Global Lubricating Oil Additives Market to Grow at a CAGR of 2.6% During 2024-2032, Aided by the Production of Nature-Friendly Lubricating Oil Additives

As a result of rising concerns regarding environmental degradation, the manufacturing of bio-based lubricating oil additives is increasingly contributing to the growth of the market. Owing to extensive R&D activities regarding the production of new types of lubricating oil additives to reduce wear and friction and to improve the lubricating capacity and durability of the oil, the market for bio-based lubricants is expanding, consequently boosting the lubricating oil additives industry. The growing use of vegetable oil-based lubricants due to their biodegradability, renewability, and excellent tribological properties, is generating growth opportunities for environment-friendly lubricating oil additives. In addition, vegetable oils are non-toxic, renewable, and reduce dependency on petroleum oils. Furthermore, aided by government investments, manufacturers are constantly innovating to meet environmental requirements. Thus, the demand for nature-friendly lubricating oil additives is propelling the market growth.

BASF SE (ETR: BAS), a global leader in the market for lubricating oil additives, recently announced an increase in the production capacity of antioxidants for lubricants in January 2019. The company’s Fuel and Lubricant Solutions unit is investing in the emerging economies of China and Mexico to expand the production of antioxidants for lubricants. The capacity expansion is aimed at addressing the growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives. Antioxidants are essential to enhance the vehicle’s life by providing resistance to corrosion. The flourishing automobile sector is thus augmenting the demand for antioxidising oil additives, which is adding to the overall market growth of lubricating oil additives.

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Market Analysis by Functional Type, Application, Sector, and Region:

• On the basis of functional type, the market can be segmented into dispersants, viscosity index improvers, detergents, anti-wear agents, anti-oxidants, rust and corrosion inhibitors, friction modifiers, emulsifiers, extreme pressure additives, and pour point depressants (PPD), among others.
• Based on application, the market can be divided into engine oils, gear oils, process oils, industrial oils, hydraulic fluids, and metalworking fluids, among others.
• The market, based on sector, can be categorised into automotive sector and industrial sector.
• The major regional markets for lubricating oil additives are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

• The rise in demand for high performance vehicles is generating market growth of lubricating oil additives to enhance efficiency and boost anti-corrosive and antioxidant properties of the vehicle.
• The market is being driven by the rising demand from the application segments of lubricating oil additives ranging from turbine oil to transformer oil.
• The market growth is anticipated to be further augmented by the rising demand for engine oil in personal and passenger vehicles over the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global lubricating oil additives industry for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) markets for functional types, applications, sectors, and regions of lubricating oil additives.
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
• The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global lubricating oil additives market are The Lubrizol Corporation, Chevron Oronite SA, Afton Chemical Corporation, Evonik Industries AG, and BASF SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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