Report : North America 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 3.6% CAGR, the North America Lubricant Additives Market is speculated to be worth US$ 4540.63 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The North America lubricant additives market was valued at US$ 3537.82 million in 2021 and is expected to reach US$ 4540.63 million by 2028, registering an annual growth rate of 3.6% from 2021 to 2028.Flourishing automotive sector and rapid industrial growth 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. 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.
With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions, there has been a remarkable development in lubricating oil formulations. For instance, in December 2021, US Environmental Protection Agency (EPA) finalized revised national GHG emission standards for passenger cars and light trucks for Model Years 2023–2026. The final standards focus on significantly reducing GHG emissions and other criteria pollutants, which will lead to substantial public health and welfare benefits while providing consumers with savings from reduced fuel usage. Thus, the flourishing automotive sector and stringent government policies on reducing GHG emissions are boosting the North America lubricant additives market.
On the contrary,stringent government policies regarding application of lubricant additives hurdles the growth of the North America Lubricant Additives Market.
Based on type, The North America lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, others. The dispersants segment held 55.4% market share in 2021, amassing US$ 1961.55 million. It is projected to garner US$ 2541.66 million by 2028 to expand at 3.8% CAGR during 2021–2028.
Based on application, The North America lubricant additives market is segmented into automotive, industrial. The automotive segment held 63.7% market share in 2021, amassing US$ 635.52 million. It is projected to garner US$ 780.32 million by 2028 to expand at 3.0% CAGR during 2021–2028.
Based on country, The North America lubricant additives market has been categorised into the US, Canada, and Mexico. Our regional analysis states that US captured 90.9% market share in 2021. It was assessed at US$ 3215.15 million in 2021 and is likely to hit US$ 4141.42 million by 2028, exhibiting a CAGR of 3.7% during the forecast period.
Key players dominating The North America lubricant additives market are Evonik Industries AG,The Lubrizol Corporation, LANXESS, Dover Chemical Corporation,Nouryan, EXXON MOBIL CORPORATION,Croda international plc, Chevron Corporation and BASF SE among others.
- Nov-2021The company has announced that it has restructured its oil additives business line distribution setup for its products in Greece, with Brenntag Bulgaria EOOD as its new distribution partner. The lubricant additives business develops formulation solutions and base oil technologies that improve fuel economy and flow efficiency of automotive lubricants for passenger cars and commercial vehicles and increase energy efficiency and productivity of industrial lubricants for construction, mining, agricultural, and manufacturing equipment.
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