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Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application

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    Report

  • 151 Pages
  • May 2022
  • Region: Global
  • The Insight Partners
  • ID: 5623586
UP TO OFF until Mar 15th 2023
The lubricant additives market was valued at US$ 15584.9 million in 2021 and is projected to reach US$ 19880.1 million by 2028; it is expected to grow at a CAGR of 3.5% from 2021 to 2028.

The demand for lubricants from the wind energy sector is expected to boost the lubricant additives market in the coming years. Renewable energy is a division of the power generation industry, which is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy types. According to the data provided by the US Department of Energy, the US installed 16,836 MW capacity of new wind electric turbines in 2020. Furthermore, the country plans to achieve 20% of its electricity consumption through wind energy by 2030. As per a study by the University of Michigan, the US is estimated to install wind power generation plants at twice the pace recorded in the next decade to reduce carbon emissions and avoid the impact of climate change on utilities. Thus, the growth trajectory of wind power as an alternative to conventional energy sources holds potential opportunities for lubricant producers, which is expected to boost the market for lubricant additives during the forecast period. The onset of the COVID-19 pandemic led to a decrease in the demand for lubricant additives due to the slowdown of major economies in the world in 2020. Moreover, fluctuations in the prices of raw materials and stringent government policies against the application of lubricant additives hamper the lubricant additives market progress.

The lubricant additives market, by type, has been segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. The dispersants segment held the largest share of the market in 2020. Dispersants are lubricant additives that prevent in forming sludge, varnish, and other deposits formed in the oil. The raw materials required for formation of dispersants includes polyalkenyl-substituted mono or dicarboxylic acid, anhydride, and nucleophilic reactants such as an amine, alcohol, amino alcohol, or polyol. Succinimide dispersants are the majorly used dispersant category, which is employed in preventing flocculation of sludge and precipitation of insoluble materials formed during oxidation.

In 2020, Asia Pacific held the largest revenue share of the lubricant additives market. The major factor driving the market growth in this region is the high demand for lubricant additives from manufacturing, automotive, oil & gas, textile, glass, power generation, paper and pulp, chemicals and petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries. Strong automotive and food & beverages industries in Japan, South Korea, China, and India create a huge demand for lubricant additives that are used in motor oil and engine oils. The fast economic growth - coupled with an increase in purchasing power, especially in developing economies - propels the consumption of passenger vehicles. The flourishing automotive industry creates massive demand for automotive lubricants in Asia Pacific.

Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION are a few of the major players operating in the lubricant additives market. Key companies in this market are focusing on strategies such as R&D investments and new product launches. They develop high-quality and innovative products to fulfill the customers’ requirements.



The overall lubricant additives market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants - such as valuation experts, research analysts, and key opinion leaders - specializing in the lubricant additives market.


Frequently Asked Questions about the Global Lubricant Additives Market

What is the estimated value of the Global Lubricant Additives Market?

The Global Lubricant Additives Market was estimated to be valued at $15584.9 million in 2021.

What is the growth rate of the Global Lubricant Additives Market?

The growth rate of the Global Lubricant Additives Market is 3.5%, with an estimated value of $19880.1 million by 2028.

What is the forecasted size of the Global Lubricant Additives Market?

The Global Lubricant Additives Market is estimated to be worth $19880.1 million by 2028.

Who are the key companies in the Global Lubricant Additives Market?

Key companies in the Global Lubricant Additives Market include Evonik Industries AG, The Lubrizol Corporation, LANXESS, Nouryon, Mol, lub Kft., Dover Chemical Corporation, Croda International plc and BASF SE.

Table of Contents

1. Introduction
1.1 Research Report Guidance
1.2 Market Segmentation
1.2.1 Lubricant Additives Market, by Type
1.2.2 Lubricant Additives Market, by Application
1.2.3 Lubricant Additives Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Lubricant Additives Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Expert Opinion
4.4 Ecosystem Analysis
4.4.1 Raw Material Suppliers
4.4.2 Manufacturers
4.4.3 Distributors/Suppliers
4.4.4 End-User Industries
5. Lubricant Additives Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Flourishing Automotive Sector
5.1.2 Rapid Industrial Growth
5.2 Market Restraints
5.2.1 Stringent Government Policies Regarding Application of Lubricant Additives
5.3 Market Opportunities
5.3.1 Increasing Demand for Lubricants from Wind Energy Sector
5.4 Future Trends
5.4.1 Growing Demand for Synthetic Lubricants
5.5 Impact Analysis of Drivers and Restraints
6. Lubricant Additives - Market Analysis
6.1 Lubricant Additives Market Overview
6.2 Lubricant Additives Market - Revenue and Forecast to 2028
6.3 Competitive Positioning - Key Market Players
7. Lubricant Additives Market Analysis - By Type
7.1 Overview
7.2 Lubricant Additives Market, By Type (2020 and 2028)
7.3 Dispersants
7.3.1 Overview
7.3.2 Dispersants: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
7.4 Viscosity Index Improvers
7.4.1 Overview
7.4.2 Viscosity Index Improvers: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
7.5 Detergents
7.5.1 Overview
7.5.2 Detergents: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
7.6 Antiwear Agent
7.6.1 Overview
7.6.2 Antiwear Agent: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
7.7 Emulsifiers
7.7.1 Overview
7.7.2 Emulsifiers: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
7.8 Others
7.8.1 Overview
7.8.2 Others: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
8. Lubricant Additives Market Analysis - By Application
8.1 Overview
8.2 Lubricant Additives Market, By Application (2020 and 2028)
8.3 Automotive
8.3.1 Overview
8.3.2 Automotive : Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
8.4 Industrial
8.4.1 Overview
8.4.2 Industrial : Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Mn)
9. Lubricant Additives Market - Geographic Analysis
9.1 Overview
9.2 North America: Lubricant Additives Market
9.3 North America: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.3.1 North America: Lubricant Additives Market, by Type
9.3.2 North America: Lubricant Additives Market, by Application
9.3.3 North America: Lubricant Additives Market, by Key Country
9.3.3.1 US: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.3.3.1.1 US: Lubricant Additives Market, by Type
9.3.3.1.2 US: Lubricant Additives Market, by Application
9.3.3.2 Canada: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.3.3.2.1 Canada: Lubricant Additives Market, by Type
9.3.3.2.2 Canada: Lubricant Additives Market, by Application
9.3.3.3 Mexico: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.3.3.3.1 Mexico : Lubricant Additives Market, by Type
9.3.3.3.2 Mexico: Lubricant Additives Market, by Application
9.4 Europe: Lubricant Additives Market
9.4.1 Europe: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.2 Europe: Lubricant Additives Market, by Type
9.4.3 Europe: Lubricant Additives Market, by Application
9.4.4 Europe: Lubricant Additives Market, by Key Country
9.4.4.1 Germany: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.1 Germany: Lubricant Additives Market, by Application
9.4.4.2 France: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.4.2.1 France: Lubricant Additives Market, by Type
9.4.4.2.2 France: Lubricant Additives Market, by Application
9.4.4.3 Italy: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.4.3.1 Italy: Lubricant Additives Market, by Type
9.4.4.3.2 Italy: Lubricant Additives Market, by Application
9.4.4.4 United Kingdom: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.4.4.1 United Kingdom: Lubricant Additives Market, by Type
9.4.4.4.2 United Kingdom: Lubricant Additives Market, by Application
9.4.4.5 Russia: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.4.5.1 Russia: : Lubricant Additives Market, by Type
9.4.4.5.2 Russia: : Lubricant Additives Market, by Application
9.4.4.6 Rest of Europe: Lubricant Additives Market- Revenue and Forecast to 2028 (US$ Million)
9.4.4.6.1 Rest of Europe: Lubricant Additives Market, by Type
9.4.4.6.2 Rest of Europe: Lubricant Additives Market, by Application
9.5 Asia Pacific: Lubricant Additives Market
9.5.1 Asia Pacific: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.2 Asia Pacific: Lubricant Additives Market, by Type
9.5.3 Asia Pacific: Lubricant Additives Market, by Application
9.5.4 Asia Pacific: Lubricant Additives Market Revenue Share, by Key Country
9.5.4.1 Australia: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 Australia: Lubricant Additives Market, by Type
9.5.4.1.2 Australia: Lubricant Additives Market, by Application
9.5.4.2 China: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 China: Lubricant Additives Market, by Type
9.5.4.2.2 China: Lubricant Additives Market, by Application
9.5.4.3 India: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.3.1 India: Lubricant Additives Market, by Type
9.5.4.3.2 India: Lubricant Additives Market, by Application
9.5.4.4 Japan: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.4.1 Japan: Lubricant Additives Market, by Type
9.5.4.4.2 Japan: Lubricant Additives Market, by Application
9.5.4.5 South Korea: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.5.1 South Korea: Lubricant Additives Market, by Type
9.5.4.5.2 South Korea: Lubricant Additives Market, by Application
9.5.4.6 Rest of Asia Pacific: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.6.1 Rest of Asia Pacific: Lubricant Additives Market, by Type
9.5.4.6.2 Rest of Asia Pacific: Lubricant Additives Market, by Application
9.6 Middle East and Africa: Lubricant Additives Market
9.6.1 Middle East and Africa: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.6.2 Middle East and Africa: Lubricant Additives Market, by Type
9.6.3 Middle East and Africa: Lubricant Additives Market, by Application
9.6.4 Middle East and Africa: Lubricant Additives Market, by Key Country
9.6.4.1 South Africa: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 South Africa: Lubricant Additives Market, by Type
9.6.4.1.2 South Africa: Lubricant Additives Market, by Application
9.6.4.2 Saudi Arabia: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Saudi Arabia: Lubricant Additives Market, by Type
9.6.4.2.2 Saudi Arabia: Lubricant Additives Market, by Application
9.6.4.3 UAE: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.3.1 UAE: Lubricant Additives Market, by Type
9.6.4.3.2 UAE: Lubricant Additives Market, by Application
9.6.4.4 Rest of MEA: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.4.1 Rest of MEA: Lubricant Additives Market, by Type
9.6.4.4.2 Rest of MEA: Lubricant Additives Market, by Application
9.7 South and Central America: Lubricant Additives Market
9.7.1 South and Central America: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.7.2 South and Central America: Lubricant Additives Market, by Type
9.7.3 South and Central America: Lubricant Additives Market, by Application
9.7.4 South and Central America: Lubricant Additives Market, by Key Country
9.7.4.1 Brazil: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.7.4.1.1 Brazil: Lubricant Additives Market, by Type
9.7.4.1.2 Brazil: Lubricant Additives Market, by Application
9.7.4.2 Argentina: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.7.4.2.1 Argentina: Lubricant Additives Market, by Type
9.7.4.2.2 Argentina: Lubricant Additives Market, by Application
9.7.4.3 Rest of South and Central America: Lubricant Additives Market - Revenue and Forecast to 2028 (US$ Million)
9.7.4.3.1 Rest of South and Central America: Lubricant Additives Market, by Type
9.7.4.3.2 Rest of South and Central America: Lubricant Additives Market, by Application
10. Impact of COVID-19
10.1 Overview - Impact of COVID-19
10.2 Impact of COVID-19 on Lubricant Additives Market
10.3 North America: Impact Assessment of COVID-19 Pandemic
10.4 Europe: Impact Assessment of COVID-19 Pandemic
10.5 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.6 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.7 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 Evonik Industries AG
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 The Lubrizol Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 LANXESS
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Mol-lub Kft.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Dover Chemical Corporation
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Nouryon
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 EXXON MOBIL CORPORATION
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Croda International plc
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Chevron Corporation
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 BASF SE
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Glossary of Terms

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Evonik Industries AG
  • The Lubrizol Corporation
  • LANXESS
  • Nouryon
  • Mol-lub Kft.
  • Dover Chemical Corporation
  • Croda International plc
  • Chevron Corporation
  • BASF SE
  • EXXON MOBIL CORPORATION