The lubricant additives market was valued at US$ 15,584.9 million in 2021 and is projected to reach US$ 19,880.12 million by 2028; it is expected to register a CAGR of 3.5% from 2021 to 2028.
Lubricant additives are used in the processing of synthetic lubricants, which are commonly used in the industrial and automotive sectors due to their superior characteristics to natural mineral oil. Thus, the flourishment of the industrial and automotive sectors boosts the demand for synthetic lubricants. Engine oil is the most commonly used lubricant in the automotive and industrial sectors. It has excellent physical and chemical properties, including a higher viscosity index, lower volatility, pour point, and greater thermal stability. The addition of additives such as viscosity modifiers, and pour point depressants in lubricants improves their physical and chemical properties. Hence, the extensive application of lubricants in various industries is the key factor driving the lubricants additives market as the blending of lubricants with additives enhances their performance and service life.
In 2020, Asia Pacific held the largest share of the global lubricant additives market. The major factor contributing to the growth of the market in this region is the growing demand for lubricant additives from the automotive and other manufacturing industries. The increasing development of automotive parts and components in the region with the rise in vehicle production, coupled with continuous innovations from automotive fuel manufacturers, creates lucrative opportunities for the lubricant market, which, in turn, drives the market growth. Further, growing construction activities, especially in China and India, are likely to attract global market players to establish their businesses in Asia Pacific. Heavy commercial vehicles are widely used in China as consumers prefer them due to their high carrying capacity and strong suspension systems. Therefore, they are helpful in transportation activities. Heavy commercial vehicles, for instance, trucks, are widely used in logistics, construction, and agriculture due to their heavy load-carrying capacity. They are mainly used for transporting debris and materials from one location to another in any terrain. All these factors will drive the market demand for lubricant additives.
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Lubricant Additives Market: Strategic Insights
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Lubricant Additives Market: Strategic Insights
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Impact of COVID-19 Pandemic on Lubricant Additives Market
The COVID-19 pandemic severely impacted the global market in 2020 due to disrupted supply chains of raw materials used in the production of lubricant additives. Ease in lockdown measures in several countries and resumption of operational activities in many industries has helped in the revival of the demand for lubricant additives from 2021. In addition, the rapid pace of COVID-19 vaccination programs has been supporting the growth of the lubricant additives market.
Market Insights
Rapid Industrial Growth Favors Lubricant Additives Market Growth
Lubricants are among the key components used in the industrial sector, as they help equipment in operating at high efficiencies and with maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are several types of lubricants that are used as additives across the automotive, oil & gas, textile, glass, power generation, paper and pulp, chemicals and petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries, among others. The growth of these industries across the world results in the generation of a huge demand for lubricants, as well as lubricant additives. The textile finishing industries, especially across Asia Pacific, generate a high demand for industrial lubricants. There is a high demand for industrial lubricants from textile industries in Asia Pacific. Thus, the extensive application of lubricants in various industries and the rapid growth in the industrial sector are the key factors driving the lubricants additives market.
Application Insights
Based on application, the market is segmented into automotive and industrial. The automotive segment held a larger market share in 2020. Lubricant additives are used in engine oil and motor oil for preventing flocculation of inorganic substances in the oil at the time of operation. There is high demand for lubricant additives in the multigrade engine oils, gear oils, automatic transmission fluids, power-steering fluids, greases, and some hydraulic fluids to maintain viscosity at high temperature. Many automotive manufacturers are investing in the improvement of the fuel efficiency of vehicles, which is likely to further contribute to the market growth in the coming years.
A few of the key market players in the lubricant additives market are Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION. These companies provide a wide range of product portfolios for the lubricant additives market. These companies have their presence in the developing regions, which provides a lucrative opportunity for lubricant additives. These market players are highly focused on developing high-quality and innovative products to fulfil the customer’s requirements.
Report Spotlights
- Progressive industry trends in the lubricant additives market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the lubricant additives market from 2019 to 2028
- Estimation of global demand for lubricant additives
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in lubricant additives market
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the lubricant additives market
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest
- The size of the lubricant additives market at various nodes
- Detailed overview and segmentation of the market, as well as the lubricant additives industry dynamics
- Size of the lubricant additives market in various regions with promising growth opportunities
Lubricant Additives Market Regional Insights
Lubricant Additives Market Regional Insights
The regional trends and factors influencing the Lubricant Additives Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Lubricant Additives Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Lubricant Additives Market
Lubricant Additives Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 15.58 Billion |
| Market Size by 2028 | US$ 19.88 Billion |
| Global CAGR (2021 - 2028) | 3.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Lubricant Additives Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Lubricant Additives Market are:
- Evonik Industries AG
- The Lubrizol Corporation
- LANXESS
- Nouryon
- Mol-lub Kft.
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Lubricant Additives Market top key players overview
Lubricant Additives Market
Type
- Dispersants
- Viscosity Index Improvers
- Detergents
- Antiwear Agent
- Emulsifiers
- Others
Application
- Automotive
- Industrial
Company Profiles
- Evonik Industries AG
- The Lubrizol Corporation
- LANXESS
- Nouryon
- Mol-lub Kft.
- Dover Chemical Corporation
- Croda International plc
- Chevron Corporation
- BASF SE
- EXXON MOBIL CORPORATION
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is estimated to register the fastest CAGR in the global lubricant additives market over the forecast period. The development of automotive parts and components in the region with the rise of electric vehicle production has created lucrative opportunities for lubricant additives. Extensive innovation and prototyping from major automakers coupled with consumer preference are some of the factors driving the market growth.
The industrial segment is estimated to register fastest CAGR in the global lubricant additives market. Lubricant is one of the key components used in the industrial sector, which helps keep the equipment operating at peak efficiency and with maximum reliability. There are numerous types of lubricants such as mineral and synthetic lubricants, greases, compressor oils, and cutting fluids that contain additives used across various industries, including automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals. The growth of these industries across the globe creates a huge demand for lubricants, this, in turn creates demand for lubricant additives.
The automotive segment held the largest share of the market in 2021. The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the American countries recorded over ~16.2 million commercial & passenger car production in 2010, and this production rate has grown by more than 23% and registered over ~20 million commercial & passenger production in 2019. The automotive industry in China has been growing rapidly and the country is playing an increasingly important role in the global automotive market. With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas emissions, there has been a remarkable development in lubricating oil formulations.
The dispersants segment held the largest market share. Dispersants are the highest volume additive used in crankcase lubricants and, with treat rates in heavy-duty vehicles and in passenger cars. Dispersants control sludge and varnish build-up by preventing the formation of large structures that could lead to gel formation, and by inhibiting their phase separation from the oil onto engine surfaces.
The major players operating in the global lubricant additives market are Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION
In 2021, Asia Pacific held the largest share of the global lubricant additives market. The rise in the number of on-fleet vehicles in countries like China, India and South Korea has fueled the demand for lubricant additives. Increasing awareness regarding fuel economy will propel the demand for lubricant additives in the Asia Pacific.
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The List of Companies - Lubricant Additives Market
- Evonik Industries AG
- The Lubrizol Corporation
- LANXESS
- Nouryon
- Mol-lub Kft.
- Dover Chemical Corporation
- Croda International plc
- Chevron Corporation
- BASF SE
- EXXON MOBIL CORPORATION
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