The global Lubricative Oil Adhesive market was valued at USD 15.42 Billion in 2018 and is expected to reach USD 19.24 Billion by the year 2026, at a CAGR of 3.3%. Lubricating oil additives are chemical compounds that enhance the performance of functional oils and lubricants.
Lubricating Oil Additives Market Size – USD 15.42 Billion in 2018, Market Growth – CAGR of 2.8%, Market trends – industrialization, and growth in the automotive industry
The lubricating oil additives enhance the performance of the lubricants and fluids thus are responsible for providing an efficient and economical performance of machines and appliances. Furthermore, these additives help in preventing corrosion, reducing friction, and extending the durability of the hardware. Moreover, lubricating oil additives are also used as detergents in oil formulations to stabilize dirt. The various functions of these additives are likely to support the market growth during the forecast years. Rapidly increasing transportation, rising demand for engine oil from passenger cars and commercial vehicles, growing automotive and industrial industry, improved regulations regarding fuel emissions and the advantages of additives to reduce emission and increase the efficiency of automobiles and lubricants are the factors driving the growth of lubricant oil additives market. Lubricant performance is enhanced through additive, which is substance synthesized for anti-friction properties and improve the chemical and physical properties of base oils, also increasing the equipment life.
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Further key findings from the report suggest
- Lubricating Oil additives market is anticipated to grow at a CAGR of 3% in the Asia-Pacific followed by North America and Europe, with 2.2% and 2.6% CAGR, respectively. Rapid urbanization and increasing industrialization are the key factors to accelerate market growth during the forecast period across all regions
- As of 2018, Dispersants were valued at USD 5.47 Billion and are expected to dominate the market during the forecast period.
- Manufacturers are focusing on various research & development activities to formulate efficient additive packages as specified by OEMs.
- The growing trend towards lightweight vehicles would be causative of an increase in the market demand during the forecast years.
- Engine oil lubricants occupy more than 50% lubricant oil additives market owing to their increased demand.
- The Middle East and the Africa region are expected to witness lucrative growth as market players prefer these regions due to the increasing industrialization as well as the presence of high-grade lubricants.
- Fluctuations in prices of raw material additives and the increasing demand for electric vehicles is likely to restrict the market growth during the forecast period
- Key participants include Afton Chemical, Chevron Oronite, BASF, Evonik Industries, Croda International
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For this report, Reports and Data have segmented the Lubricating Oil Additives market based on functional type, application, sector, end-use, and region:
Functional Type (Revenue in USD Million; Volume in Tons, 2016–2026)
- Anti-wear agents
- Extreme Pressure additives
- Viscosity Index Improvers
Application Type (Revenue in USD Million; Volume in Tons, 2016–2026)
- Engine Oil
- Gear Oil
- Process Oil
- Industrial Oil
- Hydraulics Fluid
- Metal Working Fluid
Sector Type (Revenue in USD Million; Volume in Tons, 2016–2026)
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Regional Outlook (Revenue in USD Million; Volume in Tons, 2016–2026)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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