Lubricant Additives Market Overview:
Lubricant Additives Market is expected to grow to USD 17.1 Bn in 2022 growing at the CAGR of 3.2% since 2016 and is expected to continue till 2022.
Lubricant Additives are predominantly added to lubricants to enhance specific favourable properties. Lubricant Additives market is predicted to witness moderate growth due to its significant usage in automotive & industrial sector. Among application segment, industrial lubricant is expected to register strong growth soon because of improving and modernizing manufacturing process in numerous end use industries. Furthermore, growing per capita disposable income has led to increase the demand for passenger cars among the middle-class population in developing countries which in turn opened the new avenues for the product market over the forecast period.
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Lubricant Additives Market Key Players:
Lubricant Additives Market are BASF SE, Chemtura Corp., Chevron Oronite, Croda International, Evonik Industries, Infineum International, Lubrizol Corp, Shamrock Shipping & Trading Limited, Tianhe Chemicals, Afton Chemical Corporation and others.
Lubricant Additives Market Segmentation:
Lubricant Additives Market is majorly segmented on the basis of by type and by application. Based on type the market is segmented into surface protective additives, performance enhancing additives and lubricants protective additives. On the basis of application, the market is classified into automotive and industrial. Automotive is future sub-segmented into heavy duty motor oil passenger, car motor oil and industrial is sub-segmented into industrial engine oil and metal working.
Lubricant Additives Market Regional Analysis:
Geographically, Asia Pacific emerged as the largest market for lubricant additives followed by North America and Europe in 2016. The Asia Pacific region accounted for largest market share of lubricant additives market in 2016 and is estimated to retain its dominance over the forecast years due to increasing demand from automotive and various industrial sector specifically in China, India, Japan, Vietnam, Thailand, Taiwan, and South Korea. In addition to this, the growth of Lubricant Additives is largely driven by development fuel efficiency norms combined with increasing environmental concerns about carbon emission in developing economies.
Moreover, economic growth in this region along with industrialization has enabled greater production and sales of lightweight and heavy-duty vehicles. Furthermore, increased investment by key operating players in their R&D activities and shifting of lubricant additives production units as well as significantly increasing end use industries in this region is estimated to drive the lubricant additives regional market growth.
Lubricant Additives Market Competitive Landscape:
Lubricant Additives report analyses the degree of competition among the major players as well as industry growth and market scenario. The global lubricant additives market includes various players operating in the market which comprised of large scale and medium size producers. The important market players operating in the global lubricant additives industry is focusing towards growth association specifically by Asia Pacific as medium scale and small-scale producers are from this region specifically from China, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, and Japan.
Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of lubricant additives to meet the increasing demand for lubricant additives.
Lubricant Additives Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Lubricant Additives Market
Lubricant Additives Market Table of Content to be Continue……,
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