| Source: SkyQuest Technology Consulting Pvt. Ltd.
Ahmedabad,, INDIA
Westford, USA, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the lubricant additives market is witnessing a growing trend of increased usage of additives in base oil blending. This trend is driven by the desire for longer service life and improved performance of lubricants. Additives play a crucial role in enhancing the viscosity of oils, acting as antioxidants and corrosion inhibitors in combustion engines, and reducing oil decomposition.
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Lubricant additives are integral chemical components or substances that serve specific functions when added to fluids. These additives are combined with base oils to create finished lubricants that enhance the performance and longevity of machinery and equipment in the lubricant additives market. Lubricant additives can be organic or inorganic substances that are either dissolved or present as solids within the oil.
Prominent Players in Lubricant Additives Market
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Industrial Lubricant is Expected to Dominate the Market Due to Declining Cost Competitiveness
Industrial lubricant segment held a significant share of over 35% in the global volume of the lubricant additives market. This segment is expected to experience the highest growth rate in the coming years.
The market in Europe and North America are known for their stringent emission standards, which have led to meagre permissible emission limits in these regions. This regulatory environment has driven Original Equipment Manufacturers (OEMs) to invest in advanced technologies for vehicle engines, aiming to meet these stringent requirements in the lubricant additives market.
Dispersant Segment is Expected to Grow the Market Due to the Rising Usage of Making Additive Packages
Dispersant segment is expected to attain the highest lubricant additives market share during the forecast period. In the automotive and industrial segments, the dispersant is one of the critical additives used in making additive packages, i.e., lubricant mixed with additives. It inhibits sludge formation by suspending the insoluble contaminants in the oil.
Regional markets in the Asia Pacific emerged as the dominant region in the lubricant additives market, capturing a substantial revenue share of over 34%. The growth in this region is primarily attributed to several factors, including the development of fuel efficiency norms and increasing environmental concerns related to carbon emissions in countries such as China, India, and Japan.
A comprehensive analysis of the major players in the lubricant additives market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Lubricant Additives Market
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Key Questions Answered in Lubricant Additives Market Report
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