(MENAFN- EIN Presswire) EINPresswire/ -- Increased demand from the automotive sector and stringent emission regulations are driving growth in the global lubricant additives market.

According to the report, the global lubricant additives market generated $18.3 billion in 2020 and is projected to reach $31.3 billion by 2030, registering a CAGR of 3.7% from 2021 to 2030.

Prime Determinants of Growth:

Rising automotive demand and tighter environmental emission standards are fueling market expansion. Volatile crude oil prices continue to restrain growth. However, increasing industrial activities and emerging opportunities in developing economies are expected to create new avenues.

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Segment Insights:

By Type

- The dispersants segment accounted for the largest share in 2020, representing more than one-fourth of the global market, and is expected to retain its dominance through 2030 due to its extensive use in both automotive and industrial formulations. The antioxidants segment is anticipated to register the highest CAGR of 4.7% during 2021–2030, supported by their role in enhancing oxidative stability and enabling lubricant performance at higher temperatures.

By Application

- The automotive lubricant additives segment held over two-thirds of the market in 2020 and is poised to maintain its lead through the forecast period, driven by rapid advancements in the automotive industry and increased vehicle production across major regions. The industrial lubricant additives segment is projected to grow at the highest CAGR of 4.0%, supported by accelerating industrialization, rising emphasis on energy efficiency, and expansion of diverse end-use industries.

By Region

- Asia-Pacific, followed by LAMEA and North America, dominated the market in 2020 with more than one-third of global revenue. The region is also expected to post the fastest CAGR of 3.9% through 2030 due to the strong presence of leading manufacturers and a large consumer base.

Leading 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
. Rhein Chemie Corporation

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