Transparency Market Research has released a new market report titled “Lubricant Additives Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” that defines and segments the global lubricant additives market with analysis and forecast of the global volume. The report observes that the global consumption of lubricant additives was 4,093.45 kilo tons in 2013 which is expected to reach 4,934.61 kilo tons by 2020, at a CAGR of 2.66% from 2014 to 2020.
Key product segments analyzed in this study include viscosity index (VI) improvers, pour point depressants (PPD), detergents, dispersants and other additives. The other segment includes additives such as corrosion inhibitors, anti-wear additives, metal deactivators and extreme pressure additives. In 2013, the other segment was the largest segment in terms of volume and accounted for more that 28% of the market share. Lubricant additives are blended with base oils to produce finished lubricants. These additives perform different functions to enhance the life and performance of finished lubricants. High performance by these additives also increases the life span of machinery and reduces maintenance cost. VI improvers are added in multi grade lubricants such as 15W40 and 20W40. VI improvers allow the lubricants to function over a wide temperature range. Moreover, VI improvers reduce the viscosity of engine oils that results in better performance and lesser carbon emission. Similarly, detergents, dispersants and PPDs are added to impart specific properties to the finished lubricants.
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Asia Pacific dominated the global lubricant additives market in 2013 and was the leading shareholder with over 30% global market share in terms of volume. Factors such as increasing number of passenger cars in China, increased disposable income and stringent emission regulations have significantly contributed to the major market share of the region. Asia Pacific is considered as the most attractive market for lubricant additives. However, improved performance of finished lubricants that results in longer drain interval is hindering the growth of the lubricant additives market. Improved drain interval minimizes the consumption of finished lubricants that will ultimately affect the rising consumption of lubricant additives. The permissible emission limits in Europe and North America is very low chiefly due to strict emission standards. High disposable income in these regions allows OEMs to provide better technology for the engines used in vehicles. High quality lubricants are preferred in these regions. These lubricants are compatible with the engines and results in lower emission and better fuel economy. The emission standards in Middle East countries such as the UAE have also improved.
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Some of the key players in the lubricant additives market include NewMarket Corporation, Infineum International Limited, Chevron Oronite Company LLC., The Lubrizol Corporation, and Tianhe Chemicals Group Limited. These companies compete with each other to increase their market share in the lubricant additives market. Some of the companies are expanding their production capacity in Asia Pacific to penetrate the most attractive market. On July 15, 2014, Chevron Oronite announced that it had completed a major expansion of its Singapore plant. On May 19, 2014, Evonik commenced operations of an integrated production complex in Shanghai, China. The complex would produce isophorone and isophorone diamine at an annual capacity of 50,000 metric tons. Research and development to develop improved products are crucial to capture market share. It is difficult for a new company to enter the market, as it entails huge investment for production facility and research and development activities. Most companies in the market produce specific additives. Only a few companies are active in the multi line lubricant additives business.
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Lubricant Additives Market: Product Analysis
- VI Improvers
- PPD (Pour Point Depressants)
- Other Additives (Corrosion inhibitors, Metal deactivators, Anti-wear additives, etc.)
Lubricant Additives Market: Regional Analysis
- North America
- Asia Pacific
- Middle East
- RoW (Rest of the world)
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