Report : Asia Pacific Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Regional Analysis– by Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agents, Emulsifiers, and Others), and Application (Automotive and Industrial)
At 4.0% CAGR, the Asia Pacific Lubricant Additives Market is speculated to be worth US$ 8688.22 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Asia Pacific lubricant additives market was valued at US$ 6609.71 million in 2021 and is expected to reach US$ 8688.22 million by 2028, registering an annual growth rate of 4.0% from 2021 to 2028.Flourishing automotive sector and growing demand for synthetic lubricants are the critical factors attributed to the market expansion.
The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the commercial and passenger car production in American countries increased at a rate of ~23% during 2010–2019, to reach ~20 million in 2019 from ~16.2 million in 2010. The automotive industry in China plays an important role in the global automotive market. According to the Ministry of Industry and Information Technology (MIIT), China’s countrywide automotive sales broke the benchmark of 28 million, in terms of volume, in 2016, and the country globally ranked first in terms of automotive sales (for eight consecutive years). However, the COVID-19 pandemic hampered the growth of this sector during 2020–2021 due to factors such as nationwide lockdowns enacted by governments and a decline in investments by various stakeholders. Further, the ease of travel restrictions, rise in transportation activities, and implementation of mass vaccination programs aided the growth of this sector in 2021, in the form of elevated automobile sales. As per the report of OICA, the automotive industry recorded an annual growth rate of ~5% in 2021. Companies operating in the automotive market are investing heavily in automobile manufacturing to ramp up production capabilities and corresponding sales. For instance, in July 2021, Maruti Suzuki India Ltd. announced an investment worth US$ 2.42 billion in a new manufacturing facility in Haryana, India. The facility is expected to manufacture ~1 million units annually. A surge in automobile manufacturing is boosting the demand for lubricants, thereby driving the market for lubricant additives.
On the contrary, stringent government policies regarding application of lubricant additives hurdles the growth of the Asia Pacific Lubricant Additives Market.
Based on type, The Asia Pacific lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, others. The dispersants segment held 56.0% market share in 2021, amassing US$ 3699.19 million. It is projected to garner US$ 4901.16 million by 2028 to expand at 4.1% CAGR during 2021–2028.
Based on application, The Asia Pacific lubricant additives market is segmented into automotive, industrial. The automotive segment held 52.3% market share in 2021, amassing US$ 3457.67 million. It is projected to garner US$ 4492.23 million by 2028 to expand at 3.8% CAGR during 2021–2028.
Based on country, The Asia Pacific lubricant additives market has been categorized into the Australia, China, India, Japan, South Korea and Rest of APAC. Our regional analysis states that China captured 41.3% market share in 2021. It was assessed at US$ 2727.14 million in 2021 and is likely to hit US$ 3750.30 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players dominating The Asia Pacific lubricant additives market are Evonik Industries AG, the Lubrizol Corporation, LANXESS, Nouryan, EXXON MOBIL CORPORATION, Croda international plc, Chevron Corporation and BASF SE among others.
- Sep-2020, Chevron has named quantiQ Distribuidora Ltda. as their Brazilian distributor in a signed deal. QuantiQ will distribute Oronite chemicals, which include a diverse product line of raw materials, intermediates and components such as PIBSA, detergents and many more products in addition to OLOA lubricant additives, OGA gasoline additives and PARATONE viscosity modifiers.
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