21 May 2020: Lubricant additives are inorganic or organic compounds suspended or dissolved as solids in oil. They characteristically range between 0.1 to 30 percent of the oil volume, depending on the machine. Lubricant additives market is characterized by growing additive usage in base oil blending for prolonged service life and performance. These lubricant additives improve the viscosity of the oil, act as corrosion inhibitors and antioxidants in combustion engines, and decreases oil decomposition. From increasing regulatory pressure to improving the fuel efficiency of vehicles and lowering greenhouse gas emissions, there has been a vast growth in lubricating oil formulations.
Additives play a major role in base oil blending and formulations as they are critical materials in improving performance of oils. The stated trend has had an enormous influence on the lubricant additive’s development in the recent years and is anticipated to continue driving the global market in the years to come.
Passenger Car Motor Oil Sector Dominates the Market
The major application variants of the lubricant additives industry include automotive lubricants (passenger car motor oil, and heavy-duty motor oil), and industrial lubricants (metalworking fluids, industrial engine oil, and general industrial oil). In terms of volume, the passenger car motor oil sector will dominate the lubricant additives industry over the forthcoming period. EURO norms, controlling the amount of carbon monoxide, nitrogen oxide, soot, and hydrocarbons, along with a shift in consumer preference toward using operationally low and efficient fuel will drive the need for passenger car motor oil in the future.
In industrial lubricants sector, general industrial oil sub-segment is estimated to be the fastest growing sector in the forthcoming period. The inclination of manufacturing services to low-priced Asian markets is no longer attractive on account of decreasing price affordability of producers in the region.
Also, these manufacturers are modernizing and improving the manufacturing procedures to become competitive around the world. This is anticipated to influence market dynamics in terms of quality and volume of lubricants consumed.
Market Insights:
Key companies are mainly accepting expansion strategies and launch of new and better-quality products to gain market share. These quality products are vital for the saturation since the need for high-grade lubricants is increasing in the market.
Leading players operating in the lubricant additives market include Chemtura Corp., BASF SE, Croda International, Chevron Oronite, Evonik Industries, Lubrizol Corp, Infineum International, Tianhe Chemicals, and Shamrock.
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