Market Size of Lubricant Additives Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Lubricant Additives Market Analysis
The lubricant additives market is projected to register a CAGR of over 3% during the forecast period.
The Covid pandemic had a negative impact on the market. COVID-19-related restrictions led to decreased maintenance requirements from several industries. The major impact was observed in the automotive and construction industry, However, the market started growing steadily, owing to increased automotive and construction activities, since 2021.
- Over the short term, the stringent environmental regulations regarding emissions, and industrial growth in the Middle East and Africa are major factors driving the growth of the market studied.
- However, extended oil change intervals in machinery and automobiles are a key factor anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the growing popularity of high-performance lubricants in Asia-Pacific is likely to create lucrative growth opportunities for the global market soon.
- Asia-Pacific is estimated to witness healthy growth over the assessment period in the lubricant additives market due to the wide usage of lubricants in end-use application segments, such as automotive, and construction due to their desirable properties.
Lubricant Additives Industry Segmentation
Lubricant additives are organic or inorganic compounds dissolved or suspended as solids in oil. Specifically, they are added to provide one or more functions in the fluid, when used at a specific treatment rate. The lubricant additives market is segmented by product type, lubricant type, end-user industry, and geography. By product type, the market is segmented by dispersants and emulsifiers, viscosity index improvers, detergents, corrosion inhibitors, oxidation inhibitors, extreme-pressure additives, friction modifiers, and other functions. By lubricant type, the market is segmented by the engine oil, transmission and hydraulic fluids, metal working fluids, general industrial oil, gear oil, grease, process oil, and other lubricant types. By end-user industry, the market is segmented by automotive and other transportation, power generation, heavy equipment, metallurgy, and metal working, food and beverage, other end-user industries. The report also covers the market size and forecasts for the lubricant additives market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Product Type | |
| Dispersants and Emulsifiers | |
| Viscosity Index Improvers | |
| Detergents | |
| Corrosion Inhibitors | |
| Oxidation Inhibitors | |
| Extreme-pressure Additives | |
| Friction Modifiers | |
| Other Functions |
| Lubricant Type | |
| Engine Oil | |
| Transmission and Hydraulic Fluid | |
| Metalworking Fluid | |
| General Industrial Oil | |
| Gear Oil | |
| Grease | |
| Process Oil | |
| Other Lubricant Types |
| End-user Industry | |
| Automotive and Other Transportation | |
| Power Generation | |
| Heavy Equipment | |
| Metallurgy and Metal Working | |
| Food and Beverage | |
| Other End-users Industries |
| Geography | ||||||||
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Lubricant Additives Market Size Summary
The lubricant additives market is experiencing a steady growth trajectory, driven by increased activities in the automotive and construction sectors since the pandemic's impact. The market is influenced by stringent environmental regulations and industrial expansion, particularly in the Middle East and Africa. However, the trend towards extended oil change intervals in machinery and vehicles poses a challenge to market growth. Despite this, the rising demand for high-performance lubricants in the Asia-Pacific region presents significant opportunities. This region is expected to see robust growth due to the extensive use of lubricants in automotive and construction applications, which benefit from their superior properties.
The automotive and transportation sectors remain the largest consumers of lubricants, with continuous improvements in engine designs enhancing performance and efficiency while adhering to environmental standards. The market for lubricant additives is further bolstered by the aerospace industry's growth, particularly in commercial air transport, which is driving changes in corrosion inhibitors and removal fluids. In Asia-Pacific, China leads the market, supported by its thriving automotive and food processing industries. The global lubricant additives market is partially consolidated, with key players like Evonik Industries AG, Infineum International Limited, and The Lubrizol Corporation playing significant roles. Recent expansions and product launches by major companies, such as BASF SE, indicate ongoing efforts to strengthen market positions and meet growing demand.
Lubricant Additives Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Stringent Environmental Regulations Regarding Emissions
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1.1.2 Industrial Growth in Middle-East and Africa
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1.2 Restraints
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1.2.1 Extended Oil Change Intervals in Machinery and Automobiles
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Product Type
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2.1.1 Dispersants and Emulsifiers
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2.1.2 Viscosity Index Improvers
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2.1.3 Detergents
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2.1.4 Corrosion Inhibitors
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2.1.5 Oxidation Inhibitors
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2.1.6 Extreme-pressure Additives
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2.1.7 Friction Modifiers
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2.1.8 Other Functions
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2.2 Lubricant Type
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2.2.1 Engine Oil
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2.2.2 Transmission and Hydraulic Fluid
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2.2.3 Metalworking Fluid
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2.2.4 General Industrial Oil
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2.2.5 Gear Oil
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2.2.6 Grease
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2.2.7 Process Oil
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2.2.8 Other Lubricant Types
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2.3 End-user Industry
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2.3.1 Automotive and Other Transportation
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2.3.2 Power Generation
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2.3.3 Heavy Equipment
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2.3.4 Metallurgy and Metal Working
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2.3.5 Food and Beverage
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2.3.6 Other End-users Industries
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 ASEAN Countries
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2.4.1.6 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Mexico
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2.4.2.3 Canada
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Russia
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2.4.3.4 Italy
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2.4.3.5 France
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2.4.3.6 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Lubricant Additives Market Size FAQs
What is the current Lubricant Additives Market size?
The Lubricant Additives Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Lubricant Additives Market?
Evonik Industries AG, Infineum International Limited, The Lubrizol Corporation, Afton Chemical Corporation and Italmatch Chemicals S.p.A (The Elco Corporation) are the major companies operating in the Lubricant Additives Market.
