Lubricant Additives Industry Size
The market is driven by rising demand from the automotive sector and increasingly strict environmental regulations on emissions.
WILMINGTON, DE, UNITED STATES, September 25, 2024 /EINPresswire.com/ — Allied Market Research has released a new report titled “Lubricant Additives Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030.” The report reveals that the global lubricant additives market, valued at $18.3 billion in 2020, is projected to reach $31.3 billion by 2030, with a compound annual growth rate (CAGR) of 3.7% from 2021 to 2030.
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Key Growth Drivers:
The market is driven by rising demand from the automotive sector and increasingly strict environmental regulations on emissions. However, the fluctuating prices of crude oil act as a barrier to growth. On the upside, emerging opportunities in developing economies are expected to create significant prospects for the industry over the forecast period.
Market Segmentation Highlights: –
Dispersants Lead the Market by Type:
In 2020, dispersants dominated the market, accounting for over 25% of the total market share. Their extensive use in forming additive packages for automotive and industrial applications supports this growth. The antioxidants segment is anticipated to experience the fastest CAGR of 4.7% from 2021 to 2030, as antioxidants improve the oxidative resistance of lubricants and enhance performance at higher temperatures.
Automotive Lubricant Additives to Dominate by Application:
The automotive lubricant additives segment held over two-thirds of the market share in 2020 and is expected to maintain this dominance throughout the forecast period, driven by growth in the automotive industry. The industrial lubricant additives segment is expected to see the highest CAGR of 4.0%, fueled by increasing industrialization and the expansion of energy-efficient solutions.
Regional Insights:
The Asia-Pacific region, followed by LAMEA and North America, led the market in 2020, accounting for more than one-third of the global revenue. Asia-Pacific is forecasted to experience the fastest growth, with a CAGR of 3.9%, driven by the presence of leading market players and a large consumer base in the region.
Major Players in the Market:
Prominent players in the lubricant additives market include:
– BASF SE
– Evonik Industries AG
– Infineum International Limited
– Chevron Oronite Company LLC
– Chemtura Corporation
– 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.
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