Report : Europe 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 3.2% CAGR, the Europe Lubricant Additives Market is speculated to be worth US$ 3435.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Europe lubricant additives market was valued at US$ 2748.36 million in 2021 and is expected to reach US$ 3435.89 million by 2028, registering an annual growth rate of 3.2% from 2021 to 2028. Rapid industrial growth and growing demand for synthetic lubricants are the critical factors attributed to the market expansion.
Lubricants are among the key components used in the industrial sector, as they help equipment in operating at peak efficiencies and with maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are several types of lubricants that are used as additives across the automotive, oil & gas, textile, glass, power generation, paper and pulp, chemicals and petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries, among others. The proliferation of these industries across the world results in the generation of a huge demand for lubricants, as well as lubricant additives.
On the contrary,stringent government policies regarding application of lubricant additives hurdles the growth of the Europe Lubricant Additives Market.
Based on type, The Europe lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, others. The dispersants segment held 59.5% market share in 2021, amassing US$ 1635.14 million. It is projected to garner US$ 2058.16 million by 2028 to expand at 3.3% CAGR during 2021–2028.
Based on application, The Europe lubricant additives market is segmented into automotive, industrial. The automotive segment held 61.4% market share in 2021, amassing US$ 1687.71 million. It is projected to garner US$ 2134.11 million by 2028 to expand at 3.4% CAGR during 2021–2028.
Based on country, The Europe lubricant additives market has been categorised into the Germany,France,UK,Italy,Russia and Rest of Europe. Our regional analysis states that Rest of Europe captured 34.9% market share in 2021. It was assessed at US$ 959.03 million in 2021 and is likely to hit US$ 1148.85 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.
Key players dominating The Europe lubricant additives market are Evonik Industries AG,the Lubrizol Corporation, LANXESS, Mol-Lub Kft ,Nouryan, EXXON MOBIL CORPORATION,Croda international plc, Chevron Corporation and BASF SE among others.
- Aug-2021,The company has announced that in response to growing demand Lanxess is expanding its production capcity for light-color sulfur carrier’s extreme pressure additives for the lubricants industry by several thousand metric tons at its Mannheim, Germany, site by 2023. The investment at the site will be in the double-digit million euros.
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