Albany, NY, April 06, 2016 (GLOBE NEWSWIRE) -- According to this research report, the global consumption of lubricant additives stood at 4,093.45 Kilo Tons in 2013 and is expected to reach 4,934.61 Kilo Tons by 2020, at a CAGR of 2.66% from 2014 to 2020.
Global demand for gas lubricants is expected to increase in the near future on account of rising demand from the industrial machinery, automotive, marine, and power sector. Global lubricants consumption is expected to have a direct impact on the demand for lubricant additives. Additives are a combination of various chemicals that are mixed with the base oil to enhance the performance of lubricants. Apart from extending the life of lubricants, they perform functions such as preventing engine wear, reducing friction, stabilizing oxidation, and cleaning engines.
Asia Pacific dominated the global lubricant additives market in 2013 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 and would ultimately affect the consumption of lubricant additives. The permissible emission limits in Europe and North America are very low chiefly due to strict emission standards. High disposable incomes in these regions allow 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 result in lower emission and better fuel economy. The emission standards in Middle East countries such as the UAE have also improved over the years.
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Some companies are increasing their production capacities in Asia Pacific to expand their operations in the region. On July 15, 2014, Chevron Oronite announced that it had completed a major expansion of its Singapore plant. On May 19, 2014, Evonik Industries 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.
Stringent carbon dioxide emission regulations promote the use of low viscosity and high performance lubricants. In Europe, the projected carbon dioxide emission level is 130 gram per kilometer, which is further expected to be reduced to 95 gram per kilometer by 2021. The OEMs and lubricant additive manufacturing companies have a big role to play in reducing carbon dioxide emission from vehicles. Improved drain intervals in automotives is anticipated to restrain the lubricant additives market growth. Engine oil consumption is inversely proportional to the drain intervals; therefore, engine oil consumption is likely to decrease with an increase in drain intervals. This directly affects the consumption of lubricant additives. Research and development has an important role to play in the development of lubricants with improved performance. Lubricant additive companies and OEMs work in collaboration to develop new products and technology that will result in lower emission and better fuel economy.
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The global lubricant additives market is dominated by few players. Some of the key players in the lubricant additives market include BASF SE, Infineum International Limited, Chevron Oronite Company, LLC, Evonik Industries AG, Chemtura Corporation, The Lubrizol Corporation, Afton Chemical Corporation, RheinChemieRheinau GmbH, and Tianhe Chemicals Group Limited. Only a few companies in the lubricant additives market are into multi line production of additives.
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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