(MENAFN- EIN Presswire) Lubricant Additives Market Type
The dispersants segment held the highest market share in 2020, accounting for more than one-fourth of the global lubricant additives market
PORTLAND, OREGON, UNITED STATES, June 7, 2023/einpresswire.com / -- The dispersants segment held the highest market share in 2020, accounting for more than one-fourth of the global lubricant additives market , and is estimated to maintain its leadership status throughout the forecast period. This is due to its wide usage in forming additive packages for both, automotive and industrial segments. Moreover, the antioxidants segment is projected to manifest the highest CAGR of 4.7% from 2021 to 2030. This is because anti-oxidants help increase the oxidative resistance of base oil and also allow the lubricants to operate effectively at higher temperatures.
The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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The automotive lubricant additives segment accounted for the largest share in 2020, contributing to more than two-thirds of the global lubricant additives market, and is projected to maintain its lead position during the forecast period. This is owing to the rapid development in the automotive sector and increase in production of vehicles in major regions. However, the industrial lubricant additives segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030.
This makes it important to understand the practical implications of the lubricant additives market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
Asia-Pacific, followed by LAMEA & North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global lubricant additives market. Moreover, the same region is expected to witness the fastest CAGR of 3.9% during the forecast period, attributed to the presence of key players and huge consumer base in the region.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players BASF SE, Evonik Industries AG, Infineum International Limited, Chevron Oronite Company LLC, Chemtura Corporation, The Lubrizol Corporation, Croda International PLC, Afton Chemical Corporation, VAnderbilt Chemicals LLC, and Rhein Chemie Corporation. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
According to the report, the global lubricant additives industry generated $18.3 billion in 2020, and is anticipated to generate $31.3 billion by 2030, witnessing a CAGR of 3.7% from 2021 to 2030.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the lubricant additives market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
Increased demand from the automotive industry and stringent environmental regulations regarding emission drive the growth of the global lubricant additives market. However, fluctuating prices of crude oil hinder the market growth. On the other hand, increase in market opportunities from developing economies presents new opportunities in the coming years.
KEY OFFERINGS OF THE REPORT:
Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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