The North America lubricant additives market is expected to grow from US$ 3,537.82 million by 2021 to US$ 4,540.63 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028.
Lubricants are a few of the key components used in the industrial sector, as they help equipment in operating at peak efficiencies and maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are several types of lubricants that are used as additives across the automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries. Significant investment prospects and restructured business models after the onset of the COVID-19 pandemic are the other key factors that augment the consumption of lubricants and lubricant additives. In July 2021, Algoma Steel Inc. received federal funding worth US$ 420 million to retrofit its operations and phase out coal-fired steel-making processes in Canada. Retrofitting includes installing new machines and equipment wherein synthetic oil and grease are used, which helps in driving the demand for lubricant additives. Thus, the North America lubricant additives market is expected to grow at a notable CAGR during the forecast period.
North America Lubricant Additives Revenue and Forecast to 2028 (US$ Million)
North America Lubricant Additives Market Segmentation
The North America lubricant additives market is segmented into type, application, and country. Based on type, the market is categorized into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. In 2021, the dispersants segment held the largest market share. Based on application, the market is bifurcated into automotive and industrial. In 2021, the automotive segment held a larger market share. Further, based on country, the North America lubricant additives market is segmented into the US, Mexico, and Canada. The US has contributed a substantial share in 2021.
Evonik Industries AG, the Lubrizol Corporation, LANXESS, Dover Chemical Corporation, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the North America lubricant additives market.
At 3.6% CAGR, the North America Lubricant Additives Market is speculated to be worth US$ 4540.63 million by 2028, says The Insight Partners
According to The Insight Partners’ research, The North America lubricant additives market was valued at US$ 3537.82 million in 2021 and is expected to reach US$ 4540.63 million by 2028, registering an annual growth rate of 3.6% from 2021 to 2028.Flourishing automotive sector and rapid industrial growth are the critical factors attributed to the market expansion.
The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the commercial and passenger car production in American countries increased at a rate of ~23% during 2010–2019, to reach ~20 million in 2019 from ~16.2 million in 2010. As per the report of OICA, the automotive industry recorded an annual growth rate of ~5% in 2021. Companies operating in the automotive market are investing heavily in automobile manufacturing to ramp up production capabilities and corresponding sales.
With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions, there has been a remarkable development in lubricating oil formulations. For instance, in December 2021, US Environmental Protection Agency (EPA) finalized revised national GHG emission standards for passenger cars and light trucks for Model Years 2023–2026. The final standards focus on significantly reducing GHG emissions and other criteria pollutants, which will lead to substantial public health and welfare benefits while providing consumers with savings from reduced fuel usage. Thus, the flourishing automotive sector and stringent government policies on reducing GHG emissions are boosting the North America lubricant additives market.
On the contrary,stringent government policies regarding application of lubricant additives hurdles the growth of the North America Lubricant Additives Market.
Based on type, The North America lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, others. The dispersants segment held 55.4% market share in 2021, amassing US$ 1961.55 million. It is projected to garner US$ 2541.66 million by 2028 to expand at 3.8% CAGR during 2021–2028.
Based on application, The North America lubricant additives market is segmented into automotive, industrial. The automotive segment held 63.7% market share in 2021, amassing US$ 635.52 million. It is projected to garner US$ 780.32 million by 2028 to expand at 3.0% CAGR during 2021–2028.
Based on country, The North America lubricant additives market has been categorised into the US, Canada, and Mexico. Our regional analysis states that US captured 90.9% market share in 2021. It was assessed at US$ 3215.15 million in 2021 and is likely to hit US$ 4141.42 million by 2028, exhibiting a CAGR of 3.7% during the forecast period.
Key players dominating The North America lubricant additives market are Evonik Industries AG,The Lubrizol Corporation, LANXESS, Dover Chemical Corporation,Nouryan, EXXON MOBIL CORPORATION,Croda international plc, Chevron Corporation and BASF SE among others.
Nov-2021The company has announced that it has restructured its oil additives business line distribution setup for its products in Greece, with Brenntag Bulgaria EOOD as its new distribution partner. The lubricant additives business develops formulation solutions and base oil technologies that improve fuel economy and flow efficiency of automotive lubricants for passenger cars and commercial vehicles and increase energy efficiency and productivity of industrial lubricants for construction, mining, agricultural, and manufacturing equipment.
TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
1.2.1 North America Lubricant Additives Market, by Type
1.2.2 North America Lubricant Additives Market, by Application
1.2.3 North America Lubricant Additives Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. North America Lubricant Additives Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Expert Opinion
4.4 Ecosystem Analysis
4.4.1 Raw Material Suppliers
4.4.2 Manufacturers
4.4.3 Distributors/Suppliers
4.4.4 End-User Industries
5. North America Lubricant Additives Market — Key Market Dynamics
5.1 Market Drivers
5.1.1 Flourishing Automotive Sector
5.1.2 Rapid Industrial Growth
5.2 Market Restraints
5.2.1 Stringent Government Policies Regarding Application of Lubricant Additives
5.3 Market Opportunities
5.3.1 Increasing Demand for Lubricants from Wind Energy Sector
5.4 Future Trends
5.4.1 Growing Demand for Synthetic Lubricants
5.5 Impact Analysis of Drivers and Restraints
6. Lubricant Additives –North America Market Analysis
6.1 Lubricant Additives Market –Revenue and Forecast to 2028
7. North America Lubricant Additives Market Analysis – By Type
7.1 Overview
7.2 Lubricant Additives Market, By Type (2020 and 2028)
7.3 Dispersants
7.3.1 Overview
7.3.2 Dispersants: Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
7.4 Viscosity Index Improvers
7.4.1 Overview
7.4.2 Viscosity Index Improvers: Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
7.5 Detergents
7.5.1 Overview
7.5.2 Detergents: Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
7.6 Antiwear Agent
7.6.1 Overview
7.6.2 Antiwear Agent: Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
7.7 Emulsifiers
7.7.1 Overview
7.7.2 Emulsifiers: Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
7.8 Others
7.8.1 Overview
7.8.2 Others: Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
8. North America Lubricant Additives Market Analysis – By Application
8.1 Overview
8.2 Lubricant Additives Market, By Application (2020 and 2028)
8.3 Automotive
8.3.1 Overview
8.3.2 Automotive : Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
8.4 Industrial
8.4.1 Overview
8.4.2 Industrial : Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Mn)
9. North America Lubricant Additives Market – Country Analysis
9.1 North America: Lubricant Additives Market
9.1.1 North America: Lubricant Additives Market, by Key Country
9.1.1.1 US: Lubricant Additives Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Lubricant Additives Market, by Type
9.1.1.1.2 US: Lubricant Additives Market, by Application
9.1.1.2 Canada: Lubricant Additives Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Lubricant Additives Market, by Type
9.1.1.2.2 Canada: Lubricant Additives Market, by Application
9.1.1.3 Mexico: Lubricant Additives Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico : Lubricant Additives Market, by Type
9.1.1.3.2 Mexico: Lubricant Additives Market, by Application
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
11. Company Profiles
11.1 Evonik Industries AG
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 The Lubrizol Corporation
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 LANXESS
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Dover Chemical Corporation
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Nouryon
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 EXXON MOBIL CORPORATION
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Croda International plc
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Chevron Corporation
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 BASF SE
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF FIGURES.
Figure 1. North America Lubricant Additives Market Segmentation
Figure 2. North America Lubricant Additives Market Segmentation – By Country
Figure 3. North America Lubricant Additives Market Overview
Figure 4. North America Lubricant Additives Market, By Application
Figure 5. North America Lubricant Additives Market, by Country
Figure 6. North America Porter's Five Forces Analysis
Figure 7. North America Expert Opinion
Figure 8. North America Ecosystem Chain: Lubricant Additives
Figure 9. North America Lubricant Additives Market Impact Analysis of Drivers and Restraints
Figure 10. North America Lubricant Additives Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. North America Lubricant Additives Market Revenue Share, By Type (2020 and 2028)
Figure 12. North America Dispersants: Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 13. North America Viscosity Index Improvers: Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 14. North America Detergents: Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 15. North America Antiwear Agent: Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 16. North America Emulsifiers: Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 17. North America Others: Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 18. North America Lubricant Additives Market Revenue Share, By Application (2020 and 2028)
Figure 19. North America Automotive : Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 20. North America Industrial : Lubricant Additives Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 21. North America: Lubricant Additives Market Revenue Share, by Key Country (2020 and 2028)
Figure 22. US: Lubricant Additives Market –Revenue and Forecast to 2028 (US$ Million)
Figure 23. Canada: Lubricant Additives Market –Revenue and Forecast to 2028 (US$ Million)
Figure 24. Mexico: Lubricant Additives Market –Revenue and Forecast to 2028 (US$ Million)
