Lubricating Oil Additives Market Size, Share, Trends, Growth 2032

Lubricating Oil Additives Market Insights

Zion Market Research has published a report on the global Lubricating Oil Additives Market, estimating its value at USD 19.23 Billion in 2023, with projections indicating that it will reach USD 24.66 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 2.8% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Lubricating Oil Additives industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Lubricating Oil Additives Market: Overview

Lubricating oil additives are used to improve the performance of lubricants and functional fluids. Each functional type of lubricating oil additives is chosen for its ability to perform one or more particular tasks in amalgamation with other additives. Specific additives are formulated into packages to be used with particular base stocks for automotive and industrial applications. The primary function of lubricating oil additives is to reduce friction, prevent wear and corrosion, and control the formation of slush and oxidation.

 Global Lubricating Oil Additives Market: Growth Factors

The massive popularity of lightweight vehicles, rise in the manufacture and sales of automotive in emerging countries such as India, Indonesia, and Thailand, and breakthroughs in technology resulting in the launching of new vehicles such as smart cars and aluminum trucks are some of the major factors likely to push the growth trajectory of the automotive industry. This, in turn, will accelerate the demand for the lubricating oil additives market in the ensuing years.

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Legislations targeting fuel emissions are resulting in formulation changes and the impacting additive selection and its use. These include the massive use of low-viscosity materials and stringent monitoring of chemical limits in automotive fuels and additives. Moreover, specification upgrades are leading to the enhanced and mandatory application of antioxidants and dispersants. Besides, economic development and industrialization are leading to an enhanced demand for these additives for industrial applications. All these aforementioned factors are augmenting the expansion of the lubricating oil additives market.

 Global Lubricating Oil Additives Market: Segmentation

The global lubricating oil additives market can be divided based on product type and application. Based on the product type, the lubricating oil additives market is sectored into Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Additives, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Extreme-Pressure Additives, Pour-Point Depressants, and Emulsifiers.  Based on the application, the lubricating oil additives market is divided into the automobile and industrial sectors.

Lubricating Oil Additives Market: Report Scope

Global Lubricating Oil Additives Market: Regional Analysis

Based on regions, the global lubricating oil additives market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market for lubricating oil additives over the estimated timeline. The lubricating oil additives market in this region is primarily driven by the escalating demand for lubricants, especially from countries such as China, India, and other Southeast Asian countries. Huge investments in the automotive and industrial sectors in this region will further drive regional growth.

The huge presence of the key automotive manufacturers in countries such as the U.S. and Germany is likely to contribute towards the business space in North America and European regions. The Middle East and Africa and Latin American markets are anticipated to witness a huge growth potential over the years ahead.

Global Lubricating Oil Additives Market: Competitive Players

Some of the key players operating in the global lubricating oil additives market include  

• Afton Chemical Corporation
• BASF SE
• Croda International Plc
• Evonik Industries AG
• Infineum International Limited
• Chevron Oronite Company LLC
• LANXESS Group
• Shamrock Shipping & Trading Ltd
• The Lubrizol Corporation
• Tianhe Chemicals Group

The global lubricating oil additives market is segmented as follows:

By Product Type

• Dispersants
• Viscosity Index Improvers
• Detergents
• Anti-Wear Additives
• Antioxidants
• Corrosion Inhibitors
• Friction Modifiers
• Extreme-Pressure Additives
• Pour-Point Depressants
• Emulsifiers

By Application

• Automobile
• Industrial Sectors

Lubricating Oil Additives Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa