Lubricating Oil Additive Market To Witness Significant Demand From Medical Devices Segment Till 2018 -2022

Global lubricating oil additive market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Lubricating oil additive (LOAs) is a chemical compound that advances the performance of functional fluids and lubricants. It is incorporated into a grease or a liquid base.

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The factors that are playing a major role in the growth of the lubricating oil additive market are growing disposable income, developing technologically enhanced products, and rising demand from the industrial and automotive sector. However, continuous fluctuation in raw material cost may restrain overall market growth in the years to come. Lubricating oil additive market is segmented based on functional type, application, sector, and region.

Viscosity index improvers, dispersants, extreme pressure additives, detergents, anti-wear agents, and anti-oxidants are the functional types that could be explored in lubricating oil additive in the forecast period. The dispersants sector may account for the significant market share of lubricating oil additive and is estimated to continue its dominance in the years to come.

The market may be categorized based on applications like metalworking fluid, engine oil, hydraulic fluid, gear oil, industrial oil, process oil, and others that could be explored in lubricating oil additive in the forecast period. Engine oil sector may account for the substantial market share of lubricating oil additive in the years to come. The reason could be rising motorization rate across the globe and growth in research and development activities to formulate effective additive packages.

Based on the sector, industrial and automotive could classify lubricating oil additive in the forecast period. automobile sector may account for the significant market share of lubricating oil additive and is estimated to lead the overall market in the years to come.

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Top ten countries of lubricating oil additive market are the United States, Australia, South Korea, Canada, Russia, China, Italy, France, India, and Germany. China and India may account for the majority market share of lubricating oil additive and are estimated to lead the overall market in the years to come. The reason behind the overall market growth could be high demand from the industrial and automotive sectors. The key players of the lubricating oil additive market are the Lanxess, Afton Chemical, Lubrizol, Chevron Oronite, Evonik Industries, and BASF. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.