Lubricating oil additives are used to prevent sludge and varnish deposits in engines, to inhibit rust and corrosion, and to minimize wear and friction.
Rising demand for lubricating oil additives from automotive industries is major factor expected to propel growth of the global lubricating oil additives market over the forecast period. In addition, growing industrial sector in developing countries globally is in turn boosting demand for lubricating oil additives which is another factor expected to boost growth of the market in near future.
However, fluctuating prices of raw materials of lubricating oil additives is factor expected to hamper growth of the target market in the near future.
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The global lubricating oil additives market has been segmented on basis of functional type, application, sector, and region. On the basis of functional type, the target market is segmented into dispersants, detergents, anti-oxidants, anti-wear agents, extreme pressure additives, and viscosity index improvers. On the basis of application global lubricating oil additives market is segmented into engine oil, gear oil, process oil, industrial oil, hydraulics fluid, and metalworking fluid. On the basis of sector, the target market is segmented into automotive and industrial.
Based upon region global lubricating oil additives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The market in Asia Pacific is estimated to be highest share in terms of revenue, owing to growing industrial sector especially automotive sector in turn expected to increase adoption of lubricating oil additives, in the region. The markets in North America is expected to register significant growth in terms of revenue over the forecast period.
Some prominent players in the global lubricating oil additives market are: Lubrizol Corporation, Chevron Oronite Company LLC, Afton Chemical Corporation, Infineum International Limited, Evonik Industries AG, BASF SE, Lanxess Corporation, Croda International Plc, and BRB International BV.
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