Lubricating Oil Additives Market Size Worth $24.5 Bn by 2030: IndustryARC

Lubricating Oil Additives Market size is predicted to reach $24.5 billion by 2030, growing at a CAGR of 3.2% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The increasing public interest in sustainable products has been a driving force behind the growing demand for Lubricating Oil Additives. This trend aligns with the significant traction seen in bio-based Lubricating Oil Additives, propelled by environmental concerns and regulatory pressures surrounding emission norms. These additives, derived from renewable resources, offer eco-friendly and sustainable solutions, reducing dependency on traditional petroleum-based additives. They exhibit improved biodegradability, lower toxicity, and enhanced lubrication performance. Manufacturers are investing in research to develop innovative bio-based additives that meet stringent performance requirements across various applications, from automotive to industrial lubricants. The increasing adoption of bio-lubricants is driven by a growing emphasis on sustainability and a push for greener alternatives across industries, finds IndustryARC in its recent report, titled “Lubricating Oil Additives Market– By Product Type (Hydraulic Oil, Gear Oil, Engine Oil, Transmission Oil, Compressor Oil (Air Compressor Oil, Gas Compressor Oil, Refrigerator Compressor Oil)), By Additive Type (Anti-Oxidants, Anti-Wear, Viscosity Improvers, Corrosion Inhibitors, Detergents, Dispersants, Others), By Application (Heavy Duty engine, Metal Working Fluids, Industrial Machinery, Others), By End-user-industry (Construction (Draglines, Crane, Bulldozer, Dump Trucks, Others), Automotive (Passenger Vehicles, Heavy Vehicles, Light Vehicles, Others), Agriculture (Tractors, Harvester, Balers, Harrows, Others), Food & Beverages, Energy (Wind Turbine, Solar Plant, Hydropower plant) Manufacturing, Others), By Geography – Opportunity Analysis & Industry Forecast, 2024-2030”

Request Sample Research Report:

https://www.industryarc.com/pdfdownload.php?id=500032

Asia-Pacific to Register Highest Growth

Asia-Pacific held the largest share in the Lubricating Oil Additives market in 2023, with a share of over 35%. It is due to factors such as rising economies and an increase in investments in various industrial sectors. As per the Indian Brand and Equity Foundation, the automobile industry attracted Foreign Direct Investment equity inflow (FDI) worth US$34.74 billion between April 2000-March 2023, accounting for 5.45% of the total equity FDI during the period. As per the 2022 report of the European Automobile Manufacturers Association on global vehicle production, China produces 34.1% of 68.5 million cars manufactured worldwide followed by Europe 19.4%. And as per China Electronic Information Industry Development, the country is expected to spend US$1.4 trillion on new infrastructure projects between 2020-2025, including investments in renewable energy and residential buildings.

Lubricating Oil Additives Market 2024-2030: Scope of the Report

Get Access to Full Research Report:

https://www.industryarc.com/Research/Lubricating-Oil-Additives-Market-Research-500032

Lubricating Oil Additives Market Report – Key Takeaways:

• Engine Oil to Register the Highest Growth

Engine Oil segment is analyzed to grow with the highest CAGR of 11.38% during the forecast period 2024-2030.? As it helps to preserve engine performance, reduce wear and tear of machinery, provide prolonged life to it with consistent use, therefore it is used for all different kinds of machinery and engines. They are also used in heavy industrial equipment such as automobiles or construction equipment. For instance, In August 2023, China implemented robust measures to address its property market crisis, including the relaxation of mortgage policies and the initiation of guidelines for affordable housing construction. Hence such demand for affordable housing and an increase in infrastructure projects will drive construction in the country, due to which demand for engine oil used in heavy equipment like cranes and scrapers used in the construction sector will also increase.

• Automotive segment is Leading the Market

The automotive segment accounted for the largest share of over 45% in 2023. Lubricating Oil Additives are used in an automobile to clean, cool, prevent metal parts from corrosion and rust. Lubricants like engine oil are used to enhance fuel efficiency and performance of the engine in automobiles and gear oil is used in automobile gearbox to protect gear parts from high mechanical pressure. Hence with the rapid development in the automotive sector and increase in production of vehicles in major regions, the demand for gear and engine oil will also increase as it has high applicability in the automotive sector. For instance, as per the International Organization of Motor Vehicle Manufacturing, the global production volume of vehicles increased to 61 million in 2022 from 57 million, the previous year. As per European Automobile Manufacturers Association, the production of passenger cars in the EU increased by 8.3% in 2022.

• Changes in Automobile Engines Technology is Driving the Growth of the Market

? Modern engines in terms of reliability and efficiency depend directly on the effectiveness of the lubricating system. lubrication is responsible for cooling internal parts of the engine which are acting relative to each other creating friction and heat which results in overheating. With the advancement in passenger car engine technology like Gasoline Direct Injection & Turbocharge Gasoline Direct Injection, there have been some advancements in lubricant standards too. For instance, in 2022, the evaluation commenced for the prospective ILSAC GF-7 standard, intended to supersede GF-6. The proposed improvements span crucial engine tests, aiming to adapt to evolving engine technologies, address component availability concerns, and align with potential EPA/CARB regulations. Hence such implementation will increase demand for lower viscosity index improvers lubricants as they are used in all vehicles and efficiently reduce engine friction.

• Volatility in Raw Material Prices is a major challenge in the Lubricating Oil Additives market

? The Lubricating Oil Additives market is significantly impacted by the volatility in raw material prices. The production of additives relies heavily on petrochemical derivatives, which are subject to fluctuating prices due to geopolitical tensions, supply chain disruptions, and changes in crude oil prices. Such volatility can lead to increased production costs, squeezing profit margins for manufacturers. The unpredictability of raw material costs also makes pricing strategies challenging, as manufacturers must either absorb the increased costs or pass them on to customers, potentially affecting demand. This financial instability necessitates strategic sourcing, long-term contracts, and inventory management to mitigate risks, but it remains a persistent challenge that can affect the competitiveness and profitability of additive manufacturers.

Purchase this Premium Report:

https://www.industryarc.com/buynow?id=500032

Key Opportunity Analysis:

Development of Eco-friendly and Biodegradable Additives

The increasing global emphasis on environmental sustainability presents a significant opportunity for the Lubricating Oil Additives market to develop eco-friendly and biodegradable additives. Traditional additives often contain chemicals that can be harmful to the environment. The shift towards greener alternatives is driven by stringent environmental regulations and the growing consumer demand for sustainable products. Developing additives derived from renewable resources or biodegradable compounds can significantly reduce the ecological footprint of lubricants. Companies investing in research and development of such eco-friendly additives can capture new market segments, gain competitive advantages, and contribute to sustainability goals. This trend aligns with global efforts to reduce pollution and promote the circular economy, offering substantial growth potential in the Lubricating Oil Additives market.

Advancements in Additive Technology for Electric Vehicles (EVs)

The rapid adoption of electric vehicles (EVs) creates new opportunities for the Lubricating Oil Additives market. EVs have different lubrication requirements compared to traditional internal combustion engine vehicles, particularly in their transmission systems and cooling mechanisms. There is a growing need for specialized lubricants that can enhance the performance, efficiency, and longevity of EV components. Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year 2022. It is currently expected to see 14 million in sales by the end of 2023. Developing advanced additives tailored for EV applications, such as thermal management fluids and gear oils, can address these specific needs. As the global automotive industry transitions towards electrification, the demand for EV-specific lubricants and additives is expected to rise, offering a lucrative market for innovative additive solutions. Companies that pioneer in this area can position themselves as leaders in the evolving automotive lubricant sector.

If you have any questions, please feel free to contact our experts at:

https://www.industryarc.com/reports/request-quote?id=500032

The Report also Covers the Following Areas:

• Lubricating Oil Additives Market Size and Forecast
• Lubricating Oil Additives Market Trends
• Lubricating Oil Additives Market Analysis by Type

Lubricating Oil Additives Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Lubricating Oil Additives Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Lubricating Oil Additives Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic had a mixed impact on the Lubricating Oil Additives market. Initially, the market experienced a downturn due to widespread industrial shutdowns, reduced transportation, and a significant decline in automotive and manufacturing activities, leading to decreased demand for lubricants and their additives. Supply chain disruptions and logistical challenges further exacerbated the situation, causing delays in production and distribution. However, the pandemic also underscored the importance of maintaining essential industrial operations, prompting some sectors to prioritize efficient machinery upkeep, thereby sustaining the demand for high-performance lubricants and additives.

The Russia-Ukraine war has significantly impacted the growth of the Lubricating Oil Additives market by disrupting global supply chains and exacerbating raw material shortages. Both Russia and Ukraine are key suppliers of certain raw materials and chemicals essential for manufacturing lubricating oil additives. Additionally, the war has caused energy price volatility, further inflating production costs for additive manufacturers. These disruptions have forced companies to seek alternative suppliers and adjust their production strategies, leading to operational challenges and increased costs. The overall uncertainty and economic instability caused by the war have dampened market growth, as manufacturers grapple with supply chain issues and fluctuating raw material prices.

To Get a Customized Industry Analysis, Speak with our Research Analyst:

https://connect.industryarc.com/lite/schedule-a-call-with-our-sales-expert

List of Key Market Players in Lubricating Oil Additives Market:

The Lubricating Oil Additives Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

1. BASF SE
2. Croda International PLC
3. Evonik Industries AG
4. The Lubrizol Corporation
5. Afton Chemical Corporation
6. Infineum International Limited
7. BRB International
8. Chevron Oronite Company
9. LANXESS
10. Tianhe Chemicals Group

Related Reports:

Lubricant Additives Market: Bio-lubricants are becoming a suitable replacement for petroleum-based lubricants as they provide better lubricity, high flashpoint, high viscosity index. And as bio-based lubricants are derived from bio-based raw material, so they are environmentally friendly.

Industrial Lubricants Market: The environmental hazards associated with mineral and synthetic base oil such as pollution, Co2 emissions and contamination; along with rising crude oil prices create a major challenge in the Industrial Lubricants Market.

Lubricants Market: Improved technologies along with environmental concerns are causing recovery of bio-based and synthetic lubricants. The improved version of bio-based grease demands for more compatible additives to sustain with oxygen-containing esters in the oils.

About IndustryARC:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

Contact Us:

Mr. Venkat Reddy

IndustryARC

Email: [email protected]

USA: (+1) 518-282-4727

Web: https://www.industryarc.com

Follow us on: LinkedIn | Facebook | Twitter

Information contained on this page is provided by an independent third-party content provider. XPRMedia and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]