Lubricant Additives Market Dyanmics
Holding over one-fourth of the market in 2020, dispersants are set to maintain leadership due to their extensive use in automotive and industrial applications.
WILMINGTON, DELAWARE, UNITED STATES, August 21, 2024 /EINPresswire.com/ — Allied Market Research has released a report on the global lubricant additives market, projecting substantial growth from $18.3 billion in 2020 to $31.3 billion by 2030, with a CAGR of 3.7%. The report identifies key drivers, including increased demand from the automotive industry and strict environmental regulations, while noting challenges like crude oil price volatility. Emerging market opportunities in developing economies are also highlighted.
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Growth Factors:
– Automotive Industry Demand: The expanding automotive sector significantly boosts market growth.
– Environmental Regulations: Stringent regulations regarding emissions further drive the market.
– Challenges: Fluctuating crude oil prices pose a hindrance, though developing markets offer new growth avenues.
Market Segmentation:
– Dispersants: Holding over one-fourth of the market in 2020, dispersants are set to maintain leadership due to their extensive use in automotive and industrial applications.
– Antioxidants: Projected to have the highest CAGR of 4.7%, antioxidants enhance oxidative resistance and performance at higher temperatures.
Application Insights:
– Automotive Additives: Dominating with over two-thirds of the market share in 2020, driven by rapid developments in the automotive sector.
– Industrial Additives: Expected to grow at a CAGR of 4.0%, fueled by industrialization and the expansion of various industries.
Regional Insights:
Asia-Pacific: Leading with over one-third of the market share in 2020, Asia-Pacific is forecasted to achieve the fastest growth at a CAGR of 3.9% due to a strong consumer base and presence of key players.
Key Market Players:
– BASF SE
– Evonik Industries AG
– Infineum International Limited
– Chevron Oronite Company LLC
– The Lubrizol Corporation
– Croda International PLC
– Afton Chemical Corporation
– Vanderbilt Chemicals LLC
– Rhein Chemie Corporation
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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