Lubricants are used in various applications in order to reduce friction and to provide protection against corrosion. These lubricants are used in many industries such as automotive, energy, industrial, marine and so on. In the 1920s, lubricant manufacturers introduced lubricant oils which were made up of organic particles of petroleum to improve performance and efficiency of the machinery. Later, in 1990s hydro isomerization technologies were developed for transforming wax molecules into high quality base gear oils. Lubricants market evolved in the early 2000s to meet the increased demand from the modern industries which can be used for better productivity, performance reliability, energy efficiency, environmental responsibility and more.
As lubricant additives have wide range of applications in the automotive manufacturing sector, the former market is also estimated to record significant changes in respective countries. Lubricant additives are used in heavy duty motor oils as well as passenger car motor oils. It is interesting to note that the passenger car engine oil market has shown an increase in volume which is offset by a decreasing volume in the heavy duty engine oil market. The lubricant additive suppliers mix and examine the combinations of additive components in base stocks in order to attain industry and OEM standards of performance. So, with the growing automotive lubricant and its uses, this market is also anticipated to gain surge in the coming future. Additives are added to enhance the performance of petroleum derived base oils necessary for efficient operation and prolonged engine life. Also, friction has always been a challenging phenomenon and moreover a considerable amount of energy is still being dissipated by frictional losses in the transportation.
The past five years have seen a period of relatively strong growth for the automobile sector supported by good sales figures worldwide. Yet the industry is stated to face many uncertainties in the future. In terms of annual sales the U.S. market is estimated to witness a robust growth. The European market however seems a little weak in terms of sales, followed by the Russian and South American market. China, which is the world’s largest automobile market, has also witnessed a slump in sales while India has delivered inconsistent performance in the market. As a result of the demand for light weight vehicles and growing environmental concerns, the industry has moved on to adding more lubricants and additives to engine oils and parts of automobile, which gives rise to the demand for lubricant additives in automotive applications to improve the performance and lubricity of the vehicle.
Asia Pacific is the largest and fastest growing lubricant additives market in the world followed by North America, with engine oil additives being the major driver for the lubricant additives market in this region, aided by factors such as the growing middle class economy and increased disposable income. The strong and healthy growth in aviation sector and growth of automotive sector associated with growing demand for fuels used in transport applications are the factors that tend to drive Asian petroleum derivatives market further and hence the lubricant additives. Asia-Pacific aviation sector will see an extra 1.8 billion annual passengers by 2035, for an overall market size of 3.1 billion. Its annual average growth rate of 4.7% will be the second-highest, behind the Middle East. Growth of lubricant additives can be directly related to aviation market as it is being used in aviation lubricants to enhance the performance. Click Here to Receive Table Of Contents
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