The long-term outlook on the market is also bullish, with our estimates suggesting a CAGR of 3.6% between 2018 and 2028.
[ClickPress, Mon Sep 02 2019] Fact.MR has published a new research report on global lubricant antioxidants market Sizes, Upcoming Industry Trends, and Growth Opportunity through 2018-2028 to its online database that tries to unveil the various scenarios prevailing in the lubricant antioxidants market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the lubricant antioxidants market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers during the stated forecast by 2028.
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What are the Key Growth Drivers of Lubricant Antioxidants Market?
- Lubricant antioxidants market revenues grew at a CAGR of 2.4% during 2013-2017. Global demand for non-depleting lubricant antioxidants that improve the long-term performance of lubricants and greases continued to surge during this period, creating challenges for manufacturers.
- Lubricant antioxidants market revenues reached US$ 1.6 billion in 2018 on back of growing focus on improving the efficiency and expanding the lifespan of lubricants.
- The lubricant antioxidants market is set to witness 3% y-o-y in 2019 over 2018. The long-term outlook on the market is also bullish, with our estimates suggesting a CAGR of 3.6% between 2018 and 2028.
- East Asia is likely to remain the leading market for lubricant antioxidants, as leading chemical companies and lubricant manufacturers continue to invest heavily in China to capitalize on increasing industrial growth in the country.
- Middle East & Africa (MEA) is expected to emerge as a high-growth market for lubricant antioxidants during the assessment period, with our estimates suggesting a CAGR of 4.8% through 2028.
What are the Key Challenges in the Lubricant Antioxidants Market?
- Imposition of emission control regulations and high fuel economy standards has led to higher demand from the automotive industry.
- Lubricant antioxidants play an important role in improving the durability and lifespan of engines by forming a protective layers upon engine parts. As focus on preventive maintenance grows, demand for lubricant antioxidants and other materials has witnessed a steady surge.
- The fortunes of lubricant antioxidants industry are dependent on broader developments in lubricant production – in recent years, global lubricant production has remained steady, creating sizeable opportunities for lubricant antioxidants industry.
- Changing regulatory frameworks and environmental legislation implemented for mitigating the consequent effects of lubricant specifications can increase the cost pressure on lubricant antioxidant manufacturers.
- Constantly evolving fuel economy standards and the development cycle of new automotive oils will require constant modifications in lubricant antioxidant specifications to ensure compatibility with new materials.
- Lubricant antioxidants are among the most expensive lubricant additives. High investments required for the application of lubricant antioxidants technology make it pricey for end-users, which in turn, is restricting widespread adoption.
- Steadily declining applications of lubricant antioxidants in specialty oils and fuels is likely to negatively impact the growth of the lubricant antioxidants market in the coming future.
Leading players in the lubricant antioxidants market include BASF SE, Lubrizol, Chevron Oronite Company (Chevron), Afton Chemical, Infineum (ExxonMobil), Songwon Industrial Group, ENI, Evonik, LANXESS, Jinzhou Kangtai Lubricant Additives, Wuxi South Petroleum Additive, SI Group (acquired by SK Capital), ADEKA Corporation, and OXIRIS Chemicals S. A.
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Automotive Industry Drives Demand for Primary Lubricant Antioxidants
Growing emphasis on the importance of antioxidants in lubricants, especially in automotive lubricants, has been contributing to the steadily increasing applications of both primary and secondary variants. However, primary antioxidants for lubricants, which are also known as radical scavengers, continue to remain sought-after, especially in the automotive industry.
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