Lubricant Additives Market Size, Share | Report 2023-2032
The global lubricant additives market was valued at USD 19.96 billion in 2022 and it is predicted to surpass around USD 30.15 billion by 2032 with a CAGR of 4.21% from 2023 to 2032.
Key Pointers
Report Scope of the Lubricant Additives Market
| Report Coverage | Details |
| Market Size in 2022 | USD 19.96 billion |
| Revenue Forecast by 2032 | USD 30.15 billion |
| Growth rate from 2023 to 2032 | CAGR of 4.21% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | BASF SE; Afton Chemical Corp.; LANXESS; Chevron Oronite Company; Croda International; Evonik Industries; Infineum International; Lubrizol Corp.; Shamrock Shipping & Trading Ltd.; Tianhe Chemicals Group; Hornett Brothers & Co. Ltd.; IPAC Inc.; and MidContinental Chemical Co. |
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.
Product Insights
The global industry is segmented based on product as dispersants, viscosity index improvers, detergents, anti-wear additives, antioxidants, and friction modifiers among others such as corrosion inhibitors and emulsifiers. Viscosity Index Improvers was the dominating product segment in 2022 accounting for a revenue share of over 22.04%.
Dispersants and viscosity improvers collectively accounted for over 40.04% of the global volume in 2022. Dispersants are widely used to prevent sludge or varnish or other deposit formation on surfaces. About three-quarters of their usage is in diesel and gasoline engine oils, where their usage is subjected to engine protection.
Viscosity index improvers are polymeric in nature and are added to lubricating oils to reduce the degree of viscosity change at low and high temperatures. These additives are one of the prime ingredients in engine oil formulations.
Application Insights
Based on application, the global 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 metalworking fluids.
Passenger car motor oil was the dominant segment accounting for over 30.11% of the global volume in 2022 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 a shift in consumer preferences towards using operationally efficient and low viscosity fuel is driving the need for passenger car motor oil.
In the industrial lubricants category, general industrial oil accounted for over 35% of the global volume in 2022 and is expected to be the fastest-growing segment in the future. The shift of manufacturing facilities to low-cost Asian markets is no longer attractive owing to the 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 the volume and quality of lubricants consumed.
Regional Insights
Asia Pacific was the dominating region in 2022 accounting for a revenue share of over 34.06%. Growth is expected to be driven by the development of fuel efficiency norms coupled with growing environmental concerns about carbon emissions in China, India, and Japan. Economic growth in the region coupled with industrialization has enabled greater production and possession of vehicles.
Various environmental and legal factors are promoting industrial 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. Stringent regulations that are pushing countries such as U.S., Canada and Mexico to reduce carbon emission have created a huge demand for anti-wear additives in the North America region.
Lubricant Additives Market Segmentations:
By Product
By Application
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Lubricant Additives Market
5.1. COVID-19 Landscape: Lubricant Additives Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Lubricant Additives Market, By Product
8.1. Lubricant Additives Market, by Product, 2023-2032
8.1.1. Dispersants
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Viscosity Index Improvers
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Detergents
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Anti-wear Additives
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Antioxidants
8.1.5.1. Market Revenue and Forecast (2020-2032)
8.1.6. Friction Modifiers
8.1.6.1. Market Revenue and Forecast (2020-2032)
8.1.7. Others
8.1.7.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Lubricant Additives Market, By Application
9.1. Lubricant Additives Market, by Application, 2023-2032
9.1.1. Automotive Lubricants
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Industrial Lubricants
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Lubricant Additives Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. BASF SE
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Afton Chemical Corp.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. LANXESS
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Chevron Oronite Company
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Croda International
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Evonik Industries
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Infineum International
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Lubrizol Corp.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Shamrock Shipping & Trading Ltd.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Tianhe Chemicals Group
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers