DUBLIN--(BUSINESS WIRE)--The "Lubricating Oil Additives Market by Functional Type (Dispersants, Detergents, Oxidation Inhibitors, Anti Wear Agents, Extreme Pressure Additives, and Viscosity Index Improvers), Application, End-use Industry, and Region-Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The lubricating oil additives market is projected to grow from USD 15.57 billion in 2018 to USD 17.74 billion by 2023, at a CAGR of 2.64% between 2018 and 2023.
The key driver for the growth of the lubricating oil additives market is the increasing demand from automotive industry for advanced lubricants that reduce emission and enhance drain intervals, fuel economy, and performance of engines. The primary functions of engine oil additives are to reduce friction, prevent wear and rust, and control formation of sludge and oxidation.
Based on functional type, the oxidation inhibitors segment is expected to be the fastest-growing segment of the lubricating oil additives market during the forecast period. Oxidation inhibitors are used to reduce thickening and inhibit acid formation in a wide variety of applications, such as engine oil, gear oil, hydraulic oil, automatic transmission fluid, industrial oil, and compressor oil. Oxidation inhibitors also help prevent degradation of lubricants over time.
Based on application, the engine oil segment was the largest segment of the lubricating oil additives market in 2017. The demand for engine oil is backed by the increasing motorization rate globally and the strong focus of additive manufacturers on research & development activities to formulate efficient additive packages according to the specifications of OEMs.
- Lubrizol Corporation
- Chevron Oronite
- Afton Chemical
- Evonik Industries
- BRB International
- Tianhe Chemicals
- Vanderbilt Chemicals
- Baker Hughes
- Jinzhou Kangtai Lubricant Additives
- Wuxi South Petroleum Additives
- Dorf Ketal
- Shamrock Shipping & Trading Ltd
- Jinzhou Runda Chemical
- Midcontinental Chemical Company
- International Petroleum and Additives Company, Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Lubricating Oil Additives Market, By Functional Type
7 Lubricating Oil Additives Market, By Application
8 Lubricating Oil Additives Market, By Sector
9 Lubricating Oil Additives Market, By Region
10 Competitive Landscape
11 Company Profiles
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