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The lubricant additives market is expected to grow at a rate of 2.7 percent over the next five years to reach $16.2 billion by 2019, according to a new report by MarketsandMarkets.
The report, "Lubricant Additives Market – Global Trends and Forecast to 2019," covers various end-user applications, including automotive and industrial lubricants, as well as trends for North America, Europe, Asia-Pacific, Latin America, Africa and the Middle East.
The lubricant additives market is being driven mainly by high growth in the developing nations along with efforts toward fuel economy. In order to achieve fuel economy, extensive research is being done to improve lubricant additive properties and characteristics to comply with the technological changes in modern engines and accessories.
Economic troubles and the reduction of oil drain intervals as a result of the longevity of high-quality fuels in developed nations have been the major restraints in recent years, leading to the slowdown of the lubricant additives business in Europe. The Asia-Pacific region remains an emerging market due to demand and recent developments in automotive and industrial lubricants.
The Asia-Pacific markets continue to be price sensitive and are driving the global players to set up and expand their business by offering a lower cost of production. The leading players in the market include BASF, Afton Chemical, Lubrizol, Infineum International and Tianhe Chemicals Group.
For more information, visit http://www.marketsandmarkets.com/Market-Reports/lubricant-additives-market-172993846.html.