Lubricant Additives Market to Record Sturdy Growth by 2020
The
automotive market has been in top gear in emerging economies, which
is driving ancillary markets including that of lubricant additives,
reports Transparency Market Research. Moreover, the increasing
pressure on developed regions to bring down their carbon footprint
has resulted in increasing research and development of efficient
cars. This requirement has also percolated to the lubricants markets,
encouraging manufacturers to produce lubricants that reduce not only
friction but also emissions. This, in turn, has had a positive impact
on the lubricants additives market in recent years. Additives such as
friction modifiers, viscosity index (VI) improvers, pour point
depressants (PPD), corrosion inhibitors (CI), and antioxidants are
typically used for the effective functioning of the machines.
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Analysts
predict that the global consumption of lubricant additives will rise
to 4,934.61 kilo tons by 2020 from 4,334.54 kilo tons in 2015, as the
market expands at a steady CAGR of 2.66% from 2015 to 2020. The
rising disposable income of consumers, which is translating into
increased spending on passenger vehicles, is expected to boost the
demand for lubricant additives in the coming years. Furthermore,
initiatives taken by the governments to reduce the fuel consumption
quantity of vehicles is also expected to accelerate the demand for
high quality of lubricant additives as they enhance the quality of
the engine, thereby reducing fuel consumption.
Preference
for Low Viscosity makes VI Improvers an Emerging Segment
As
of 2013, the dispersants segment held a leading share of 25.13% in
the overall market. By the end of 2020, this product segment is
expected to hold a share of 25.55%. Analysts predict that the
antioxidants segment will be the fastest-growing segment in the
forecast period due to its increasing application in new-age engines
and turbines to prevent oxidation. The share of antioxidants
additives is expected to stand at 5.4% by 2020 in the global
lubricants additives market. Additionally, the viscosity index (VI)
improvers segment will also be an emerging segment due to growing
preference for lubricants with low viscosity, especially in
developing economies of Asia Pacific. The rise of the automotive
sector in this region is also expected to fuel the consumption of
lubricants additives in the coming few years.
Booming
Automotive Sector Boosts Demand for Lubricant Additives in Asia
Pacific
The
report states that lubricants additives market in North America has
plateaued; however, the trend of using quality lubricants to maintain
the machinery standards will continue to keep the market going at a
steady pace. The Asia Pacific lubricant additives market will witness
a rise due to growing disposable incomes that have led increasing
automobile purchases. The Asia Pacific lubricants additives market is
expected to grow at the fastest CAGR of 3.91% between 2014 and 2020.
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Some
of the key players in the global lubricants additives market are BASF
SE, NewMarket Corp., Rhein Chemie Rheinau GmbH, The Lubrizol Corp.,
Infineum International Ltd., Chevron Oronite Company LLC, Evonik
Industries AG, and Chemtura Corp. Companies will focus on product
innovation through dedicated research and development in the coming
years to build a significant brand equity.
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