Lubricating Oil Additives Market Trends

Global Lubricating Oil Additives Market Overview

The  Lubricating Oil Additives Market Size was valued at USD 18.91 Billion in 2023. The Lubricating Oil Additives industry is projected to grow from USD 19.27 Billion in 2024 to USD 22.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.2% during the forecast period (2024 - 2032). Lubricating oil additives are chemical substances that are added to lubricating oil to confer new qualities or enhance the base oil's already-existing capabilities. Certain additives also help to inhibit the undesirable properties of the basic oil. To make sure that the engine, gearbox, and other components run safely and effectively, these additives are mostly employed in the automobile industry. Also, this chemical is used to increase the lifespan of compressors and refrigeration systems. Pour-point depressants and viscosity index improvers work to lessen the undesirable characteristics of base oils whereas anti-foaming agents, corrosion inhibitors, and antioxidants are additives that enhance the lubricating oil's present attributes. The basic oils also benefit from detergents, extreme-pressure additives, and emulsifiers.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Lubricating Oil Additives Market Trends

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  Requirement for industrial lubricants with better quality

  
  

The market for lubricating oil additives is primarily driven by consumer demand for industrial lubricants of a higher grade. Consumers choose higher-quality items that can withstand intense pressures and temperatures because they are more durable, have a longer shelf life, and operate better on machinery and equipment. The majority of industrial lubricant producers concentrate on creating products that are non-toxic, anti-foaming, anti-oxidant, waterproof, and rust-preventive. The growing nations of Europe and North America are seeing an increase in demand for high-quality industrial lubricants. Using high-quality industrial lubricants saves money since they don't need to be changed as regularly.

Lubricating Oil Additives Market Segment Insights

Lubricating Oil Additives Type Insights

The market segmentation, based on Type, includes Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers, and Others. The Dispersants segment holds the majority share in 2022, contributing to the global Lubricating Oil Additives revenue. It promotes suspending the insoluble impurities in the oil to prevent the formation of sludge. Dispersants are frequently used to prevent deposits on surfaces, such as varnish, sludge, and other types of deposits.

Lubricating Oil Additives Application Insights

Based on Application, the market segmentation includes Engine Oil, Gear Oil. The Engine Oil segment dominated the market. In a range of engine types, such as stationary natural gas engines, heavy-duty diesel engines, marine diesel engines, motorcycle engines, recreational vehicle engines, and heavy-duty diesel engines, engine oil additives are designed to prevent mechanical wear and corrosion. It helps to boost the vehicle's performance by enhancing fuel economy. At different temperatures, it also offers excellent lubrication and reduces environmental impact.

Lubricating Oil Additives End-User Insights

Based on End-User, the market segmentation includes ​​​​​​Automotive and Industrial. The Industrial segment is the largest segment of the market. The requirement for passenger car motor oil is driven by EURO regulations, which control the levels of nitrogen oxide, carbon monoxide, soot, and hydrocarbons associated with customer decisions to use gasoline that is low in thickness and operationally efficient.

Figure 2:  Lubricating Oil Additives Market, by End-User, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Lubricating Oil Additives Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The largest market share for lubricating oil additives was held by Asia-Pacific. The rising demand for the product in the automobile industry, particularly in developing nations such as China, India, Japan, Indonesia, and South Korea, should be credited for this. Also, the market for lubricating oil additives is anticipated to develop throughout the forecast period due to the expansion of the industrial sector and the need to improve machine efficiency.

Figure 3:  LUBRICATING OIL ADDITIVES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The other important markets for lubricating oil additives are North America and Europe. Given that North America is the second-largest producer of automobiles, there will likely be a rise in demand for lubricating oil additives market forecast. The market for the product is expected to increase in Europe because of the growing need to decrease gas emissions and improve fuel economy, along with technological developments in the automobile industry. Germany, the UK, France, and Italy are the principal contributors to market expansion in this area. Furthermore, due to technological developments and the rising demand for vehicles in these countries, it is anticipated that the markets in the Middle East and Africa, and South America would experience considerable growth over the projection period.September 2023: A major oil additive manufacturer, Infineum, announced a new line of performance-enhancing additives designed for electric vehicles (EVs). This signaled a growing focus within the industry on catering to the evolving automotive landscape

Lubricating Oil Additives Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Lubricating Oil Additives industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Lubricating Oil Additives industry to benefit customers and expand the market sector. Major market players, including Evonik Industries, Croda International, BASF, Infineum International Limited, and others, are attempting to increase market demand by funding R&D initiatives.

Evonik Industries makes specialized chemicals. The business is divided into four segments: technology and infrastructure, specialty additives, smart materials, performance materials, and nutrition and care. The Technology and Infrastructure branch provides services linked to chemical manufacturing. The Specialty Additives division manufactures and sells additives and crosslinkers for coatings, mobility, infrastructure, and consumer products. The Smart Materials section supplies materials for energy-efficient systems to the automotive, paints, coatings, adhesives, construction, and other industries. The Performance Materials division provides intermediates for the rubber, plastics, and agricultural sectors along with precursors for polymer materials. Nutrition and Care manufacture specialty chemicals for consumer goods, animal nutrition, and healthcare items.

Croda International produces specialty chemicals. It provides lubrication additives, specialty additives for plastics, coatings, and polymers, adjuvants and additives for crop protection, adjuvants and additives for seed improvement and animal health, and adhesives. The business also offers specialized ingredients for cosmetics that are used in skin, hair, and sun care products. Geotechnologies, healthcare, home care, industrial chemicals, lubricants, personal care, polymer additives, and other sectors are all served by Croda International.

Key Companies in the Lubricating Oil Additives market include

• Lubrizol Corporation


• BASF


• Infineum International Limited


• Tianhe Chemicals


• Chevron Oronite Company


• Afton Chemical


• Evonik Industries


• Croda International


• BRB International


• Lanxess


• Krystal Lubetech Private Limited

Lubricating Oil Additives Industry Developments

May 2022: BASF announced the introduction of a new product and the expansion of its Irganox manufacturing capacity. The firm has improved its business portfolio for its lubricants additives market at its Jurong Island, Singapore facility.

October 2022: BASF and Petronas Chemicals announced a joint venture to expand a 2-Ethylhexanoic Acid factory in Malaysia, tripling the joint venture's annual production capacity of 2-EHAcid to 60,000 metric tonnes by the fourth quarter of 2024.

Lubricating Oil Additives Market Segmentation

Lubricating Oil Additives Type Outlook

• Dispersants


• Viscosity Index Improvers


• Detergents


• Anti-wear Agents


• Antioxidants


• Corrosion Inhibitors


• Friction Modifiers


• Emulsifiers


• Others

Lubricating Oil Additives Application Outlook

• Engine Oil


• Gear Oil

Lubricating Oil Additives End-User Outlook

• Automotive


• Industrial

Lubricating Oil Additives Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America