiers, extreme pressure additives, pour point depressants, and others. Viscosity index improvers had a larger share in terms of value in 2020 as compared to other counterparts.

Engine oil is the largest application segment of the lubricating oil additives market. APAC was the largest market for lubricating oil additives in 2020, in terms of value. Factors such as stringent government regulations and increase in automotive production in emerging economies will drive the lubricating oil additives market.

"Viscosity index improver is estimated to be the fastest-growing type in the lubricating oil additives market for the forecast period"

Viscosity index improvers are an important additive to formulate lubricants. These are the polymeric materials formed by polymerization of the appropriate monomers, namely, olefin copolymers (OCPs), poly alkyl methacrylates (PAMAs), poly-isobutylenes (PIBs), styrene block polymers (such as styrene isoprene, styrene-butadiene), and ethylene alpha-olefin copolymers. It helps maintain the viscosity of the lubricants for a longer operating interval and also improves the performance of finished lubricants by providing better fuel efficiency and higher durability. Thinner oils provide less resistance as they are moved throughout an engine, resulting in less energy loss and greater fuel economy. This will be the major driving factor for the viscosity index improvers in the lubricating oil additives market.

Hydraulic fluids was the second major application for the lubricating oil additives market in 2020 in the world"

The lubricating oil additives market size for hydraulic fluids accounted for the second-largest share of global lubricating oil additives after engine oil, in terms of value, in 2020 this was led by the demand from the automotive industry.

Hydraulic fluid is a lubricant used in hydraulic systems for transmitting power. The hydraulic fluids are composed of base oil and additives such as anti-wear agents, detergents, anti-oxidants, anti-foaming agents, and corrosion inhibitors. The hydraulic systems consist of the oil tank, hydraulic pumps, oil filter, control valves, pistons, and pipes. This system is widely used in industrial machinery, construction equipment, automotive, aircraft, and marine applications. Hydraulic fluids additives are used to enhance certain characteristics such as chemical and thermal stability, low compressibility, improved lubrication, low foaming, and rust and oxidation protection.

"Automotive was the major sector for the lubricating oil additives market in 2020 in the world"

The lubricating oil additives market size for automotive accounted for the largest share of global lubricating oil additives, in terms of value, in 2020 this was led by the demand for passenger vehicles and commercial vehicles. To enhance the performance of the complex engine, advanced lubricant is being used which includes various additives such as viscosity index improvers, dispersants, detergent, anti-oxidants, anti-wear agents, rust & corrosion inhibitors, friction modifiers, extreme pressure additives, pour point depressant, and others.

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"APAC is estimated to be the largest region in lubricating oil additives market in 2020."

APAC is projected to be the largest lubricating oil additives market, in terms of value, in 2020 due to the newly enforced stringent environmental regulations. The lubricating oil additives market in the APAC is also projected to grow at the highest CAGR, in terms of value, during the forecast period. The rising awareness regarding the advantages of lubricating oil additives plays a key role in the growth of the lubricating oil additives market in the region. The increasing sales in passenger cars and commercial vehicles in emerging nations including China and India are expected to further drive the demand for lubricating oil additives during the forecast period.

The key market players profiled in the report include BASF SE (Germany), Chevron Oronite Company LLC (US), The Lubrizol Corporation (US), Afton Chemical (US), Evonik Industries AG (Germany), LANXESS AG (Germany), Croda International Plc. (UK), Infineum International Limited (UK), ADEKA CORPORATION (Japan), BRB International (Netherland), International Petroleum and Additives Company (IPAC) (US), Tianhe Chemicals (China), Vanderbilt Chemicals, LLC(US), MOL-LUB Ltd. (Hungary), Eni S.p.A. (Italy), Clariant AG (Switzerland), Jinzhou Kangtai Lubricant Additives Co., Ltd. (China), Eurolub GmbH (Germany), Wuxi South Petroleum Additives (China), Dorf Ketal (India), Cerion Nanomaterials (US), Shamrock Shipping and Trading Ltd. (Cyprus), Jinzhou Runda Chemical Co., Ltd. (China), MidContinental Chemical Company(US), and Wynn's (US).

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