Global Lubricant Additives Market: Key Highlights
- The global demand for lubricant additives stood nearly at US$ 15.72 Bn in 2018 and is projected to reach over US$ 18 Bn by 2027. Lubricant additives are blended with base oils to produce finished lubricants. These additives perform different functions to enhance the life and performance of finished lubricants.
- In terms of volume, global lubricant additives market is anticipated to reach more than 5,000 Kilo Tons by 2027. The lubricant additives market would be chiefly driven by the strict emission standards and increasing number of passenger cars in developing countries during the forecast period.
- China has announced their VI emission standards for 2021 and India has planned to skip Bharat Stage V and implement Bharat Stage VI emission standards from 2020 onwards. These new emission standards in developing countries is likely to drive global lubricant additives market.
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- Lubricant additives primarily include viscosity index (VI) improvers, corrosion inhibitors (CI), pour point depressants (PPD), antioxidants, and friction modifiers. The percentage of additives used in lubricants depends upon the specific nature of their applications.
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Global Lubricant Additives Market: Phenomenal Characteristics by Viscosity Index Improvers and Antioxidants
- Viscosity index (VI) improvers are a class of additives that optimize the rheological properties of a lubricant and enable it to work at extreme temperatures. These are polymeric materials adapted from the following technologies: poly-alkyl methacrylates, olefin copolymers, styrene block polymers, and poly-isobutylene and ethylene alpha-olefin copolymers.
- VI improvers reduce the viscosity of engine oils that results in better performance and lower carbon emissions. The market share of VI improvers is anticipated to increase during the forecast period. The shift from high to low viscosity lubricants is expected to fuel the consumption of VI improvers significantly in global lubricant additives market from 2019 to 2027.
- VI improvers can be used in engine oils, automatic transmission fluids, gear oils, greases, and various hydraulic fluids.
- Antioxidants is expected to be the fastest-growing segment during the forecast period. The major reason for the increase in consumption of antioxidants is the high probability of damage to modern engines and turbines from oxidation in lubricants.
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Global Lubricant Additives Market: Regional Insights
- Asia Pacific dominated the global lubricant additives market in 2018 with more than 32% 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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