August 2024 | Report Format: Electronic (PDF)
Lubricant Additives Market Growth & Trends
The global lubricant additives market size is anticipated to reach USD 23.53 billion by 2030, exhibiting a CAGR of 4.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for lubricant additives is projected to be driven by consumers’ growing focus on boosting vehicle performance coupled with the introduction of innovative and premium product offerings.
Future growth will depend highly on motor vehicle production and the miles covered by each vehicle. Moreover, the emergence of bio-based lubricants is likely to create lucrative growth opportunities for industry players. Major companies are investing in bio-lubricants since several regulations have been formulated by authorities, such as the EPA, to reduce emissions from vehicle engines.
Regulations from agencies such as REACH, U.S. EPA, etc., regarding the exposure of lubricant additive products to humans and the environment are likely to hinder product consumption. Furthermore, environmental concerns regarding waste generation, emissions, and disposal of additive components further restrain the market’s growth in the coming years.
However, increasing passenger car sales are driving the demand for various lubricants, such as brake fluids, engine oils, coolants, transmission oils, and greases. This surge in demand and increased supply volumes is a primary catalyst for the need for additive components and packages tailored specifically for automotive lubricants.
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Lubricant Additives Market Report
Lubricant Additives Market Report Highlights
- The friction modifiers segment is expected to witness the highest CAGR of 5.9% over the forecasted period. Friction modifier additives are primarily added to lubricants to reduce the surface friction between two surfaces. These modifiers reduce friction and increase lubricity for better fuel economy. Moreover, these modifiers find applications in passenger motor and gasoline engine oils. They are also added to fluids for manual and automatic transmission, power steering, industrial gears, metalworking, shock absorbers, and tractor hydraulic systems.
- The automotive lubricants application segment is likely to grow at the highest CAGR of 4.3% over the coming years. This is mainly due to increasing disposable income resulting in increasing sales of passenger and commercial cars, which in turn boosts the demand for lubricant additives. Furthermore, automakers require more powerful engine oils to reduce automobile maintenance needs, thereby bolstering the demand for lubricant additives.
- Asia Pacific is expected to witness the fastest growth of 5.1% over the forecasted period. The region is the most significant demand center for lubricant additives, with China dominating the region & global consumption volumes. Also, Asia Pacific has numerous companies operating in additive and lubricant manufacturing. Additionally, governmental initiatives such as the ‘Make in India’ program is likely to encourage domestic production of various consumer & industrial products over the forecast period. This, in turn, is expected to spur the demand for lightweight cars, alternative buildings, and industrial materials with improved performance of finished lubricants.
- In January 2024, BASF SE and Lubrizol signed an agreement to produce and distribute EMGARD and Plurasafe industrial products. This partnership will further expand both companies’ product offerings and market them to a wider customer base.
Lubricant Additives Market Segmentation
Grand View Research has segmented the global lubricant additives market based on product, application, and region:
Lubricant Additives Product Outlook (Volume, Kilotons; Revenue, USD Million; 2018–2030)
- Dispersants
- Viscosity Index Improvers
- Detergents
- Anti-wear Additives
- Antioxidants
- Friction Modifiers
- Others
Lubricant Additives Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018–2030)
- Automotive Lubricants
- Heavy Duty Motor Oil
- Passenger Car Motor Oil
- Others
- Industrial Lubricants
- General Industrial Oils
- Industrial Engine Oils
- Metalworking Fluids
- Others
Lubricant Additives Region Outlook (Volume, Kilotons; Revenue, USD Million; 2018–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Argentina
- Venezuela
- Colombia
- Chile
- Central America
- Costa Rica
- Guatemala
- Middle East
- Saudi Arabia
- UAE
- Bahrain
- Oman
- Kuwait
- Qatar
- Africa
- South Africa
- Nigeria
- Egypt
List of Key Players in the Lubricant Additives Market
- Afton Chemical Corp.
- BASF SE
- BRB International B.V.
- Chevron Oronite Company LLC
- Daelim Co. Ltd.
- Deutsche Oelfabrik Gesellschaft Fur Chemische Erzeugnisse M.B.H. & Co. Kg
- Dorf-Ketal Chemicals India Pvt. Ltd.
- Dover Chemical Corp.
- The Elco Corp. (Italmatch Chemicals S.p.A.)
- Eni S.p.A.
- Evonik Industries AG
- Infinium International Ltd.
- Jinzhou Kangtai Lubricant Additives Co. Ltd.
- King Industries, Inc.
- LANXESS AG
- Lehmann & Voss & Co. KG.
- Lubrizol Corp.
- Metall-Chemie GmbH & Co. KG
- Xinxiang Richful Lube Additive Co. Ltd.
- RT Vanderbilt Holding Company, Inc.
