Asia Pacific Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Regional Analysis- by Type, and Application

The Asia Pacific lubricant additives market is expected to grow from US$ 6,609.71 million in 2021 US$ 8,688.22 million by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028

Due to various advantages of synthetic lubricants, they are widely used in industrial operations and the automotive sector. Their superior characteristics and ability to induce operational consistency make them a preferred category of lubricants over natural mineral oil. Polyalphaolefin lubricant is the most commonly used synthetic oil in the automotive & industrial sectors. It has excellent physical and chemical properties, including a higher viscosity index, lower volatility, lower pour point, and greater thermal stability. The group III and IV base oils are used for high-performance applications in technically advanced automotive engines. Stringent emission norms, better-blending flexibility, and evolving fuel efficiency standards are a few of the key factors that propel the sales of high-quality Group III synthetic lubricants. Group III and IV are premium base oils that cater to complex applications. Lubricant additives enhance the performance of lubricants in industries such as automotive and manufacturing. The lubricant additives enhance the physical and chemical properties of lubricants by increasing viscosity index, lowering volatility, and reducing the pour point of lubricants. In addition to viscosity index improvers and pour point depressants, dispersants and detergents are a few of the widely used categories of additives. As the need for synthetic lubricants grows, the demand for additives in these lubricants is also likely to surge during the forecast period. Thus, the Asia Pacific lubricant additives market is expected to grow at a notable CAGR during the forecast period.

Asia Pacific Lubricant Additives Market Segmentation

The Asia Pacific lubricant additives market is segmented into type, application, and country. Based on type, the market is categorized into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. In 2021, the dispersants segment held the largest market share. Based on application, the market is bifurcated into automotive and industrial. In 2021, the automotive segment held a larger market share. Further, based on country, the Asia Pacific lubricant additives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. China has contributed a substantial share in 2021.

Evonik Industries AG, the Lubrizol Corporation, LANXESS, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the Asia Pacific lubricant additives market.