- Rising investments in the construction market of Central & South America, and Asia Pacific are aiding the lubricant additives market in growing further. Expanding manufacturing industries in Brazil, China, India, and some other emergent nations is likely to play a vital role in shaping the market.
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The major lubricant additives are corrosion inhibitors, dispersants, detergents, antioxidants, viscosity index improvers, extreme pressure additives, and friction modifiers. Dispersants have contributed a large chunk of the overall demand in the past few years. They will also dominate in the upcoming years.
Viscosity index improvers are anticipated to undergo considerable growth in the forecast period. Rising awareness regarding detergent additives has led to wider acceptance of lubricant additives in manufacturing and automotive industries. Antioxidants and corrosion inhibitors are gaining more importance in the automotives industry.
This is due to their ability to keep engines’ metal casings corrosion-free. These aforementioned trends would positively impact the market in the next five years. Also, growing demand for industrial additives coupled with abundant feedstock is estimated to drive the lubricant additives market ahead.
Metal working fluids and general industrial oils are some of the manufacturing applications of the market. Metal working fluids dominate the manufacturing market. The segment of friction modifiers will experience an ‘above average’ growth due to rapid industrialization in emerging regions.
Huge demand for these additives in the industrial and automotive applications of India and China would significantly boost the incomes of the lubricant additives market. This will positively affect the Asian Pacific market in the forecast period. Increasing fuel consumption coupled with growing automotive industry in the region is projected to raise its sales.
Europe and North America will grow moderately. This is primarily due to stringent regulatory framework concerning lubricant additives in the regions. Manufacturing and industrial applications are anticipated to propel market demand in these regions.
The leading companies in the lubricant additives market include King Industries Inc., Infineum, CHvron Oronite, BASF SE, Evonik Industries, Croda, Chemicals Group, Afton Chemicals, and Lubrizol Corporation. They are taking steps to augment their production capacities and product portfolios.
Asia Pacific is all set to form its manufacturing bases. This is resulting from ample regional demand for lubricant additives in the upcoming years.
Information Source: Grand View Research
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