Bharat Book Bureau Provides the Trending Market Research Report on “Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023” under Chemical & Materials category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.
The lubricating oil additives market is projected to grow at a CAGR of 2.64% from 2018 to 2023
Lubricating Oil Additives Market is projected to grow from USD 15.57 billion in 2018 to USD 17.74 billion by 2023, at a CAGR of 2.64% between 2018 and 2023. The key driver for the growth of the lubricating oil additives market is the increasing demand from automotive industry for advanced lubricants that reduce emission and enhance drain intervals, fuel economy, and performance of engines. The primary functions of engine oil additives are to reduce friction, prevent wear and rust, and control formation of sludge and oxidation. The increasing number of passenger cars and commercial vehicles and the high industrial development in the Asia Pacific and Middle East & African regions are some of the factors contributing to the growth of the lubricating oil additives market. The fluctuating raw material prices and increasing sales of electric vehicles are considered as major restraining factors for the market.
Based on functional type, the oxidation inhibitors segment is expected to lead the lubricating oil additives market during the forecast period
Based on functional type, the oxidation inhibitors segment is expected to be the fastest-growing segment of the lubricating oil additives market during the forecast period. Oxidation inhibitors are used to reduce thickening and inhibit acid formation in a wide variety of applications, such as engine oil, gear oil, hydraulic oil, automatic transmission fluid, industrial oil, and compressor oil. Oxidation inhibitors also help prevent degradation of lubricants over time.
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Based on application, the engine oil segment is projected to lead the lubricating oil additives market during the forecast period
Based on application, the engine oil segment was the largest segment of the lubricating oil additives market in 2017. The demand for engine oil is backed by the increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages according to the specifications of OEMs.
The automotive segment is projected to be the fastest-growing end-use industry of the lubricating oil additives market during the forecast period
Based on end-use industry, the automotive segment is expected to be the fastest-growing segment of the lubricating oil additives market during the forecast period. The automotive end-use industry dominates the lubricating oil additives market due to the high demand for engine oil from passenger cars and commercial vehicles. The growth is also driven by the focus of additive manufacturers on the research & development of advanced automotive additives to reduce emission and increase the performance of automotive lubricants.
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