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Global Lubricating Oil Additives Market to Grow at a CAGR of 2.6% During 2021-2026, Aided by the Production of Nature-Friendly Lubricating Oil Additives

According to a new report by EMR titled, ‘Global Lubricating Oil Additives Market Report and Forecast 2021-2026’, the market attained a value of approximately USD 16.34 billion in 2020. The industry is further expected to grow at a CAGR of 2.6% in the forecast period of 2021-2026 to reach a value of nearly USD 19.06 billion by 2026.

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.

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 (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for functional types, applications, sectors, and regions of lubricating oil additives.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) 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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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