- The key vendors in the global lubricant additives market 2015-2019 are Afton Chemical, BASF, Chevron Oronite, Dow Chemical, Lonza and Lubrizol
London, 03 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global lubricant additives market 2015-2019. One of the key trends upcoming in the market is a rapid shift in preference from monograde to multigrade oils across the world especially North America and Europe. Multigrade oils are preferred in these regions on account of their better cold pumpability as they perform better in cold start-up temperatures wherein they reduce the start-up lead time. The global lubricant additives market 2015-2019 is expected to grow at a CAGR of 2.68% during the forecast period of 2014-2019.
Lubricant additives influence energy efficiency by reducing energy losses. The use of lubricant additives helps in reducing friction losses in hydrodynamic, elastohydrodynamic and boundary lubrication regimes. Increased demand and adoption of energy-efficient measures through friction modification and viscosity optimization is acting as an effective driver of the global lubricant additives market.
“The demand for lubricant additives from China has been on a constant increase in recent years owing to significant economic and infrastructure development in this nation,” says Faisal Ghaus, Vice President of Technavio Research.
“China is expected to account for more than half of the increase in demand for lubricant additives during the forecast period on account of the rapid infrastructural expansion and automobile industry growth.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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