North America Lubricating Oil Additives Market By Functional Type [Anti Wear Agents, Detergents, Dispersants, Viscosity Index Improvers, Anti-Oxidants, Extreme Pressure Additives, Rust & Corrosion Inhibitors, Pour Point Depressants (PPD), Emulsifiers, Friction Modifiers, Oxidation Inhibitors, Other], Application (Industrial Oil, Metalworking Fluid, Process Oil, Engine Oil, Gear Oil, Hydraulics Fluid, Other), End-User (Industrial, Automotive), Country (U.S., Canada, and Mexico) – Industry Trends and Forecast to 2026Lubricating oil additives are the substances that are mainly used to enhance functional fluids and lubricants performance. Each of the additives is added to improve the functioning of one or more additives combined together. Largest use of such lubricating additives is in automotive engine which includes other applications such as hydraulic fluids and gear oils. Some of the major functional additives are detergents, oxidation inhibitors, anti-wear agents, viscosity index improvers and extreme pressure additives etc.
The lubricative oil additives are mainly used in automotive and other industrial applications with customer satisfaction, technical support and flexibility. These additives impart new properties that influence the base oil performance. The best market growth of this market will be most probably in Asia Pacific market in coming future. They are also consumed in auto vehicle industry with mandatory regulations and emission control.
The demand for oil additives in various industrial sectors have been increasing but the one sector that is focused the most is automotive one.
Engine oil lubricants are the one that make almost one half of the lubricant market and therefore have much more demand. They mainly extend the life of automobiles under many conditions such as pressure, temperature and speed. The main wok of lubricants is to reduce friction and heat from the moving parts of vehicles and also prevents various contaminants from doing any damage.
Lubricating oil additives were firstly used in 1920s resulting in increased usage. All types of lubricating oil contain at least one additive.
North America lubricating oil additives market is projected to register a healthy CAGR of 2.8 % in the forecast period of 2019 to 2026.
Market Segmentation: North America Lubricating Oil Additives Market
North America lubricating oil additives market is segmented into three notable segments which are functional type, application and end user.
- On the basis of functional type, the market is segmented into anti-wear agents, detergents, dispersants, viscosity index improvers, anti-oxidants, extreme pressure additives, rust and corrosion inhibitors, pour point depressants (PPD), emulsifiers, friction modifiers, oxidation inhibitors and others.
- In July 2018, The Chevron Tech Challenge was announced by Chevron Technology Ventures in order to develop latest technology solutions to add value to Chevron operations. This will help to advance technologies that can address business requirement and further commitment to provide safe, reasonable, reliable and cleaner energy.
- On the basis of application, the market is segmented into industrial oil, metalworking fluid, and process oil, engine oil, and gear oil, hydraulics fluid and other.
- In December, 2018 BASF invested in a new production facility for mobile emissions catalysts at Pudong Shanghai, China. The 30,000 meter square facility will be used for multiple manufacturing lines.
- On the basis of end user, the market is segmented into industrial and automotive. Automotive is further segmented into heavy-duty vehicles, passenger car and other.
- In May 2018, Evonik participated at STLE Annual Meeting & Exhibition held in Minnesota demonstrating the efficiency in automotive and industrial lubricants, hydraulic fluids and refinery processing.
Competitive Analysis: North America Lubricating Oil Additives Market
Some of the major players operating in this market are The Lubrizol, Afton, Chevron Corporation, Evonik 4%, Infenium and others.
In November 2018, GE Power’s announced the opening the opening of their Biotechnology manufacturing centre in Stevenage Bioscience Catalyst. It is planned that in the first half of 2019 this unit will start producing fibre-based purification platform.
Research Methodology: North America Lubricating Oil Additives Market
Primary Respondents: key industry participants, subject-matter experts (SMEs), C-level executives of key market players, Market Intelligence Managers, National Sales Managers and industry consultants.