Lubricant Additives Market Size Worth $23.6 Billion By 2030

Lubricant Additives Market Growth & Trends

The global lubricant additives market size is expected to reach USD 23.6 billion by 2030, registering a CAGR of 4.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Stringent regulations regarding the permissible amount of carbon emission in the atmosphere are expected to remain a key driving factor for global lubricant additives market. Additive prices witnessed a significant decline in 2015 as a result of fluctuations in prices of key raw materials. Their prices are heavily dependent on prices of calcium carbonate, zinc metal, and crude oil.

Viscosity index improvers were the leading product segment with demand share estimated at 23.3% in 2015. Friction modifiers, which act as a cushion between two coated surfaces thereby minimizing surface contacts, are expected to register highest volume growth of 3.5% over the forecast period.

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Lubricant Additives Market Report Highlights

• Global lubricant additives market demand was 4.97 million tons in 2022 and is expected to reach 6.20 million tons by 2030, growing at a CAGR of 2.8% from 2023 to 2030

• Automotive lubricants were the largest application segment and accounted for over 59% of total market volume in 2022. Increasing passenger car production and consequent sales particularly in China, India, Thailand, and Indonesia is expected to drive this segment over the forecast period.

• General industrial oils were the largest segment for industrial lubricants and accounted for over 36% of its volume in 2022. Recovery of manufacturing sectors in North America and Europe along with high industrial output in Asian markets is expected to drive the segment growth.

• Asia Pacific emerged as the leading regional market with volume share exceeding 35% in 2022. High demand for passenger cars in China, South and Southeast Asia along with a robust lubricant aftermarket sale is expected to complement the regional demand.

• Global lubricant additives market is highly concentrated in nature with Chevron Oronite, Afton Chemical, and Lubrizol being the top manufacturers. Top four companies account for over three-quarters of the industry share. Other key participants include BASF, Evonik Industries, Chemtura Corporation, Shamrock Shipping & Trading Limited, Infineum International Limited, IOCL, Croda International plc, and Tianhe Chemicals Group.

Lubricant Additives Market Segmentation

Grand View Research has segmented the global lubricant additives market on the basis of product, application and region:

Lubricant Additives Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Dispersants

• Viscosity Index Improvers

• Detergents

• Anti-wear Additives

• Antioxidants

• Friction Modifiers

• Others

Lubricant Additives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive Lubricants

  • Heavy Duty Motor Oil

  • Passenger Car Motor Oil

  • Others

• Industrial Lubricants

  • General Industrial Oil

  • Industrial Engine Oil

  • Metalworking Fluids

  • Others

Lubricant Additives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

List of Key Players of Lubricant Additives Market

• BASF SE

• LANXESS

• Chevron Oronite Company,

• Croda International

• Evonik Industries

• Lubrizol Corp.

• Tianhe Chemicals Group,

• Hornett Brothers & Co. Ltd.

• MidContinental Chemical Co.