Global Lubricant Additives Market: Highlights
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Global demand for lubricant additives is expected to increase in the
near future on account of rising demand from the industrial machinery,
automotive, marine, and power sector. Global lubricants consumption is expected
to have a direct impact on the demand for lubricant additives.
·
The global lubricant additive market is
projected to grow at a CAGR of nearly 2% between 2019 and 2027.
Technological advancement and changing government regulations for emissions is
likely to impact the growth for lubricant additives market.
·
Lubricant additives are a combination of various chemicals that are
mixed with the base oil to enhance the performance of lubricants. Apart from
extending the life of lubricants, they perform functions such as preventing
engine wear, reducing friction, stabilizing oxidation, and cleaning engines.
·
Global lubricant additives market to greatly benefit from the dynamic
automotive sector. As manufacturers work towards meeting various emission
standards, their demand for lubricants additives is expected to rise during the
forecast period.
Global Lubricant
Additives Market: Key Trends and Segments
·
Lubricant additives are blended with base oils to produce finished
lubricants. These additives perform different functions to enhance the life and
performance of finished lubricants. High performance by these additives also
increases the life span of machinery and reduces maintenance cost. Lubricant
additives are used in industries such as automobile, marine, aviation, and
power.
·
In 2018, dispersants was the largest segment in terms of
volume and accounted for nearly 25% of the market share.
Dispersants are used to prevent formation of varnish, sludge, and other
deposits on critical surfaces in engines. Dispersants attach themselves to
contaminants such as soot, dirt, depleted additives, and glycol. They are often
used in conjunction with detergents and compressor oils in the crankcase.
Dispersants are mostly used in heavy duty diesel engine oils and gasoline
engines.
·
PPDs boost the operational range of engine oils by interfering with the
wax crystal growth patterns. Demulsifiers prevent formation of emulsion by
altering the surface tension of the oil. Friction modifiers are long-chain
polar additives that are added to reduce the surface friction of lubricated
parts. Detergents function as chemical cleaners to guard combustion surfaces
against harmful deposits and combustion acids. Antioxidant agents, also known
as oxidation inhibitors, can successfully improve oxidation stability by
deactivating catalytic metallic contaminants and by decomposing any formed
reactive hydro peroxides within the oil. Similarly, anti-wear agents, foam
inhibitors, rust inhibitors, and extreme pressure additives are added to impart
specific properties to the finished lubricants.
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Global Lubricant
Additives Market: Regional Highlights
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Asia Pacific dominated the global lubricant additives market in 2018 with
over 30% market share in terms of volume. Factors such as
increasing number of passenger cars in China, increased disposable income, and
stringent emission regulations have significantly contributed to the major
market share of the region. Asia Pacific is considered as the most attractive
market for lubricant additives. However, improved performance of finished
lubricants that results in longer drain interval is hindering the growth of the
lubricant additives market. Improved drain interval minimizes the consumption
of finished lubricants and would ultimately affect the consumption of lubricant
additives.
·
The permissible emission limits in Europe and North America are very low
chiefly due to strict emission standards. High disposable incomes in these
regions allow OEMs to provide better technology for the engines used in
vehicles. High quality lubricants are preferred in these regions. These
lubricants are compatible with the engines and result in lower emission and
better fuel economy.
·
North America has large lubricant additive manufacturers and hence it is
a net exporter to other parts of the world. Singapore has huge blending
capacities catering to Asian lubricant additives demand in China and other
Asian countries.
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Key Developments in
Global Lubricant Additives Market
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In January 2020, Krahn Chemie GmbH has acquired a majority
share of InterActive S.A. which specialises in the distribution of lubricant
additives in the Israeli, Greek and Cypriot market. This strategic acquisition
is anticipated to make strong presence of Krahn Chemie Group in Israeli market.
·
In October 2019, Afton Chemical Corporation announced the
completion of its Japan Technology Center expansion in Tsukuba. This will help
to increase lubricant additive testing capabilities.
·
In April 2019, Mitsui Chemicals held a groundbreaking
ceremony for a new plant for Lucant, a leading brand of Lubrizol Additives
business segment. The additional plant is anticipated to meet growing demand
from lubricants market.
·
In January 2020, Vertellus acquired Bercen Chemicals
which will strengthen Vertellus’s current portfolio and supports lubricant
additives market in North America.
·
In July 2017, Afton Chemical Corporation acquired Aditivos
Mexicanos, S.A. de C.V. (AMSA), a petroleum additives manufacturing, sales and
distribution company based in Mexico City, Mexico.
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Global Lubricant
Additives Market: Competition Landscape
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Some of the key players in the lubricant additives market include NewMarket
Corporation, Infineum International Limited, Chevron Oronite Company LLC., The
Lubrizol Corporation, and Tianhe Chemicals Group Limited. These
companies compete with each other to increase their market share in the
lubricant additives market. Research and development (R&D) to develop
improved products is crucial to capture market share.
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