Global Lubricating Oil Additives Market: Information by End-User (Automotive, Industrial, and Others), Type (Antioxidant, Viscosity Index Improver, Detergent, and Others), Application (Engine Oil, Gear Oil, and Others), and Region—Forecast till 2023 Lubricating oil additives are chemical compounds added to lubricating oil to provide new properties or enhance the present properties of the base oil. Some additives help suppress the undesirable properties of the base oil as well. These additives are mainly applicable in the automotive industry to allow for the safe and efficient working of the engine, gearbox, and other assembly. Moreover, this product is used in compressors and refrigeration systems to increase the lifespan of the machine. The additives that enhance the existing properties of the lubricating oil are anti-foaming agents, corrosion inhibitors, and antioxidants, whereas pour-point depressants and viscosity index improvers help suppress the undesirable properties of the base oils. In addition, detergents, extreme-pressure additives, and emulsifiers provide new properties to the base oils. For instance, on 7 September 2017, BASF India Limited, a subsidiary of BASF SE, inaugurated its new technical laboratory for fuel and lubricant solutions at its Navi Mumbai plant in India. The laboratory mainly focuses on oil packages for turbines, hydraulics and compressors, and the latest-generation tractors by achieving better fuel efficiencies and enhancing the lifetime of the complex machinery.
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The key players operating in this market are adopting various business strategies such as product launches, expansions, joint ventures, agreements, R&D, and acquisitions to gain significant market shares. For instance, on 7 September 2017, BASF India Limited, a subsidiary of BASF SE, inaugurated its new technical laboratory for fuel and lubricant solutions at its Navi Mumbai plant in India. The laboratory mainly focuses on oil packages for turbines, hydraulics and compressors, and the latest-generation tractors by achieving better fuel efficiencies and enhancing the lifetime of the complex machinery.
The global lubricating oil additives market has been segmented on the basis of end-user, type, application, and region. Based on end-user, the global lubricating oil additives market has been segregated into automotive, industrial, and others. Considering the type of additive, the global lubricating oil additives market has been divided into antioxidant, demulsifier, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others. By application, the global lubricating oil additives market has been categorized as engine oil, gear oil, hydraulic fluid, industrial oil, process oil, and others. The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key Players and Competition Analysis
Some of the leading players in the global lubricating oil additives market are the Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), and Krystal Lubetech Private Limited (India).
The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest share of the global lubricating oil additives market in 2017. This can be attributed to the increased demand for the product in the automotive sector, especially in emerging economies such as China, India, Japan, Indonesia, and South Korea. Moreover, the growth of the industrial sector and the need for increasing the efficiency of machines are likely to fuel the growth of the lubricating oil additives market during the forecast period. North America and Europe are the other substantial markets for lubricating oil additives. North America being the second-largest region in automotive production, the demand for lubricating oil additives is expected to increase in the coming years. The rising need to reduce gas emissions and enhance fuel economy, coupled with advancements in the automotive sector, and is projected to boost the demand for the product in Europe. The major countries in this region contributing to market growth are Germany, the UK, France, and Italy. Lastly, the markets in the Middle East & Africa and Latin America are estimated to witness significant growth during the forecast period owing to technological advancements and the increasing demand for automobiles in these regions. Browse the market data and information spread across 100 pages with 47 data tables and 16 figures of the report “Global lubricating oil additives market segmentation type application and region forecast to 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/lubricating-oil-additives-market-6316
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