Report Id: SNS/C&M/2186 | July 2022 | Region: Global | 131 Pages
Report Scope & Overview:
Lubricating Oil Additives Market Size was valued at USD 18.54 billion in 2021, and expected to reach USD 22.80 billion by 2028, and grow at a CAGR of 3.0% over the forecast period 2022-2028.
Additives for lubricating oil are chemical compounds that are added to the base oil to give it new properties or improve the properties it already has. Some additives also help get rid of the bad things about the base oil. Most of the time, these additives are used in the automotive industry to make sure that the engine, gearbox, and other parts work safely and well. Also, this product is used to make machines like compressors and refrigeration systems last longer. Anti-foaming agents, corrosion inhibitors, and antioxidants are additives that improve the properties of the lubricating oil. Pour-point depressants and viscosity index improvers help hide the bad properties of the base oils. Also, detergents, additives for high pressure, and emulsifiers give the base oils new properties.
Demand from the auto industry is growing.
Demand for Industrial Lubricants with Better Quality
Move toward fuels that aren't oil
Rising competition from a market that is not well organised and is broken up
Automakers will use less metal parts in their cars.
Demand for renewable energy is growing
Developing economies are getting more market opportunities.
Changes in the price of crude oil
Hybrid and electric cars are becoming more popular.
Costly research and development is needed to come up with an additive package that meets strict environmental regulations.
Impact of Covid-19:
Almost every part of the world has been affected by the pandemic. Because of problems in the global supply chain and a drop in oil prices, the market for lubricating oil additives has grown less than it should have. This is happening because demand in the auto industry has dropped. The automotive and industrial sectors are very important to the market. In terms of value, the lubricating oil additives market is worth the most in APAC.
South Asian countries like India, Bangladesh, Sri Lanka, and Central Asian countries, which make up APAC, saw a drop in the number of vehicles on the road. This made less need in the area for fuels and lubricating oil additives. China has a big share of the market for lubricating oil additives in the APAC region, but it was hit hard by the pandemic at first. Millions of people were put in quarantine, which stopped all supply chains that came from China. The travel bans and lockdowns that were put in place in most of China's big cities cut down on the amount of oil the country could make. It has also hurt the people who work there, without whom many ports like Shenzhen and Shanghai would not be able to operate. But after three months of being shut down, the country has shown signs of getting better. Most businesses have reopened, which is likely to increase the need for lubricating oil additives. After the mass vaccination drive started, other developing countries also sped up the number of cars they made in 2021.
Lubrizol Corporation, Tianhe Chemicals, Infineum International Limited, Chevron Oronite Company LLC, Lanxess, Evonik Industries AG, BRB International BV, Croda International PLC, BASF SE, Afton Chemical, Krystal Lubetech Private Limited and other players.
Viscosity Index Improvers
Rust & Corrosion Inhibitors
Extreme Pressure Additives
Pour Point Depressants
Metal Working Fluids
Five regions, including Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa, have been looked at in terms of the global lubricating oil additives market. In 2017, Asia-Pacific was the largest market for lubricating oil additives around the world. This is because the automotive industry, especially in emerging economies like China, India, Japan, Indonesia, and South Korea, is buying more of the product. During the next few years, the market for lubricating oil additives is likely to grow because of the growth of the industrial sector and the need to make machines work better.
Additives for lubricating oil are also sold in large amounts in North America and Europe. Since North America is the second-largest region for making cars, the need for lubricating oil additives is likely to grow over the next few years. The demand for the product is expected to go up in Europe because of the growing need to reduce gas emissions and improve fuel economy, as well as changes in the auto industry. Germany, the UK, France, and Italy are the main countries in this area that help the market grow. Lastly, the markets in the Middle East and Africa and Latin America are expected to grow a lot during the forecast period. This is because technology is getting better and people in these areas are buying more cars.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 18.54 Billion|
|Market Size by 2028||US$ 22.80 Billion|
|CAGR||CAGR of 3.0% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type (Viscosity Index Improvers, Dispersants, Detergent, Anti-oxidants, Anti-wear Agent, Rust & Corrosion Inhibitors, Friction Modifiers, Extreme Pressure Additives, Pour Point Depressants, Others)
• By Application (Engine Oil, Hydraulic Fluid, Gear Oil, Metal Working Fluids, Transmission Fluid, Grease, Compressor Oil, Others)
• By Sector (Automotive, Industrial)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Lubrizol Corporation, Tianhe Chemicals, Infineum International Limited, Chevron Oronite Company LLC, Lanxess, Evonik Industries AG, BRB International BV, Croda International PLC, BASF SE, Afton Chemical, Krystal Lubetech Private Limited and other players.|
|DRIVERS||• Demand from the auto industry is growing.
• Demand for Industrial Lubricants with Better Quality
|Restraints||• Move toward fuels that aren't oil
• Rising competition from a market that is not well organised and is broken up
• Automakers will use less metal parts in their cars.
Frequently Asked Questions (FAQ) :
Ans: Key stakeholders considered in the study:
Raw material vendors
regulatory authorities, including government agencies and NGO
commercial research & development (r&d) institutions
importers and exporters
government organizations, research organizations, and consulting firms
end-use industries are the stake holder of this report
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Demand for renewable energy is growing and Developing economies are getting more market opportunities are the opportunity for Lubricating Oil Additives Market
Ans: Demand from the auto industry is growing and Demand for Industrial Lubricants with Better Quality are the drivers for Lubricating Oil Additives Market.
Ans: Lubricating Oil Additives Market Size was valued at USD 18.54 billion in 2021, and expected to reach USD 22.80 billion by 2028, and grow at a CAGR of 3.0 % over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Lubricating Oil Additives Market Segment, By Type
8.1 Viscosity Index Improvers
8.5 Anti-wear Agent
8.6 Rust & Corrosion Inhibitors
8.7 Friction Modifiers
8.8 Extreme Pressure Additives
8.9 Pour Point Depressants
9.Lubricating Oil Additives Market Segment, By Application:
9.1 Engine Oil
9.2 Hydraulic Fluid
9.3 Gear Oil
9.4 Metal Working Fluids
9.5 Transmission Fluid
9.7 Compressor Oil
10.Lubricating Oil Additives Market Segment, By Sector:
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profile
12.1 Lubrizol Corporation,
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Tianhe Chemicals
12.3 Infineum International Limited
12.4 Chevron Oronite Company LLC
12.6 Evonik Industries AG
12.7 BRB International BV
12.8 Croda International PLC
12.9 BASF SE
12.10 Afton Chemical
12.11 Krystal Lubetech Private Limited
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.