The global lubricant additives market is expected
to reach USD 18.85 billion by 2024, according to a new report by Grand View
Research, Inc. Stringent regulations regarding the permissible amount of carbon
emission in the atmosphere are expected to remain a key driving factor for
global lubricant additives market. Additive prices witnessed a significant
decline in 2015 as a result of fluctuations in prices of key raw materials.
Their prices are heavily dependent on prices of calcium carbonate, zinc metal,
and crude oil.
Viscosity
index improvers were the leading product segment with demand share estimated at
23.3% in 2015. Friction modifiers, which act as a cushion between two coated
surfaces thereby minimizing surface contacts, are expected to register highest
volume growth of 3.5% over the forecast period.
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Further key findings from the study suggest:
- Global lubricant additives market demand was4.28 million tons in 2015 and is expected to reach 5.36 million tons by 2024, growing at a CAGR of 2.5%from 2015 to 2024
- Automotive lubricants were the largest application segment and accounted for over 59.5% of total market volume in 2015. Increasing passenger car production and consequent sales particularly in China, India, Thailand, and Indonesia is expected to drive this segment over the forecast period.
- General industrial oils were the largest segment for industrial lubricants and accounted for over 35% of its volume in 2015. Recovery of manufacturing sectors in North America and Europe along with high industrial output in Asian markets is expected to drive the segment growth.
- Passenger car motor oil was the leading segment for automotive lubricant additives with its demand estimated at over 900 kilo tons in 2015. Consumption is expected to be driven by developing aftermarket for lubricating oils in emerging economies.
- Asia Pacific emerged as the leading regional market with demand share exceeding 30% in 2015. High demand for passenger cars in China, South and Southeast Asia along with a robust lubricant aftermarket sale is expected to complement the regional demand.
- Global lubricant additives market is highly concentrated in nature with Chevron Oronite, Afton Chemical, and Lubrizol being the top manufacturers. Top four companies account for over three-quarters of the industry share. Other key participants include BASF, Evonik Industries, Chemtura Corporation, Shamrock Shipping & Trading Limited, Infineum International Limited, IOCL, Croda International plc, and Tianhe Chemicals Group.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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