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EXTREME PRESSURE LUBRICANT ADDITIVES MARKET REPORT OVERVIEW
The global extreme pressure lubricant additives market size expanded rapidly in 2022, and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.
Lubricating oil additives refer to substances used primarily to improve the performance of operating fluids and lubricants. Each additive is added to enhance the combined effect of one or more additives. Most such lubricant additives are used in automotive engines, which include other applications such as transmission oils and hydraulic fluids.
The global lubricant additives market has seen strong growth due to the increasing demand from the automotive industry, mainly for engine oils, gear oils, gear oils and automotive hydraulic fluids. In addition, increasing sea and air traffic and improved emission control along with fuel economy standards are driving the extreme pressure lubricant additives market growth.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 epidemic has had a rapid impact on the automotive lubricants sector as well as the worldwide interconnected automotive industry. Shipments of Chinese items have been disrupted, as have large-scale production delays throughout Europe and the closure of assembly plants in the United States. Automobile manufacturing and assembly have fallen, as has the demand for lubricants used in the manufacture of automobiles such as cars and passenger vehicles.
LATEST TRENDS
"Growing Demand For Multifunctional Lubricant Additives to Drive Market Growth"
The evolving engine design and customer preference for high-quality products are driving up demand for multi-purpose lubricant additives. Multifunctional attachments combine multiple advantages into a single product. For automotive and industrial lubricants, it has outstanding anti-wear, severe pressure, corrosion resistance, and antioxidant qualities. It also helps the company save time and money.
EXTREME PRESSURE LUBRICANT ADDITIVES MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Chlorinated Paraffin, Sulphurized Fats, Others. The sulfurized fats segment is expected to grow at the highest CAGR during the forecast period. Sulfurized fats are more chemically reactive and very effective on metals than other additives.
- By Application
Based on application the global market can be categorized into Automotive, Industrial Machine, Others. The automotive segment led the world market in 2022. Due to the lubrication of automotive transmissions, engine oil and hydraulics require extreme pressure additives to function properly under high pressure. The automotive segment is expected to lead the global market with the highest CAGR during the forecast period.
DRIVING FACTORS
"Demand For Improving The Quality Of Industrial Lubricants Augments The Market Growth"
Rapid urbanization and increasing consumer demand for raw materials is leading to an expansion of the industrial production base, which in turn is increasing the demand for lubricating oil additives. Industrial oil additives for lubricants are available in various viscosities and ISO grades to meet different application requirements. Applications range from long term, high and low temperature, outdoor marine environments as well as applications that may occasionally come into contact with food and require very low toxicity lubricants. Increasing use of additives in OEM-specific lube oils to improve fuel economy and reduce viscosity is increasing industry share. The demand to improve the quality of industrial lubricants is a major driving force for the lubricating oil additives market. Consumers prefer higher quality products that can withstand extreme temperatures and pressures mainly because of their longer durability and shelf life and better performance of machinery and equipment. Most industrial lubricants focus on developing products that are anti-foam, anti-oxidation, waterproof, anti-rust and non-toxic. Using high quality industrial lubricants is a cost saver as it reduces the frequency of lubricant changes.
"Growing Demand From The Automotive Industry Foster Market Growth"
Growing sales of passenger and commercial vehicles are driving the market growth. Lubricating oil additives are used in the automotive industry mainly in engine oils, gear oils, gear oils and hydraulic fluids. The global lubricant additives market is driven by growing demand from the automotive industry. Growing sales of passenger and commercial vehicles are driving the automotive lubricant additives market. Lubricating oil additives are used in the automotive industry in engine oils, gear oils, gear oils and hydraulic fluids. The number of cars in the world has increased in recent years due to huge living standards, per capita income and changing consumer choices. Moreover increasing sea and air traffic and improved emission control along with fuel economy norms are also boosting market growth.
RESTRAINING FACTOR
"Fluctuating Prices of Raw Materials to Potentially Impede Market Growth"
The additive package is a combination of different functional types such as dispersants, viscosity index improvers, detergents, anti-wear agents, antioxidants, anti-corrosion agents, friction modifiers, emulsifiers, extreme pressure additives, PPD and others. Different additive formulations rely on different chemicals and the price varies from supplier to supplier. In 2017, BASF stated that the company plans to increase the cost of lubricant additives, base stocks and finished lubricants by 5-9%, depending on the product, and also mentioned that the price changes are necessary due to the increase in costs on raw materials, transport and regulatory policies. Therefore, fluctuating prices of raw materials are considered as one of the restraining factors in the lubricating oil additives market.
EXTREME PRESSURE LUBRICANT ADDITIVES MARKET REGIONAL INSIGHTS
"Asia Pacific Dominating the Market Due To Developments In The Automotive And Industrial Sectors"
Asia Pacific dominated the extreme pressure lubricant additives market share and is expected to continue to dominate during the forecast period. Extreme pressure additives are primarily used to provide anti-lubrication and anti-friction properties. Developments in the automotive and industrial sectors in China and India and increasing government initiatives are expected to boost the market. The presence of major manufacturers of lubricants in these regions is driving the growth of the market. Growth is fueled by the development of fuel efficiency standards and the growing environmental concern about carbon dioxide emissions in China, India and Japan. The region's economic growth, along with industrialization, allowed for increased vehicle production and ownership.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The worldwide lubricant additives market is fragmented, and this trend is projected to continue over the forecast period. Across all geographies, there are numerous global and domestic vendors. The market is characterized by significant entry barriers, as new players require advanced technical expertise to manufacture lubricant additives and their packaging. Furthermore, the industry demands a significant investment in building up a production unit and intensive testing of their product in order to obtain a license to operate in a specific market. As a result of these issues, new entrants are hesitant to enter the industry.
List of Market Players Profiled
- DIC (Japan)
- Dover Chemical (U.K.)
- King Industries (U.S.)
- Italmatch Chemicals (Italy)
- Afton Chemical Industries (U.S.)
- BASF (Germany)
INDUSTRIAL DEVELOPMENT
October 2021: Umongo Petroleum (PTY) Ltd has been named Evonik's new distributor partner for lubricant additives in South Africa. However, Umongo Petroleum (PTY) Ltd began selling lubricant additives. This collaboration would allow Evonik to expand its lubricating additives product line throughout South Africa.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
Frequently Asked Questions
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Which is the leading region in the extreme pressure lubricant additives market in 2031?
The asia pacific region is the prime area for the extreme pressure lubricant additives market due to developments in the automotive and industrial sectors 2031.
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Which are the driving factors of the extreme pressure lubricant additives market in 2031?
Demand for improving the quality of industrial lubricants, and growing demand from the automotive industry are some of the driving factors of the extreme pressure lubricant additives market.
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What are the key extreme pressure lubricant additives market segments?
The key extreme pressure lubricant additives market segmentation that you should be aware of, which include, Based on type the extreme pressure lubricant additives market is classified as Chlorinated Paraffin, Sulphurized Fats, Others. Based on application the extreme pressure lubricant additives market is classified as Automotive, Industrial Machine, Others.