GLOBAL LUBRICANTS MARKET ON THE GROW
April 04, 2017 at 1:30 PM
The global lubricant additives market will be worth $18.85 billion by 2024, according to a report published by Grand View Research.
Increasing additive usage in base oil blending for longer service life and regulations regarding the permissible amount of carbon emission in the atmosphere are expected to drive the demand factor for the market, which is projected to grow at a CAGR of 2.5% from the period 2015 to 2024.
General industrial oils is the largest segment for industrial lubricants, accounting for over 35% of volume; the recovery of manufacturing sectors in North America and Europe along with high industrial output in Asian markets is expected to drive the segment growth.
Automotive lubricants is the largest application segment, forming over 59.5% of total market volume. Passenger car motor oil is the leading segment for automotive lubricant additives, with its demand estimated at over 900 kilo tons in 2015. Future consumption is expected to be driven by the developing aftermarket for lubricating oils in emerging economies.
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