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Lubricating Oil Additives Market worth $20.4 billion by 2026

Published: May 4, 2023
Author: TEXTILE VALUE CHAIN

The report Lubricating Oil Additives Market by Type, Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluid, Transmission Fluid, Grease, Compressor Oil), Sector (Automotive & Industrial), and Region – Global Forecast to 2026″, is projected to reach USD 20.4 billion by 2026, at a CAGR of 2.3% from USD 18.2 billion in 2021. The growth of the lubricating oil additives market is attributed to the demand from end-use industries such as power generation, construction, manufacturing, and automotive in the APAC region. Liberalization of foreign trade and investments and changes in industrial policies have triggered rapid industrialization in China over the past three decades. This is leading to the increasing demand for lubricating oil additives in the region. The adoption of Bharat Stage VI emission standards in India and strict regulations on SAPS content in engine oil are major factors leading to the demand for lubricating oil additives in this region.

The lubricating oil additives market is witnessing an upsurge due to the increasing demand for low viscous oil across the globe. Thinner lubricants require an extra dose of lubricating oil additives. The global rise in the number of vehicles has increased the demand for efficient lubricants, which is expected to drive the market.

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Some of the prominent key players are:

·      BASF SE (Germany)

·      Chevron Oronite Company LLC (US)

·      The Lubrizol Corporation (US)

·      Afton Chemical (US)

·      Evonik Industries AG (Germany)

·      LANXESS AG (Germany)

·      Croda International Plc. (UK)

·      Infineum International Limited (UK)

·      ADEKA CORPORATION (Japan),

Opportunities: Increasing demand for renewable energy

The power industry is a large consumer of industrial lubricants and additives. The renewable energy sector is a steadily growing segment of the power generation industry. Currently, electricity generation by wind has been increasing at a greater pace because of concerns over the cost of petroleum and the effects of fossil fuel combustion on the climate and environment. According to the U.S. Energy Information Administration, wind energy was the source of 7% of the total US electricity generation. According to the International Renewable Energy Agency, globally installed wind-generation capacity offshore and onshore increased by nearly 75% during the past two decades and reached approximately 564 GW in 2018 from 7.5 gigawatts in 1997. Due to this, the number of wind turbines requiring lubricants for optimum operability is increasing. These turbines are being installed in remote and offshore locations. Thus, performance is paramount, as any gearbox or bearing failure could lead to a complex process difficult to resolve. Thus, with the rising number of wind turbines and improving gearbox and bearing technologies, the use of advanced lubrication is also increasing, leading to an increase in the demand for lubricant oil additives.

Engine Oil to be Fastest-Growing Application of Lubricating Oil Additives

Engine oil additives are designed to protect passenger car engines, heavy-duty diesel engines, marine diesel engines, motorcycle engines, recreational vehicle engines, power tool engines, stationary natural gas engines, and others from mechanical wear and corrosion. It helps to enhance the vehicle’s performance by improving fuel efficiency. It also offers excellent lubrication at different temperatures and reduces environmental impact. The global engine oil consumption is expected to increase during the forecast period, and the quantity of additives added is expected to increase to meet stringent environmental norms.

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APAC is estimated to be the largest region in lubricating oil additives market in 2020.

High economic growth in emerging countries and the increasing disposable income of people make APAC an attractive market for lubricating oil additives. The significant growth in industrial production increased trade, and the rise in the number of vehicles are primarily responsible for the high consumption of lubricating oil additives in the region. Moreover, increasing investments in India’s manufacturing sector contribute to the increased demand for lubricating oil additives in the region. China, Japan, and India are the major markets for lubricating oil additives in the region. Additionally, regulations and specifications are being implemented for ashless lubricating oil additives, which is further expected to boost the demand for better quality lubricating oil additives during the forecast period.

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