AUTOMOTIVE INCREASES DRIVE ADDITIVES MARKET
January 27, 2017 at 3:00 PM
The global lubricant additives market is expected to reach USD 18.85 billion by 2024 as regulations regarding the permissible amount of carbon emission in the atmosphere remain a key factor for industry. Demand was 4.28 million tons in 2015 and is expected to reach 5.36 million tons by 2024, growing at a CAGR of 2.5%.
During the year, the Automotive lubricants sector was the largest contributor, accounting for over 59.5% of total market volume. Increasing passenger car production is expected to sustain growth over the forecast period. Passenger car motor oil was its leading segment with demand estimated at over 900 kilo tons annually. Consumption is expected to be augmented by the developing aftermarket for lubricating oils in emerging economies.
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