Lubricating Oil Additives Market to Garner $20.4 billion Globally by 2026 at 2.3% CAGR| MarketsandMarkets™ Study

Lubricating Oil Additives Market to Garner $20.4 billion Globally by 2026 at 2.3% CAGR| MarketsandMarkets™ Study
Browse 332 market data Tables and 75 Figures spread through 308 Pages and in-depth TOC on “Lubricating Oil Additives Market”
Lubricating Oil Additives Market by Type, Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil), Sector (Automotive & Industrial), and Region

Lubricating oil additives are chemical compounds that are added to base oil to improve its lubricity. These additives are used to reduce friction and wear, improve oxidative stability, reduce foaming, and protect against corrosion and rust. Detergents, dispersants, viscosity index improvers, antioxidants, and anti-wear agents are the most commonly used additives.

The lubricating oil additives market size is estimated to be USD 18.2 billion in 2021 and is expected to reach USD 20.4 billion by 2026, at a CAGR of 2.3% during the forecast period. Lubricating oil additives are used to enhance the performance of lubricants and functional fluids. Each additive is selected for its ability to perform one or more specific functions in combination with other additives. Selected additives are formulated into packages to use with specific base stock and application. Engine oils is the largest application of lubricating oil additives.

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Based on type, the lubricating oil additives market is segmented as viscosity index improvers, dispersants, detergent, anti-oxidants, anti-wear agents, rust & corrosion inhibitors, friction modifiers, extreme pressure additives, pour point depressants, and others. Viscosity index improvers is estimated to have a larger share in the lubricating oil additives market followed by the dispersants.  Anti-oxidants are the fastest leading type of lubricating oil additives. Anti-oxidants are additives that help increase the oxidative resistance of base oil and also allows the lubricants to operate effectively at higher temperatures. The anti-oxidants used as additives are zinc dithiophosphate (ZDP), alkyl sulfides, aromatic sulfides, aromatic amines, and hindered phenols. 

Based on application, the lubricating oil additives market has majorly been segmented into engine oil, hydraulic fluid, gear oil, metalworking fluids, transmission fluid, grease, compressor oil and others. The lubricating oil additives market size for engine oil applications accounted for the largest share of global lubricating oil additives, in terms of value, in 2020. The market of lubricating oil additives for engine oil has been driven by the developing economies of APAC. North America and Europe are now embarking on the use of SAPS Engine oil with low viscosity, which has higher dosing of additives than normal engine oil.

Based on sector, the lubricating oil additives market has majorly been segmented into automotive and industrial sector. The lubricating oil additives market size for automotive sector accounted for the largest share of global lubricating oil additives, in terms of value, in 2020. The market of lubricating oil additives for automotive sector has been driven by the complex engines and advanced lubricants. It is also being driven by stringent regulation in the developed economies of North America, Europe and APAC.

On the basis of region, APAC  is estimated to be the largest market for lubricating oil additives in 2020. APAC accounted for the largest share of 36.3%, in terms of value, of the global lubricating oil additives market in 2020. The lubricating oil additives market in APAC is also projected to register the highest CAGR, in terms of value, during the forecast period. The rising awareness regarding the advantages of lubricating oil additives plays a key role in the growth of lubricating oil additives market in the region. The increasing emission norms in the developing nations, including China and India, are expected to further drive the lubricating oil additives demand during the forecast period. 

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The key market players profiled in the report include BASF SE (Germany), Chevron Oronite Company LLC (US), The Lubrizol Corporation (US), Afton Chemical (US), Evonik Industries AG (Germany), LANXESS AG (Germany), Croda International Plc. (UK), Infineum International Limited (UK), ADEKA CORPORATION (Japan),  BRB International (Netherland), International Petroleum and Additives Company (IPAC) (US), Tianhe Chemicals (China), Vanderbilt Chemicals, LLC(US), MOL-LUB Ltd. (Hungary),  Eni S.p.A. (Italy), Clariant AG (Switzerland), Jinzhou Kangtai Lubricant Additives Co., Ltd. (China), Eurolub GmbH (Germany), Wuxi South Petroleum Additives (China), Dorf Ketal (India), Cerion Nanomaterials (US), Shamrock Shipping and Trading Ltd. (Cyprus), Jinzhou Runda Chemical Co., Ltd. (China), MidContinental Chemical Company(US), and Wynn’s (US). They have adopted strategies such as new product launches, mergers & acquisitions, and expansion in order to gain an advantage over their competitors.

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