The Driveline Additives Market report presents high-quality and wide-ranging research study with key factors that are expected to have a Major impact on the Driveline Additives during the forecast period. The report present Key Market segments valued based on its growth rate and share.This report also provides an analysis of the impact of the COVID-19 pandemic on Industrial Labels Industry.The report explains the historical and current trends that are shaping the growth of the Driveline Additives .
Market Overview:
Driveline Additives are designed to optimize automotive performance. Driveline additives are widely used in automobiles to lubricate transmission, axles, and differentials. These additives are developed for step-type automatic (ATF), continuously variable (CVT), dual clutch (DCT) and manual transmissions. Furthermore, driveline additives help enhance the fuel efficiency of the vehicle and reduce emissions. The additives are classified into viscosity index improvers, anti-wear agents, corrosion inhibitors, emulsifiers, antioxidants, detergents, dispersants, and friction modifiers. Their unique performance characteristics make these lubricants ideal for use in high-pressure hydraulic systems, construction, mining, and forestry equipment. Thus, there is an increasing demand for driveline additives worldwide.
Competitive Landscape:
Major players operating in the global driveline additives market are Lubrilic, BRB International B.V, Vanderbilt Chemicals, LLC, Afton Chemical Corporation, BASF SE, Chevron Oronite Company, LLC, Lubrizol Corporation, and Infineum International Limited, among others.
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Key Market Drivers:
Increasing demand for passenger, commercial, and off-highway vehicles is expected to propel growth of the driveline additives market during the forecast period. For instance, according to the India Brand Equity Foundation (IBEF), in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories.
Moreover, increasing application of driveline additives in various end-use industries, such as automotive, construction, agriculture, and mining, among others, is expected to drive growth of the driveline additives market. With the rapid growth of the aforementioned industries, the demand for driveline additives is also increasing with a rapid pace. For instance, according to IBEF, India, China, and the United States are expected to account for almost 60 per cent of all global growth in the construction industry by 2025.
COVID-19 Impact Analysis:
Driveline additives are widely used in various end-use industries, such as automotive, mining, agriculture, and construction, among others. However, the pandemic has severely affected the aforementioned industries, as many projects were halted (in 2020) due to lockdown regulations, labor shortage, and lack of funds. This has reduced the consumption and demand for driveline additives. On the contrary, the aforementioned industries are recovering faster and the demand for driveline additives is now increasing with a rapid pace. This in turn is expected to have a positive impact on the growth of the market.
Key Takeaways:
The driveline additives market is expected to exhibit a CAGR of 5.9% during the forecast period due to the stringent fuel economy norms and growing environmental concerns. For instance, the European Union (EU) mandated average fuel economy across manufacturer's fleets. The EU now insists on a 37.5% cut in carbon dioxide (CO2) by 2030 to 59 g/km from 2021's 95 g/km. The passenger car standards are 95 g/km of CO2, phasing in for 95% of vehicles in 2020 with 100% compliance in 2021.
Among regions, North America and Asia Pacific are expected to witness robust growth in the driveline additives market owing to the increasing production and sales of all types of vehicles, increasing use of driveline additives in various end-use industries, and increasing number of R&D programs and centers for driveline additives in these regions. For instance, according to IBEF, in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories. It was the seventh-largest manufacturer of commercial vehicles in 2019.
Europe, Middle East, and Africa are expected to witness significant growth in the driveline additives market owing to the increasing demand for driveline additives and stringent fuel economy norms in these regions. For instance, in November 2021, LSI Chemical, a leading supplier of nano-based additives and specialty oils, announced a new distributor agreement with APOLCO. The agreement provides APOLCO with the right to sell the LSI Chemical line of products for formulation of lubricants (downstream oil) and petrol refinery and jobber blends, as well as Hot Shot’s Secret performance additives and oils in more than 20 countries throughout Europe, the Middle East, and Africa.
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Detailed Segmentation:
Global Driveline Additives Market, By Product Type:
Transmission Fluid Additives
Gear Oil Additives
Global Driveline Additives Market, By Application:
Passenger Cars
Commercial Vehicles
Off-highway Vehicles
Important Features that are under Offering and Key Highlights of the Reports:
– Potential and niche segments/regions exhibiting promising growth.
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Market
– Strategies of key players and product offerings
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✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.
✤ Examine the potential and advantages of the global and major regional markets, as well as the opportunities and challenges, as well as the constraints and risks.
✤ Determine whether market growth is being driven or hampered by trends and factors.
✤ Stakeholders will be able to assess market potential by identifying high-growth categories.
✤ Conduct a strategic analysis of each submarket's growth trends and contribution to the market.
✤ Competitive developments in the market include expansions, agreements, new product launches, and acquisitions.
✤ To develop a strategic profile of the major players and conduct a thorough analysis of their growth strategies.
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✔ In the next seven years, what innovative technology trends should we expect?
✔ Which sub-segment do you believe will grow the fastest over the next few years?
✔ By 2028, which region is predicted to have the largest market share?
✔ What organic and inorganic strategies are businesses employing to gain market share?
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