The global lubricant additives market is expected to register a CAGR over 3% during the forecast period. Environmental concerns are a major factor in lubricant formulation and use. Lubricant additives are vital ingredients in modern lubricants and are driving the market.
- Growing global automotive fleet is expected to drive the demand for the market during the forecast period. - Extended oil change intervals in machinery and automobiles is likely to hinder the market’s growth. - Growing popularity of high-performance lubricants in Asia-Pacific is projected to act as an opportunity for the market in future.
Key Market Trends Detergents Anticipated to Record Healthy Demand in the Automotive Industry
- Detergents are the surface additives involved in the process related to cleaning surfaces or protecting the deposits from settling. - During the equipment (engine) operation, dirt and oil insoluble products are formed as a result of oxidation. Detergents prevent these products from settling on engine surface, thus preventing the degradation of engine surface. - The number of automotive vehicles has been increasing globally over the recent past, owing to the higher living standards, increasing per capita income, and changing preferences of the consumers. - The major developing countries, such as China, India, etc., has experienced a significant rise in active number of automotive vehicles, due to rising construction activities and economic development. - Detergents are primarily used in automotive lubricants, the demand for which is increasing at a rapid pace across the world, primarily in Asia-Pacific. Therefore, detergents are likely to witness a significant demand from the automotive industry, during the forecast period.
Asia-Pacific Region Poised to Lead the Market
- The Asia-Pacific region is expected to dominate the market over the forecast period. Majorly due to the rapid pace growth rate of the developing countries, such as China, India and ASEAN countries. - China, a global manufacturing hub, has witnessed the dynamic growth of various industries, such as consumer products, electronics, toys, and transportation equipment (like automobiles, rail cars etc.), all of which use lubricants. - China is the largest producer of automotive, with more than 27.8 million vehicles. Additionally, used car sales have also registered significant growth in the country. - In India, the sales of automotive vehicles has been increasing over the recent past. This has resulted in increased active number of automotive vehicles, in turn, leading to rising demand for lubricants. - The aforementioned factors are expected to offset the overall growth in the lubricant additives market, thereby projecting a rapid growth rate for lubricant additives in the Asia-Pacific region.
Competitive Landscape The lubricant additives market is partially consolidated. Key players in the lubricant additives market include Evonik Industries AG, Chevron Corporation, Infineum International Limited, The Lubrizol Corporation, and Afton Chemicals, among others.
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