Global Lubricant Additives Market Analysis and Forecast by Type (Surface Protective Additives), Applications (Automotive and Industrial) and Region – 2022
PUNE, MAHARASHTRA, INDIA, March 2, 2017 /EINPresswire.com/ — Market Highlights
Global Lubricant Additives Market is expected to grow to USD 17.1 billion in 2022 growing at the CAGR of 3.2% since 2016 and is expected to continue till 2022. The market is expected to grow significantly over the forecasted period. Lubricant oil comprises of a base stock blended with various additives to enhance performance and maintain the same due to which lubricant additives is used majorly in automotive and various industries specifically heavy duty motor oil, passenger car motor oil , industrial engine oil and metal working fluids. Various functions of lubricant additives such as enhancement of performance and efficiency, reduction in wear and tear of materials and metals, lower toxicity along with low cost, change in legislative and environment regulations, technology development in marine and automotive industries are some of the drivers of this market.
Companies such as are BASF SE, Chemtura Corp., Chevron Oronite, Croda International, Evonik Industries have implemented acquisition and expansion of business strategies to increase their acrylic market’s presence geographically. Few global players have invested in R&D amenities to discover advanced and innovative folic products with higher efficacy rate and ease of use.
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Major Key Players:
• BASF SE,
• Chemtura Corp.,
• Chevron Oronite,
• Croda International,
• Evonik Industries,
• Infineum International,
• Lubrizol Corp,
• Shamrock and Tianhe Chemicals,
• Afton Chemical Corporation
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Access the market data and market information presented through more than 25 market data tables and 25 figures spread over 140 numbers of pages of the project report “Global Lubricant Additives Market Research Report –Forecast to 2022”
Asia Pacific region is expected to maintain its dominance in the global lubricant additives owing to high demand for passenger cars in China, South East Asia along with robust lubricant aftermarket sale which is expected to drive the market in Asia Pacific. Various environmental regulations and modernization in technology are driving the market in Middle East and Africa. The market in Europe will have a sluggish growth owing to economic slowdown and utilization of high quality lubrications.
Global Lubricant Additives Market is majorly segmented on the basis of by type and by Application. Based on type the market is segmented into surface protective additives, performance enhancing additives and lubricants protective additives. On the basis of application the market is classified into automotive and industrial. Automotive is future sub-segmented into heavy duty motor oil passenger, car motor oil and industrial is sub-segmented into industrial engine oil and metal working.
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