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Lubricant Additives Market Is Expected To Touch New Mark USD 18.85 Billion By 2024 | Grand View Research Inc
May 10, 2019 (AB Digital via COMTEX) —
According to a report,“Lubricant Additives Market Analysis By Product (Dispersants, Viscosity Index Modifiers, Detergents, Anti-Wear Additives, Antioxidants, Friction Modifiers), By Application (Automotive (HDV and LDV), Industrial (Metalworking Fluids, General Industrial Oil, Industrial Engine Oil)) And Segment Forecasts To 2024",published by Grand View Research, Inc.The global lubricant additives market is expected to reach USD 18.85 billion by 2024, Stringent regulations regarding the permissible amount of carbon emission in the atmosphere are expected to remain a key driving factor for global lubricant additives market. Additive prices witnessed a significant decline in 2015 as a result of fluctuations in prices of key raw materials.
Their prices are heavily dependent on prices of calcium carbonate, zinc metal, and crude oil.Viscosity index improvers were the leading product segment with demand share estimated at 23.3% in 2015. Friction modifiers, which act as a cushion between two coated surfaces thereby minimizing surface contacts, are expected to register highest volume growth of 3.5% over the forecast period.
Key Takeaways from the report:
U.S. lubricant additives market volume by product, 2014 – 2024 (Kilo Tons)
On the basis of application, the global lubricant additives market is segmented as automotive and industrial lubricants. These segments are further divided into heavy duty & passenger car motor oils, general industrial oils, industrial engine oils, and metal working fluids.
Passenger car motor oil was the dominant segment accounting for over 30% of the global volume in 2014 and is expected to maintain its dominance over the forecast period. EURO norms, regulating the amount of nitrogen oxide, carbon monoxide, soot and hydrocarbons coupled with shift a in consumer preferences towards using operationally efficient and low viscosity fuel is driving the need for passenger car motor oil.
In industrial lubricants category, general industrial oil accounted for over 35% of the global volume in 2014 and is expected to be the fastest growing segment over the future. The shift of manufacturing facilities to low-cost Asian markets is no longer attractive owing to declining cost competitiveness of manufacturers in the region.
Also, these manufacturers are improving and modernizing the manufacturing process to become competitive across the globe. This is expected to influence market dynamics in terms of volume and quality of lubricants consumed.
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Asia Pacific lubricant additives market led the global industry with demand share estimated over 25% in 2014. Growth is expected to be driven by development fuel efficiency norms coupled with growing environmental concerns about carbon emission in China, India, and Japan.
Economic growth in the region coupled with industrialization has enabled greater production and possession of vehicles. Asia Pacific is poised to be the fastest growing at a CAGR of over 3% from 2016 to 2024.
Various environmental and legal factors are promoting industry development in Central & South America and the Middle East & Africa as well. These regions are also home to major countries such as Brazil and South Africa that are growing at a rapid rate due to increasing passenger car and heavy duty vehicle production domestically.
Recovery of manufacturing sectors in mature economies of North America and Europe such as the U.S., UK, Germany, and Italy will drive consumption over the forecast horizon. Increasing government intervention to achieve fuel economy targets is anticipated to impact further industry dynamics.
Grand View Research has segmented the lubricant additives market on the basis of product, application and region:
Global Lubricant Additives Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Global Lubricant Additives Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Global Lubricant Additives Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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