The global market of lubes additives is set for billion dollar growth.
A colourful market Image: Metal Forming |
According to the latest report from Markets and Markets: "Lubricant Additives Market – Global Trends and Forecast to 2019" worldwide growth is set to increase by some 2.7% over the next five years to 2019.
The expansion represents a market worth more than $16bn, driven by high growth amongst the developing nations as well as increased pressure on reducing fuel consumption.
The latter enhances the role for additives in helping meet the demands of lubes producers who, in turn, are striving to match developments in engine technology alongside more stringent regulatory controls.
The report covers additives used across a range of sectors, including automotive and industrial lubricants, as well as all geographical regions. While the Asia-Pacific market is the key driver for lubricant additives - both through increased demand and new tech developments - the key players remain the likes of Afton Chemical, BASF, Infineum, Lubrizol and Tianhe Chemicals.