Lubricant additives also known as oil additives is a chemical compound used to improve the performance of base oil. The varied combination of different additives and their quantities are determined by the lubricant types (engine oil, gear oil, hydraulic oil, cutting fluids and way lubricants) and the operating conditions such as temperature, loads, machine parts and environment. The amount of additives in the base oil may reach up to 30%.
Increased demand from the end-use industries such as marine and aviation, growth in the automotive and transportation sector has resulted as a significant factor in propelling the market growth. Additionally the increased pressure of regulatory to specifically improve the efficiency of the fuel, thereby reducing the emission of greenhouse gases is also driving the market growth. However the increasing trend towards the adoption of alternative fuels and price fluctuation in the lubricant market may result in hampering the market growth. Moreover, increased investment for the development of environmental friendly products has resulted in generating better market opportunities.
The lubricant additives market is majorly segmented on the basis of types and applications. Depending upon the types, market is bifurcated into: Dispersants, Viscosity index improvers, Detergents, Anti-wear agents, Antioxidants, Corrosion inhibitors, Friction modifiers, Emulsifiers, while on the basis of applications it is segmented into: automotive and industrial sectors.
The lubricant additives market is analysed across the regions such as: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Among the regions spanned, Asia Pacific is expected to hold the major market share, owing to the government norms and regulation by the government to improve the fuel efficiency for the reduction of carbon emission in the countries such as India, China and Japan. Expansion in the manufacturing and automotive sector is also propelling the regional growth.
Many key players are adopting the strategies such as innovation in the products and expansion to improve the market penetration. The key players in the market are: 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.
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