Global Lubricant Additives Market: Highlights
· Globaldemand for lubricant additives is expected to increase in the near future onaccount of rising demand from the industrial machinery, automotive, marine, andpower sector. Global lubricants consumption is expected to have a direct impacton the demand for lubricant additives.
· Theglobal lubricant additive market isprojected to grow at a CAGR of nearly 2% between 2019 and 2027.Technological advancement and changing government regulations for emissions islikely to impact the growth for lubricant additives market.
· Lubricantadditives are a combination of various chemicals that are mixed with the baseoil to enhance the performance of lubricants. Apart from extending the life oflubricants, they perform functions such as preventing engine wear, reducingfriction, stabilizing oxidation, and cleaning engines.
· Globallubricant additives market to greatly benefit from the dynamic automotivesector. As manufacturers work towards meeting various emission standards, theirdemand for lubricants additives is expected to rise during the forecast period.
Global Lubricant Additives Market: Key Trends andSegments
· Lubricantadditives are blended with base oils to produce finished lubricants. Theseadditives perform different functions to enhance the life and performance offinished lubricants. High performance by these additives also increases thelife span of machinery and reduces maintenance cost. Lubricant additives areused in industries such as automobile, marine, aviation, and power.
· In 2018,dispersants was the largest segment in terms of volume and accounted for nearly 25% ofthe market share. Dispersants are used to prevent formation of varnish, sludge,and other deposits on critical surfaces in engines. Dispersants attachthemselves to contaminants such as soot, dirt, depleted additives, and glycol.They are often used in conjunction with detergents and compressor oils in thecrankcase. Dispersants are mostly used in heavy duty diesel engine oils andgasoline engines.
· PPDsboost the operational range of engine oils by interfering with the wax crystalgrowth patterns. Demulsifiers prevent formation of emulsion by altering thesurface tension of the oil. Friction modifiers are long-chain polar additivesthat are added to reduce the surface friction of lubricated parts. Detergentsfunction as chemical cleaners to guard combustion surfaces against harmfuldeposits and combustion acids. Antioxidant agents, also known as oxidationinhibitors, can successfully improve oxidation stability by deactivatingcatalytic metallic contaminants and by decomposing any formed reactive hydroperoxides within the oil. Similarly, anti-wear agents, foam inhibitors, rustinhibitors, and extreme pressure additives are added to impart specificproperties to the finished lubricants.
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Global Lubricant Additives Market: RegionalHighlights
· Asia Pacificdominated the global lubricant additives market in 2018 withover 30% market share in terms of volume. Factors such asincreasing number of passenger cars in China, increased disposable income, andstringent emission regulations have significantly contributed to the majormarket share of the region. Asia Pacific is considered as the most attractivemarket for lubricant additives. However, improved performance of finishedlubricants that results in longer drain interval is hindering the growth of thelubricant additives market. Improved drain interval minimizes the consumptionof finished lubricants and would ultimately affect the consumption of lubricantadditives.
· Thepermissible emission limits in Europe and North America are very low chieflydue to strict emission standards. High disposable incomes in these regionsallow OEMs to provide better technology for the engines used in vehicles. Highquality lubricants are preferred in these regions. These lubricants arecompatible with the engines and result in lower emission and better fueleconomy.
· NorthAmerica has large lubricant additive manufacturers and hence it is a netexporter to other parts of the world. Singapore has huge blending capacitiescatering to Asian lubricant additives demand in China and other Asiancountries.
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Key Developments in Global Lubricant AdditivesMarket
· In January2020, Krahn Chemie GmbH has acquired a majority share of InterActive S.A.which specialises in the distribution of lubricant additives in the Israeli,Greek and Cypriot market. This strategic acquisition is anticipated to makestrong presence of Krahn Chemie Group in Israeli market.
· In October2019, Afton Chemical Corporation announced the completion of its JapanTechnology Center expansion in Tsukuba. This will help to increase lubricantadditive testing capabilities.
· In April2019, Mitsui Chemicals held a groundbreaking ceremony for a new plant forLucant, a leading brand of Lubrizol Additives business segment. The additionalplant is anticipated to meet growing demand from lubricants market.
· In January2020, Vertellus acquired Bercen Chemicals which will strengthenVertellus’s current portfolio and supports lubricant additives market in NorthAmerica.
· In July2017, Afton Chemical Corporation acquired Aditivos Mexicanos, S.A. de C.V.(AMSA), a petroleum additives manufacturing, sales and distribution companybased in Mexico City, Mexico.
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Global Lubricant Additives Market: CompetitionLandscape
· Some ofthe key players in the lubricant additives market include NewMarket Corporation,Infineum International Limited, Chevron Oronite Company LLC., The LubrizolCorporation, and Tianhe Chemicals Group Limited. These companiescompete with each other to increase their market share in the lubricantadditives market. Research and development (R&D) to develop improvedproducts is crucial to capture market share.
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