In-depth Analysis of the COVID-19 Impact on Lubricant Additives Market

The lubricant additives market is expected to grow at a CAGR of 2.7%, by value, over the next five years, to reach $16.2 billion.

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The major driving factors of this market are the emerging economies in the Asia-Pacific region, as it accounts for nearly 30% of the lubricant additive demand. The growing construction, manufacturing, and automobile industries, with no strict environmental regulations, fuels the demand for moderate quality lubricant additives, due to price sensitivity in the region. This has made Asia-Pacific a global manufacturing and commercial hub where several major companies are setting up their new plants to target high growth markets. Cheap labor and easy availability of feedstocks are major factors that attract manufacturers in the region. Europe and North America, on the other hand, have several environmental regulations that drive the market of alternative fuels, which includes compressed natural gas (CNG), liquefied petroleum gas (LPG), and bio lubricants. This is expected to decrease the demand for lubricants, because their life increase with these fuels, resulting in delayed oil change intervals.

The lubricant additives market has been analyzed in terms of both volume (KT) and value ($Million) for the function types and in volume (KT) for the applications for the five regions, namely, North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA).

♦ Major Key Players -

This lubricant additives report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, burning issues, and winning imperatives. Major companies such as Lubrizol (U.S.), BASF (Germany), Chevron Oronite (U.S.), Afton (U.S.), Chemtura (U.S.), Infineum (U.K.), Croda (U.K.), Tianhe Chemicals Group (China), Evonik (Germany), and Shamrock Shipping And Trading Limited (Cyprus) have also been profiled in this report.

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On the basis of application:

• Automotive lubricants
• Industrial Lubricant

• Heavy duty motor oil (HDMO)
• Passenger car motor oil (PCMO)
• Other automotive

• Metal Working Fluids
• Industrial Engine Oils
• General Industrial Oils
• Others

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