Global Lubricating Oil Additives Market Report and Forecast 2024-2032

Global Lubricating Oil Additives Market Outlook

The global lubricating oil additives market attained a value about USD 17.65 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 2.6% to reach about USD 22.23 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rising Demand for High Performance Engines in the Automotive Industry Bolstering the Market Growth

The growing sales of commercial and passenger vehicles are surging the deployment of lubricating oil additives to boost the performance of functional fluids, hence augmenting the growth of the industry. The expansion of production capacities by leading automobile companies such as Hyundai, Toyota, VW Group, Tata Motors, and GM, among others, are further increasing the demand for the lubricating oil additives. The evolution of the design of internal combustion engines is increasing heat and tension in the internal components of engines. This, in turn, is escalating the deployment of lubricating oil additives in engines with high revolution per minute (RPM) to enhance efficiency, which is invigorating the market growth. In addition, improvements in bearing technology and gear system are increasing the requirement of lubricating oil additives. Furthermore, the growing demand for bio-based lubricants owing to their eco-friendliness is providing impetus to the growth of the lubricating oil additives industry.

Lubricating Oil Additives: Market Segmentation

Lubricating oil additives are compounds that are typically used to enhance the performance of lubricants, functional fluids, as well as the durability of engines. They are used to boost properties such as corrosion resistance and antioxidation to increase the efficiency of oils. Lubricating oil additives also provide favourable properties to enhance the functionality of oils, due to which they are increasingly deployed in numerous industrial and automotive applications.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The major types of lubricating oil additives are:

• Dispersants
• Viscosity Index Improvers
• Detergents
• Anti-Wear Agents
• Anti-Oxidants
• Rust and Corrosion Inhibitors
• Friction Modifiers
• Emulsifiers
• Extreme Pressure Additives
• Pour Point Depressants (PPD)
• Others

The market can be broadly categorised on the basis of its application segments into:

• Engine Oils
• Gear Oils
• Process Oils
• Industrial Oils
• Hydraulic Fluids
• Metalworking Fluids
• Others

By sector, the industry is classified into:

• Automotive Sector
• Industrial Sector

The EMR report looks into the regional markets of lubricating oil additives like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rising Development of Smart Cities to Augment the Market Growth of Lubricating Oil Additives

The Asia Pacific lubricating oil additives industry is projected to witness rapid growth owing to the initiation of mega construction projects, rapid economic development, and the introduction of favourable government policies.  For instance, the Indian government permitted 100% foreign direct investments (FDI) in oil and gas PSUs in July 2021. Moreover, the development of smart cities is increasing the deployment of lubricating oil to enhance the energy efficiency, which is expected to bolster the lubricating oil additive industry growth. As the power industry is one of the largest consumers of lubricating oil additives, with their deployment in various applications ranging from turbine oil to transformer oil, its robust growth is estimated to drive the market growth in the forecast period.

Engine oil is anticipated to be one of the leading applications of lubricating oil additives in the coming years. The rising demand for engine oils can be attributed to their versatility, which makes them ideal for use in the transportation industry. In addition, the increasing number of vehicles in China and the rising transportation demands in India and ASEAN countries is further surging the demand for lubricating oil additives in the transportation industry. Although the market witnessed a slight hindrance due to the COVID-19 induced nationwide lockdowns and mobility restraints, the extensive demand for engine oils in industrial use is projected to propel the growth of the industry in upcoming years.

Key Industry Players in the Global Lubricating Oil Additives Market

The report presents a detailed analysis of the following key players in the global lubricating oil additives markets, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• The Lubrizol Corporation
• Chevron Oronite SA
• Afton Chemical Corporation
• Evonik Industries AG
• BASF SE
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report