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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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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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