Lubricating oil additives are chemical compounds used to enhance the properties of base oil by imparting properties such as corrosion resistance, anti oxidation and viscosity enhancement among others. In addition to enhancing lube oil properties, they suppress undesirable base oil properties such as decreasing pour point of lubricating oils and impart new properties such as neutralizing strong acids. Chemically, lubricating oil additives can be organic or inorganic in nature. They are added to engine oils, gear oils, hydraulic oils and cutting fluids among others. The combination of different additives and their quantities are determined by the lubricant to which they are added.
The automotive engine crankcase lubricants extensively employ additives for the smooth functioning of the vehicle. Thus, the rising demand for lubricating oil additives in automotives is expected to boost the market in the near future. This trend is expected to grow within the forecast period. Furthermore, stringent government regulations pertaining to emission control requirements necessitate the use of lubricating oil additives. Addition of these additives to lubricating oils enhances their performance and reduces the emission of harmful gases from automobiles. Strict regulations regarding vehicular emission are expected to drive the lube oil additives market in the coming years. However, the quantity of additives to be added to lubricating oils needs precise calibration, non compliance to which leads to deterioration of vehicle life. The growing GDP of emerging economies in Asia Pacific are expected to open new areas of opportunity for lubricating oil additives market within the forecast period.
The lubricating oil additives market is expected to grow rapidly in Asia Pacific as countries such as China, India and ASEAN countries are expected to witness above average growth in the consumption of these additives. Brazil, Russia and the Middle East countries are large consumers of lubricating oil additives owing to the flourishing petroleum industry in these regions. North America and Western Europe are mature markets. Thus, the growth opportunities for lubricating oil additives are expected to be minimal. However, governmental regulations for emission controls could lead to a surge in additives consumption in North America within the forecast period. Lubricating oil additives are used in manufacturing industries to a large scale. Countries such as China and India are expected to witness a surge in additives demand due to the growing industrial sector in these countries.
Lubricating oil additives can be classified according to the properties they impart. The major types of lubricating oil additives are friction modifiers, anti wear agents, extreme pressure agents, detergents, rust & corrosion inhibitors, anti oxidants, pour point depressants, viscosity enhancers and anti foaming agents among others. In engines, antioxidants, corrosion inhibitors, anti foaming agents and alkalinity improvers are added. Stram turbines and compressors make use of demulsifiers, anti foaming agents and dispersants. Gears use extreme pressure additives and friction modifiers to a large extent. Hydraulic systems use viscosity index improvers, pour point depressants and anti foaming agents to enhance he flow properties of lubricating oils. Furthermore, lubricating oil additives can be segment based in the end use into automotive and industrial applications.
Some of the key players profiled in this market research report include the Lubrizol Corporation, Infineum, Chevron Oronite Company LLC and Afton Chemical Corporation.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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