The global lubricant additives market size was US$ 18.99 billion in 2021. The global lubricant additives market size is forecast to reach US$ 31.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.8% during the forecast period from 2021 to 2030.

Lubricant additives act on a fluid by performing one or more functions when applied at a specific amount. Completing lubricants require additives blended with base oils. A "solid" is any organic or inorganic component that dissolves in or separates from oil. In a variety of ways, these additives improve the performance of final lubricants. Furthermore, the outstanding performance of these additives extends machine life and lowers maintenance costs. Lubricant additives are also critical in the management of energy and emissions in a variety of automobile and end-use sectors.

Factors Influencing Market Growth

• Due to the growing demand from the automotive industry, which is primarily for engine oils, gear oils, transmission fluids, and hydraulic fluids in the automotive industry, the global lubricant additives market is witnessing strong growth. 
• Increasing maritime and aviation transport, along with improved emissions controls and fuel economy regulations, contribute to the market's expansion. 
• A fluctuating crude oil price environment, coupled with an unorganized, fragmented market, may slow down the overall lubricant additives market growth.
• Increasing automotive industry growth, technological advancements in modern engines, and nations' efforts to reduce fuel consumption are driving the lubricant additives market. 

Impact Analysis of COVID-19

The COVID-19 pandemic had negatively impacted the lubricant additives market globally. As a result of restrictions and lockdowns imposed by governments worldwide, productivity in many manufacturing industries had decreased, such as metalworking, oil & gas fabrication, chemicals, consumer goods, etc. Nevertheless, the automobile sector was the most severely impacted, as many parts of the industry and their suppliers had to shut down. Therefore, vehicle usage and sales declined as a result. Moreover, since lubricant additives typically appear in heavy-duty and passenger vehicle lubricants, with the decline in vehicle production, the demand for lubricant additives and particularly for passenger vehicles, decreased. 

Regional Insights

In terms of revenue, the Asia Pacific dominated the lubricant additives market in 2021 and is forecast to maintain that position throughout the forecast period. Due to the presence of key players and a large consumer base, the region has seen strong growth. Increasing industrialization and economic growth in the region have enabled greater vehicle production and ownership, driving the demand for lubricant additives.

Leading Competitors

The leading prominent companies profiled in the global lubricant additives market are:

• BASF SE
• Evonik Industries AG
• Infineum International Limited
• Chevron Oronite Company LLC
• Chemtura Corporation
• The Lubrizol Corporation
• Croda International PLC
• Afton Chemical Corporation
• VAnderbilt Chemicals LLC
• Rhein Chemie Corporation
• Laxness Corporation
• Dover Chemical Corporation
• Wuxi South Petroleum Additives
• Other Prominent Players

Scope of the Report

The global lubricant additives market segmentation focuses on Type, Application, and Region.

Segmentation based on Type

• Dispersants
• Viscosity Index Improvers
• Detergents
• Anti-wear Agents
• Antioxidants
• Corrosion Inhibitors
• Friction Modifiers
• Emulsifiers
• Others

Segmentation based on Application

• Automotive
  • Heavy Duty
  • Passenger Car
  • Other Automotive
• Industrial
  • Metalwork Fluids
  • Industrial Engine Oils
  • General Industrial Oils
  • Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America