The North America lubricant additives market is expected to grow from US$ 3,537.82 million by 2021 to US$ 4,540.63 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028.
Lubricants are a few of the key components used in the industrial sector, as they help equipment in operating at peak efficiencies and 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 & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries. Significant investment prospects and restructured business models after the onset of the COVID-19 pandemic are the other key factors that augment the consumption of lubricants and lubricant additives. In July 2021, Algoma Steel Inc. received federal funding worth US$ 420 million to retrofit its operations and phase out coal-fired steel-making processes in Canada. Retrofitting includes installing new machines and equipment wherein synthetic oil and grease are used, which helps in driving the demand for lubricant additives. Thus, the North America lubricant additives market is expected to grow at a notable CAGR during the forecast period.
North America Lubricant Additives Market Segmentation
The North America lubricant additives market is segmented into type, application, and country. Based on type, the market is categorized into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. In 2021, the dispersants segment held the largest market share. Based on application, the market is bifurcated into automotive and industrial. In 2021, the automotive segment held a larger market share. Further, based on country, the North America lubricant additives market is segmented into the US, Mexico, and Canada. The US has contributed a substantial share in 2021.
Evonik Industries AG, the Lubrizol Corporation, LANXESS, Dover Chemical Corporation, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the North America lubricant additives market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 3,537.82 Million |
| Market Size by 2028 | US$ 4,540.63 Million |
| CAGR (2021 - 2028) | 3.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Lubricant Additives Market is valued at US$ 3,537.82 Million in 2021, it is projected to reach US$ 4,540.63 Million by 2028.
As per our report North America Lubricant Additives Market, the market size is valued at US$ 3,537.82 Million in 2021, projecting it to reach US$ 4,540.63 Million by 2028. This translates to a CAGR of approximately 3.6% during the forecast period.
The North America Lubricant Additives Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Lubricant Additives Market report:
The North America Lubricant Additives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Lubricant Additives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Lubricant Additives Market value chain can benefit from the information contained in a comprehensive market report.
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