Jan 11, 2022   SOURCE: BusinessWire

Global Lubricating Oil Additives Markets, 2021-2026 - Focus on Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil - ResearchAndMarkets.com

The "Global Lubricating Oil Additives Market - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global lubricating oil additives market is estimated to be USD 18.2 billion in 2021 and is projected to reach USD 20.4 billion by 2026, at a CAGR of 2.3% between 2021 and 2026.

Factors such as increasing demand from the automotive and industrial sector are the major driving factors of the lubricating oil additives market.

Whereas drive towards alternative fuels, rising competition from unorganized and fragmented market, and reduction in the use of metal parts by automakers are the major restraints for the lubricating oil additives. Increasing demand for renewable energy is a major opportunity for the lubricating oil additives market.

Anti-oxidants is estimated to be the fastest-growing type in the lubricating oil additives market between 2021 and 2026

Anti-oxidants help inhibit the oxidation process of oils as the mineral oils react with the oxygen of air forming organic acid. Some of the oxidation products such as peroxide, alcohols, acids, esters, aldehydes, and ketones increase the viscosity of oil, form sludge and varnish, and corrode the metallic parts that are prone to oxidation.

Therefore, anti-oxidants are additives that help increase the oxidative resistance of base oil and also allow the lubricants to operate effectively at higher temperatures. The anti-oxidants used as additives are zinc dithiophosphate (ZDP), alkyl sulfides, aromatic sulfides, aromatic amines, and hindered phenols.

Gear oil was the third-largest application for lubricating oil additives market in 2020

The lubricating oil additives market size for gear oil applications accounted for the third-largest share of global lubricating oil additives, in terms of value, in 2020 this was led by the demand from the automotive industry. Gear oil is a fluid lubricant used in the gearbox to reduce friction and wear of the gear tooth surface, reduce heat generated by the operating gear, and protect the gear parts from corrosion. It helps to operate efficiently at a different speed, temperatures, and oil contaminations. The gear oils are mostly used in the automotive and industrial sectors.

The automotive gear oil offers better low-temperature performance, improved thermal and oxidative stability, lower volatility, improved solubility characteristics, and viscometric at high temperatures. The major function of automotive gear oils is to provide protection between moving and mating parts. The finished automotive gear oils are mostly composed of base stocks with 5 to 10% of additives. These additives mainly include extreme pressure additives, dispersants, and rust & corrosion inhibitors.

The industrial gear oil is used to minimize wear, reduce friction, dissipate heat, and also used to remove abrasive particles. It offers excellent low-temperature performance, improved lubricity and lower tendency to form residues, and improved thermal and oxidation resistance. Industrial gear oils are mostly composed of 1 to 5 % of additives. These additives mainly include anti-foamer, rust & corrosion inhibitor, demulsifier, extreme pressure additives, and oxidation inhibitors.

Automotive was the major sector for the lubricating oil additives market in 2020 in the world

The lubricating oil additives market size for automotive accounted for the largest share of global lubricating oil additives, in terms of value, in 2020 this was led by the demand for passenger vehicles and commercial vehicles. To enhance the performance of the complex engine, advanced lubricant is being used which includes various additives such as viscosity index improvers, dispersants, detergent, anti-oxidants, anti-wear agent, rust & corrosion inhibitors, friction modifiers, extreme pressure additives, pour point depressant, and others.

APAC is estimated to be the largest lubricating oil additives market in 2020, in terms of volume

APAC is one of the most crucial markets of lubricating oil additives. This is basically led by the demand of lubricating oil additives from various end use industries in China, Japan, India, South Korea and Indonesia These countries have major companies related to the automotive and industrial sector, in this region. China dominates the lubricating oil additives market in APAC. The growing automotive industry in the major economies is the main driver for the lubricating oil additives market.

The lubricating oil additives market is dominated by key market players such as the Afton Chemical Corporation (US), The Lubrizol Corporation (US), Chevron Oronite Company LLC (US), Infineum International Limited (US), and Evonik Industries AG (Germany), among others.

Premium Insights

  • Significant Opportunities in the Lubricating Oil Additives Market
  • Lubricating Oil Additives Market Size, by Region
  • APAC Lubricating Oil Additives Market, by Type and Country
  • Lubricating Oil Additives Market Size, Sector and Region
  • Lubricating Oil Additives Market Attractiveness

Market Dynamics

Drivers

  • Increasing Demand from the Automotive Sector
  • Demand for Improved Quality of Industrial Lubricants

Restraints

  • Drive Towards Alternative Fuels
  • Rising Competition from Unorganized and Fragmented Market
  • Reduction in the Use of Metal Parts by Automakers

Opportunities

  • Increasing Demand for Renewable Energy
  • Increasing Market Opportunities in Developing Economies

Challenges

  • Fluctuations in Prices of Crude Oil
  • Rising Demand for Hybrid and Electric Vehicles
  • Expensive R&D Process to Formulate Additive Package in Compliance with Stringent Environmental Regulations

Porter's Five Forces Analysis

Supply Chain Analysis

  • Raw Materials
  • Manufacturing
  • Distribution
  • End-Use Industries
  • Consortium & Association

Patent Analysis

  • Approach
  • Document Type
  • Insights
  • Legal Status of Patents
  • Jurisdiction Analysis
  • Top Applicants

Case Studies

  • Case Study on Lubrizol's Motor Oil Additives for General Motors
  • Case Study on Mercedes-Benz Engine Oils

Company Profiles

Major Players

  • BASF SE
  • Chevron Oronite Company LLC
  • The Lubrizol Corporation
  • Afton Chemical Corporation
  • Evonik Industries AG
  • Lanxess AG
  • Croda International plc
  • Infineum International Limited
  • Adeka Corporation
  • BRB International

Startups and SMEs

  • International Petroleum and Additives Company (IPAC)
  • Tianhe Chemicals
  • Vanderbilt Chemicals, LLC
  • Mol-Lub Ltd.
  • Eni S.p.A.
  • Clariant AG
  • Jinzhou Kangtai Lubricant Additives Co. Ltd.
  • Eurolub GmbH
  • Wuxi South Petroleum Additives Co. Ltd.
  • Dorf Ketal
  • Cerion Nanomaterials
  • Shamrock Shipping and Trading Ltd.
  • Jinzhou Runda Chemical Co. Ltd.
  • Midcontinental Chemical Company
  • Wynn's

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