Report : South & Central 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 2.4% CAGR, the South & Central America Lubricant Additives Market is speculated to be worth US$ 1341.23 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The South & Central America lubricant additives market was valued at US$ 1133.85 million in 2021 and is expected to reach US$ 1341.23 million by 2028, registering an annual growth rate of 2.4% from 2021 to 2028.Growing demand for synthetic lubricants and increasing demand for lubricats from wind energy sector are the critical factors attributed to the market expansion.
Owing to the various advantages, synthetic lubricants are widely being used in industrial operations and the automotive sector. Their superior characteristics and ability to induce operational consistency make them a preferred category of lubricants over natural mineral oil. Polyalphaolefin lubricant is the most commonly used synthetic oil in the automotive and industrial sectors. It has excellent physical and chemical properties, including a higher viscosity index, lower volatility, lower pour point, and greater thermal stability. The group III and IV base oils are used for high-performance applications in technically advanced automotive engines. Stringent emission norms, better blending flexibility, and evolving fuel efficiency standards are a few of the key factors that propel the sales of high-quality Group III synthetic lubricants. Group III and IV are premium base oils that cater to complex applications.
Lubricant additives enhance the performance of lubricants in industries such as automotive and manufacturing. The lubricant additives enhance physical and chemical properties of lubricants by increasing viscosity index, lowering volatility, and reducing the pour point of lubricants. In addition to viscosity index improvers and pour point depressants, dispersants and detergents are a few of the widely used categories of additives. As the demand for synthetic lubricants grows, the demand for additives for these lubricants is also likely to surge during the forecast period.
On the contrary,stringent government policies regarding application of lubricant additives hurdles the growth of the South & Central America Lubricant Additives Market.
Based on type, The South & Central America lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, others. The dispersants segment held 63.4% market share in 2021, amassing US$ 718.32 million. It is projected to garner US$ 855.97 million by 2028 to expand at 2.3% CAGR during 2021–2028.
Based on application, The South & Central America lubricant additives market is segmented into automotive, industrial. The automotive segment held 71.0% market share in 2021, amassing US$ 805.09 million. It is projected to garner US$ 943.29 million by 2028 to expand at 3.0% CAGR during 2021–2028.
Based on country, The South & Central America lubricant additives market has been categorised into the Brazil,Argentina and Rest of SAM. Our regional analysis states that Brazil captured 43.1% market share in 2021. It was assessed at US$ 488.85 million in 2021 and is likely to hit US$ 592.95 million by 2028, exhibiting a CAGR of 2.8% during the forecast period.
Key players dominating The South & Central America 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.
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