The global lubricant additives market is expected to grow at a CAGR of 4.63% from 2022 to 2027 and is forecasted to reach $13.2 billion by 2027 from $10 billion in 2021.
Globally, the demand and adoption of high-performance lubricant oil additives are high for numerous reasons, such as the increasing production of vehicles, increasing use of marine voyages, and rising integration of sophisticated technology in the industrial units the market growth. This existing and upcoming demand can be broadly classified into product types and application segments.
Lubricant additives play a vital role in enhancing the overall functioning of base oil and extending the equipment life of machines and engines. Lubricant additives such as viscosity index improvers, dispersants, detergents, friction modifiers, corrosion, and rust inhibitor are vital components in formulating finished lubricant products and base oil.
Europe and North America regions are expected to witness high demand for high-performance lubricating oil additives during the forecast period due to the increasing adoption of 40 BN cylinder oil in marine equipment and the rising demand for hybrid vehicles in these regions. Thus, this offers vendors many opportunities during the forecast period.
