Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agents, Emulsifiers, and Others) and Application (Automotive and Industrial)

Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agents, Emulsifiers, and Others) and Application (Automotive and Industrial)

The lubricant additives market was valued at US$ 15584.9 million in 2021 and is projected to reach US$ 19880.1 million by 2028; it is expected to grow at a CAGR of 3.5% from 2021 to 2028.

The demand for lubricants from the wind energy sector is expected to boost the lubricant additives market in the coming years. Renewable energy is a division of the power generation industry, which is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy types. According to the data provided by the US Department of Energy, the US installed 16,836 MW capacity of new wind electric turbines in 2020. Furthermore, the country plans to achieve 20% of its electricity consumption through wind energy by 2030. As per a study by the University of Michigan, the US is estimated to install wind power generation plants at twice the pace recorded in the next decade to reduce carbon emissions and avoid the impact of climate change on utilities. Thus, the growth trajectory of wind power as an alternative to conventional energy sources holds potential opportunities for lubricant producers, which is expected to boost the market for lubricant additives during the forecast period. The onset of the COVID-19 pandemic led to a decrease in the demand for lubricant additives due to the slowdown of major economies in the world in 2020. Moreover, fluctuations in the prices of raw materials and stringent government policies against the application of lubricant additives hamper the lubricant additives market progress.

The lubricant additives market, by type, has been segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. The dispersants segment held the largest share of the market in 2020. Dispersants are lubricant additives that prevent in forming sludge, varnish, and other deposits formed in the oil. The raw materials required for formation of dispersants includes polyalkenyl-substituted mono or dicarboxylic acid, anhydride, and nucleophilic reactants such as an amine, alcohol, amino alcohol, or polyol. Succinimide dispersants are the majorly used dispersant category, which is employed in preventing flocculation of sludge and precipitation of insoluble materials formed during oxidation.

In 2020, Asia Pacific held the largest revenue share of the lubricant additives market. The major factor driving the market growth in this region is the high demand for lubricant additives from manufacturing, automotive, oil & gas, textile, glass, power generation, paper and pulp, chemicals and petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries. Strong automotive and food & beverages industries in Japan, South Korea, China, and India create a huge demand for lubricant additives that are used in motor oil and engine oils. The fast economic growth—coupled with an increase in purchasing power, especially in developing economies—propels the consumption of passenger vehicles. The flourishing automotive industry creates massive demand for automotive lubricants in Asia Pacific.

Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION are a few of the major players operating in the lubricant additives market. Key companies in this market are focusing on strategies such as R&D investments and new product launches. They develop high-quality and innovative products to fulfill the customers’ requirements.

The overall lubricant additives market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the lubricant additives market.

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Lubricant Additives Market- List of Companies

Evonik Industries AG
The Lubrizol Corporation
LANXESS
Nouryon
Mol-lub Kft.
Dover Chemical Corporation
Croda International plc
Chevron Corporation
BASF SE
EXXON MOBIL CORPORATION