Market Analysis
The chemical compounds which improve the efficiency of the base oil by enhancing its existing properties help the automobile to run smoothly are called the lubricating oil additives. Increase in the number of automobiles is an important factor boosting the global Lubricating Oil Additives Market. The lucrative oil additives offer protection to the internal mechanics of an automobile thereby letting automotive parts like gearbox, engine, and others to function properly. These offers increased sustainability and longevity of automobiles. The increasing concern about automobile maintenance is prompting the market growth owing to the protective action of lucrative additive oils. Rapid industrialization, growing urbanization, stringent rules on gas emission passed by different governments, cost-effectiveness, and fuel economy are other factors which are likely to boost the global lubricating oil additives market proliferation. However, which numerous advantages the market is anticipated to witness some hurdles in its expansion during the forecasted time.
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Market Research Future states that the global lubricating oil additives market to grow with a substantial CAGR during the forecasted period 2022-2030.
Segmental Overview
The global lubricating oil additives market has been segmented based on end-user, type, application, and region by MRFR to capture a vivid picture of the market condition.
Based on end-user, the global lubricating oil additives market has been segregated into automotive, industrial, and others. The end user segment is anticipated to hold the largest share of the lubricating oil additives market.
Based on type of additive, the global lubricating oil additives market has been divided into antioxidant, demulsifier, viscosity index improver, detergent, friction modifier, anti-foam agent, corrosion inhibitor, and others. The antioxidant segment is expected to be proliferating with the highest CAGR.
Based on application, the global lubricating oil additives market has been categorized as engine oil, gear oil, hydraulic fluid, industrial oil, process oil, and others.
Based on region the global lubricating oil additives market has been studied in five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
Key Players
Leading players in the global lubricating oil manufacturers mentioned by MRFR are Lubrizol Corporation (US), BASF SE (Germany), Infineum International Limited (UK), Tianhe Chemicals (China), Chevron Oronite Company LLC (US), Afton Chemical (US), Evonik Industries AG (Germany), Croda International PLC (UK), BRB International BV (Netherlands), Lanxess (Germany), and Krystal Lubetech Private Limited (India).
Regional Analysis
The global lubricating oil additives market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Emerging economies like China, India, Japan, Indonesia, and South Korea in the Asia Pacific region is witnessing increased demand for lubricating oil additives due to the rise in the number of automobiles in the region. This is expected to be the major cause for the APAC region to hold the largest market share.
North America is the second largest region which is the biggest manufacturer of automobiles and increasing the adoption of lubricating oil additives for the proper functioning of automobiles. Hence, this is expected to boost the regional market growth.
Strict rules imposed by governments in Europe regarding gas emission, fuel economy, and the region boasting of its robust automobile production infrastructure are the factors which are likely to contribute to the European lubricating oil additives market to attain high CAGR in the forthcoming years.
Technical advancements are triggering the growth of the automobile industry in the Middle East & Africa which turns out to be possible reason the lubricating oil additives market in the region to expand.
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