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Lubricant Antioxidants Market Study Offering Deep Insight Related to Growth Trends until 2028

October 15, 2019 by Amanpreet  

  • Lubricant antioxidants market revenues grew at a CAGR of 2.4% during 2013-2017. Global demand for non-depleting lubricant antioxidants that improve the long-term performance of lubricants and greases continued to surge during this period, creating challenges for manufacturers.

  • Lubricant antioxidants market revenues reached US$ 1.6 billion in 2018 on back of growing focus on improving the efficiency and expanding the lifespan of lubricants.

  • The lubricant antioxidants market is set to witness 3% y-o-y in 2019 over 2018. The long-term outlook on the market is also bullish, with our estimates suggesting a CAGR of 3.6% between 2018 and 2028.

  • East Asia is likely to remain the leading market for lubricant antioxidants, as leading chemical companies and lubricant manufacturers continue to invest heavily in China to capitalize on increasing industrial growth in the country.

  • Middle East & Africa (MEA) is expected to emerge as a high-growth market for lubricant antioxidants during the assessment period, with our estimates suggesting a CAGR of 4.8% through 2028.

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 What are the Key Growth Drivers of Lubricant Antioxidants Market?

  • Imposition of emission control regulations and high fuel economy standards has led to higher demand from the automotive industry.

  • Lubricant antioxidants play an important role in improving the durability and lifespan of engines by forming a protective layers upon engine parts. As focus on preventive maintenance grows, demand for lubricant antioxidants and other materials has witnessed a steady surge.

  • The fortunes of lubricant antioxidants industry are dependent on broader developments in lubricant production – in recent years, global lubricant production has remained steady, creating sizeable opportunities for lubricant antioxidants industry.

 What are the Key Challenges in the Lubricant Antioxidants Market?

  • Changing regulatory frameworks and environmental legislation implemented for mitigating the consequent effects of lubricant specifications can increase the cost pressure on lubricant antioxidant manufacturers.

  • Constantly evolving fuel economy standards and the development cycle of new automotive oils will require constant modifications in lubricant antioxidant specifications to ensure compatibility with new materials.

  • Lubricant antioxidants are among the most expensive lubricant additives. High investments required for the application of lubricant antioxidants technology make it pricey for end-users, which in turn, is restricting widespread adoption.

  • Steadily declining applications of lubricant antioxidants in specialty oils and fuels is likely to negatively impact the growth of the lubricant antioxidants market in the coming future.

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Lubricant Antioxidants Market – Competitive Landscape

  • In June 2018, BASF SE – a German chemical company – announced that it has entered a distribution agreement with Chemroy Canada, Inc. – a Canadian distributor of specialty chemicals and raw materials – to handle its portfolio of lubricant additives, including lubricant antioxidants and surfactants in Canada. BASF aims to capitalize on Chemroy’s industry expertise and flexibility to meet customers’ changing needs and expand its distributors’ network in Canada.

  • In December 2018, Songwon Industrial Group – a South Korean chemical company – announced that it has introduced its new lubricant antioxidant – SONGNOX® 5057, to expand and add economic value to its existing portfolio of phenolic, aminic, thioester, and phosphite antioxidants, and stabilizers. SONGNOX 5057 is a liquid butylated octylated aminic antioxidant, which can be used to address diverse customer needs in polyurethane applications. The company also declared that the new lubricant antioxidant is developed at its facility in Ulsan, South Korea, and this enables SONGNOX to support customers worldwide, including in Asia, which is a high growth market for lubricant antioxidants.

  • In April 2019, Lanxess Aktiengesellschaft – a German specialty chemical company and a leading player in the lubricant antioxidants market – announced that it has introduced a new, organic lubricant additive – Additin RC 3502 – for high-performance automotive engine oils. The company proclaims that the new lubricant additive can deliver anti-wear protection and sustained performance combined with reduced friction in passenger cars.

Leading players in the lubricant antioxidants market include BASF SE, Lubrizol, Chevron Oronite Company (Chevron), Afton Chemical, Infineum (ExxonMobil), Songwon Industrial Group, ENI, Evonik, LANXESS, Jinzhou Kangtai Lubricant Additives, Wuxi South Petroleum Additive, SI Group (acquired by SK Capital), ADEKA Corporation,  and OXIRIS Chemicals S. A.

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