GlobalLubricant 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 additivemarket isprojected to grow at a CAGR of nearly 2% between 2019 and 2027. Technologicaladvancement and changing government regulations for emissions is likely toimpact 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.
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GlobalLubricant Additives Market: Key Trends and Segments
· Lubricant additives are blended withbase oils to produce finished lubricants. These additives perform differentfunctions to enhance the life and performance of finished lubricants. Highperformance by these additives also increases the life span of machinery andreduces maintenance cost. Lubricant additives are used in industries such asautomobile, marine, aviation, and power.
· In 2018, dispersants wasthe 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.
· PPDs boost the operational range ofengine oils by interfering with the wax crystal growth patterns. Demulsifiersprevent formation of emulsion by altering the surface tension of the oil.Friction modifiers are long-chain polar additives that are added to reduce thesurface friction of lubricated parts. Detergents function as chemical cleanersto guard combustion surfaces against harmful deposits and combustion acids.Antioxidant agents, also known as oxidation inhibitors, can successfullyimprove oxidation stability by deactivating catalytic metallic contaminants andby decomposing any formed reactive hydro peroxides within the oil. Similarly,anti-wear agents, foam inhibitors, rust inhibitors, and extreme pressureadditives are added to impart specific properties to the finished lubricants.
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GlobalLubricant Additives Market: Regional Highlights
· Asia Pacific dominated the globallubricant additives market in 2018 with over 30% marketshare in terms of volume. Factors such as increasing number of passenger carsin China, increased disposable income, and stringent emission regulations havesignificantly contributed to the major market share of the region. Asia Pacificis considered as the most attractive market for lubricant additives. However,improved performance of finished lubricants that results in longer draininterval is hindering the growth of the lubricant additives market. Improveddrain interval minimizes the consumption of finished lubricants and wouldultimately affect the consumption of lubricant additives.
· The permissible emission limits inEurope and North America are very low chiefly due to strict emission standards.High disposable incomes in these regions allow OEMs to provide bettertechnology for the engines used in vehicles. High quality lubricants arepreferred in these regions. These lubricants are compatible with the enginesand result in lower emission and better fuel economy.
· North America has large lubricantadditive manufacturers and hence it is a net exporter to other parts of theworld. Singapore has huge blending capacities catering to Asian lubricantadditives demand in China and other Asian countries.
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KeyDevelopments in Global Lubricant Additives Market
· In January 2020, KrahnChemie GmbH has acquired a majority share of InterActive S.A. which specialisesin the distribution of lubricant additives in the Israeli, Greek and Cypriotmarket. This strategic acquisition is anticipated to make strong presence ofKrahn Chemie Group in Israeli market.
· In October 2019, AftonChemical Corporation announced the completion of its Japan Technology Centerexpansion in Tsukuba. This will help to increase lubricant additive testingcapabilities.
· In April 2019, MitsuiChemicals held a groundbreaking ceremony for a new plant for Lucant, a leadingbrand of Lubrizol Additives business segment. The additional plant isanticipated to meet growing demand from lubricants market.
· In January 2020, Vertellusacquired Bercen Chemicals which will strengthen Vertellus’s current portfolioand supports lubricant additives market in North America.
· In July 2017, AftonChemical Corporation acquired Aditivos Mexicanos, S.A. de C.V. (AMSA), apetroleum additives manufacturing, sales and distribution company based inMexico City, Mexico.
GlobalLubricant Additives Market: Competition Landscape
· Some of the key players in thelubricant additives market include NewMarket Corporation, InfineumInternational Limited, Chevron Oronite Company LLC., The Lubrizol Corporation,and Tianhe Chemicals Group Limited. These companies compete with eachother to increase their market share in the lubricant additives market.Research and development (R&D) to develop improved products is crucial tocapture market share.
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