Increased demand from the automotive industry and stringent environmental regulations regarding emission drive the growth of the global lubricant additives market. However, fluctuating prices of crude oil hinder the market growth. On the other hand, increase in market opportunities from developing economies presents new opportunities in the coming years.
A complete and wide-ranging evaluation of a the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
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The global lubricant additives industry generated $18.3 billion in 2020, and is anticipated to generate $31.3 billion by 2030, witnessing a CAGR of 3.7% from 2021 to 2030.
The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
The dispersants segment held the highest market share in 2020, accounting for more than one-fourth of the global lubricant additives market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its wide usage in forming additive packages for both, automotive and industrial segments. Moreover, the antioxidants segment is projected to manifest the highest CAGR of 4.7% from 2021 to 2030.
The Lubricant additives market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
Lubricant Additives Companies Covered Market:- BASF SE, Evonik Industries AG, Infineum International Limited, Chevron Oronite, Company LLC, Chemtura Corporation, The Lubrizol Corporation, Croda International PLC, Afton Chemical Corporation and Other.
The automotive lubricant additives segment accounted for the largest share in 2020, contributing to more than two-thirds of the global lubricant additives market, and is projected to maintain its lead position during the forecast period. This is owing to the rapid development in the automotive sector and increase in production of vehicles in major regions. However, the industrial lubricant additives segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030. This is owing to rapid industrialization, use of lubricant additives for the effective use of energy resources, and expansion of various end use industries.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the Lubricant additives market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Lubricant additives market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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