Lubricant Additives Market to Deliver Prominent Growth And Opportunities Analyzed for Coming Years

Lubricant additives are a blend of several chemicals that are mixed together with a base oil. The primary objective of these additives is to optimize the performance of the base lubricant. These additives not only help in improving the life of their base lubricants, but also help in other functions such as cleaning engines, cutting down on friction, stabilizing oxidation, and avoiding engine wear.

The global demand for lubricant additives stood nearly at US$ 15.72 Bn in 2018 and is projected to reach over US$ 18 Bn by 2027. Lubricant additives are blended with base oils to produce finished lubricants. These additives perform different functions to enhance the life and performance of finished lubricants. In terms of volume, global lubricant additives market is anticipated to reach more than 5,000 Kilo Tons by 2027. The lubricant additives market would be chiefly driven by the strict emission standards and increasing number of passenger cars in developing countries during the forecast period.

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Trends Shaping Growth of Lubricant Additives Market

The global market for lubricant additives has been recently experiencing a tremendous demand. This demand is particularly high because of their increasing need in their prominent application sectors such as power, marine, automotive, and industrial machinery among others. Increasing consumption of lubricants is expected to have a direct and positive impact on the overall development of the lubricant additives market. The market growth is being driven due to a variety of micro as well as macroeconomic factors. At the forefront of it sit factors such as strict governmental regulations and mandates for emissions and recent technological developments.

Lubricant additives are blended with base oils to produce finished lubricants. These additives perform different functions to enhance the life and performance of finished lubricants. High performance by these additives also increases the life span of machinery and reduces maintenance cost. Lubricant additives are used in industries such as automobile, marine, aviation, and power.

PPDs boost the operational range of engine oils by interfering with the wax crystal growth patterns. Demulsifiers prevent formation of emulsion by altering the surface tension of the oil. Friction modifiers are long-chain polar additives that are added to reduce the surface friction of lubricated parts. Detergents function as chemical cleaners to guard combustion surfaces against harmful deposits and combustion acids. Antioxidant agents, also known as oxidation inhibitors, can successfully improve oxidation stability by deactivating catalytic metallic contaminants and by decomposing any formed reactive hydro peroxides within the oil. Similarly, anti-wear agents, foam inhibitors, rust inhibitors, and extreme pressure additives are added to impart specific properties to the finished lubricants.

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Asia Pacific to Dominate Global Market in Coming Years

Asia Pacific dominated the global lubricant additives market in 2018 with over 30% market share in terms of volume. Factors such as increasing number of passenger cars in China, increased disposable income, and stringent emission regulations have significantly contributed to the major market share of the region. Asia Pacific is considered as the most attractive market for lubricant additives. However, improved performance of finished lubricants that results in longer drain interval is hindering the growth of the lubricant additives market. Improved drain interval minimizes the consumption of finished lubricants and would ultimately affect the consumption of lubricant additives.

The permissible emission limits in Europe and North America are very low chiefly due to strict emission standards. High disposable incomes in these regions allow OEMs to provide better technology for the engines used in vehicles. High quality lubricants are preferred in these regions. These lubricants are compatible with the engines and result in lower emission and better fuel economy.

Some of the key players in the lubricant additives market include NewMarket Corporation, Infineum International Limited, Chevron Oronite Company LLC., The Lubrizol Corporation, and Tianhe Chemicals Group Limited.

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