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Lubricant Antioxidants Market - Forecast(2023 - 2028)
Lubricant Antioxidants Market Overview
The Lubricant Antioxidants Market size is forecast to reach US$ 2.1 billion by 2027, after growing at a CAGR of 3.6% during the forecast period 2022-2027. Lubricant antioxidants such as diphenylamine derivatives, chelating agents, and so on are high-performance additives that help lubricants last longer by improving their oxidative resistance. Antioxidants in lubricants offer excellent corrosion protection, reduce viscosity, remove contaminants, and protect oil at high temperatures. Many synthetic lubricants, such as hydrocarbon-based lubricating oils, are susceptible to oxidation-induced degradation due to the formation of sludge and varnish. These antioxidants reduce the formation of peroxides and reactive free radicals, which are the primary causes of oil thickening, allowing lubricants to operate at high temperatures. Antioxidants for lubricants are used in a variety of industries, including automotive, industrial, and others. Automotive is a market leader in terms of application, as antioxidants-based lubricants are ideal for Internal combustion engines.
COVID-19 Impact
There is no doubt that the COVID-19 lockdown has significantly resulted in a country-wide shutdown, shortage of labor, and the decline of the supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of automobiles in 2020 due to a lack of operations across multiple countries around the world. According to OICA (International Organization of Motor Vehicle Manufacturers), the production of automobiles decreased by 16% globally in the year 2020, compared to 2019. However, a slow recovery in the automotive industry has been witnessed across many countries around the world since 2021 which is complementing lubricant antioxidants demand.
Report Coverage
The report: “Lubricant Antioxidants Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Lubricant Antioxidants Industry.
By Type: Primary Antioxidants, (Anionic, Phenolic), Secondary Antioxidants, (Phosphate, Thioester), and Multifunctional Antioxidants
By Form: Solid and Liquid.
By Application: Automotive & Transportation (Gasoline engine oils, Diesel engine oils, ATF, Gear & axle oils, and others) Industrial, (Compressor oils, Hydraulic oils, Metalworking Fluids, Turbine Oils, and others), Specialty & Fuels, (Greases, Synthetic Base Oils, Vegetable Oils, Fuels, and others), others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).
Key Takeaways
- The demand for primary antioxidants is expected to rise steadily in the coming years. The product reacts quickly with free radicals in the propagation medium, reducing the degradation process by producing stable new radicals. The segment's demand is expected to grow as the global sales volume of automotive vehicles increases.
- The Lubricant Antioxidants Market is being driven by an increase in demand for lubricant antioxidants in the automotive industry as a result of features such as improved performance, higher additive treat rates, and better oxidation control.
- Furthermore, the global implementation of stringent fuel efficiency and standards regulations is increasing the demand for lubricant antioxidants.
Figure: Asia-Pacific Lubricant Antioxidants Market Revenue, 2021-2027 (US$ Billion)
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Lubricant Antioxidants Market Segment Analysis – By Type
The primary antioxidants held the largest share in the Lubricant Antioxidants Market in 2021 and is expected to grow at a CAGR of 3.7% between 2022 and 2027. The growing use of primary antioxidants in lubricants, such as aminic and phenolic antioxidants, is primarily due to their superior performance characteristics, such as greater oxidation control and higher additive treat rates than secondary antioxidants. Primary antioxidants are also important in modern automotive lubricants, as tightening fuel efficiency regulations and high standards have created a need to improve lubricant oxidation performance. As a result, because primary lubricant antioxidants outperform secondary antioxidants in terms of performance and oxidation control, an increase in demand for aminic and phenolic antioxidants is expected to continue in the near future. Antioxidants found in primary lubricants are also known as radical scavengers. These help to slow the degradation process by forming more stable radicals.
Lubricant Antioxidants Market Segment Analysis – By Application
The automotive & transportation industry held the largest share in the Lubricant Antioxidants Market in 2021 and is expected to grow at a CAGR of 3.6% between 2022 and 2027. The growing population, combined with rapid urbanization, will almost certainly drive the demand for efficient transportation systems. Over the forecasted period, the shift toward the preferred mode of transportation is expected to boost the market growth of lubricant antioxidants. Furthermore, the rising production of commercial vehicles is expected to drive up demand for the product even further. For example, according to International Organization of Motor Vehicle Manufacturers (OICA) publications in 2021, commercial vehicle production increased from 21,787,126 units in 2020 to 23,091,693 in 2021. As a result, the new commercial fleet is expected to drive antioxidant demand such as diphenylamine derivatives, & chelating agents in the coming years, as antioxidants-based lubricants are ideal for Internal combustion engines.
Lubricant Antioxidants Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Lubricant Antioxidants Market in 2021 up to 38%, as a result of rising demand from the automotive industry. For instance, according to a recent study published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020, approximately 25 million, 3.5 million, 8 million, and 3.4 million units of vehicles were produced in China, South Korea, Japan, and India, respectively, contributing to approximately 50% of global automobile production in 2020. Similarly, according to the Department of Promotion, Industry, and Internal Trade (DPIIT), the Indian Automobiles market received approximately $ 24.5 million in FDI (Foreign Direct Investment) during the fiscal year ending June 2020. As a result, an increase in demand for automotive production is driving lubricant demand, which in turn is driving the lubricants antioxidant market growth.
Lubricant Antioxidants Market Drivers
Increasing Demand Form Automotive Industry
The increasing importance of antioxidants such as diphenylamine derivatives and chelating agents in lubricants, particularly in automotive lubricants, has contributed to the steady expansion of both primary and secondary variants. Primary lubricant antioxidants, also known as radical scavengers, continue to be in high demand, particularly in the automotive industry, as it is ideal for an internal combustion engine. According to a recent study published by the German Association of Automotive Industry, new registrations of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide during the fourth quarter of 2020. Similarly, according to the European Automobile Manufacturers Association (ACEA), EU demand for new passenger cars increased by 25.2 percent between January and June 2021, totaling around 5.4 million units. This growth is influencing Lubricant Antioxidants Market growth.
Expansion of Production Capacity and Advancement in Engine Technology to Provide Attractive Opportunities.
Increased use of biofuels, advancements in engine technology, longer lubricant drain intervals, and better automotive lubricant specifications are all encouraging manufacturers to develop more effective antioxidant lubricants for the automotive industry. Manufacturers of lubricant antioxidants in the market are expected to benefit greatly from this. Manufacturers of lubricant antioxidants will likely benefit from increased global production capacity expansion. For example, BASF SE expanded its lubricant antioxidants manufacturing capacity in Puebla, Mexico, in January 2019.
Lubricant Antioxidants Market Challenges
Changing regulatory frameworks and environmental legislation.
Changing regulatory frameworks and environmental legislation enacted to mitigate the consequences of lubricant specifications can put a strain on lubricant antioxidant manufacturers. To ensure compatibility with new materials, lubricant antioxidant specifications will need to be updated on a regular basis as fuel economy standards and the development cycle of new automotive oils evolve. Antioxidants for lubricants are among the most expensive additives for lubricants. The high upfront costs of implementing lubricant antioxidants technology make it prohibitively expensive for end-users, limiting adoption. The use of lubricant antioxidants in specialty oils and fuels is steadily declining, which is expected to have a negative impact on the market's growth in the future.
Lubricant Antioxidants Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Lubricant Antioxidants Market. Global Lubricant Antioxidants top 10 companies are:
- BASF SE
- Lubrizol
- Chevron Oronite Company
- Afton Chemical
- ExxonMobil
- Songwon Industrial Group
- Evonik
- LANXESS
- Jinzhou Kangtai Lubricant Additives
- SI Group.
Recent Developments
- In February 2022, SI Group, launched ETHANOX® 1315 lubricant antioxidant. The new antioxidant reduces overall volatility at higher temperatures, extending the lubricant application's effective usage range.
- In April 2019, Lanxess, launched Additin RC 3502, an organic lubricant additive for high-performance automotive engine oils. The company claims that the new lubricant additive can provide anti-wear protection and long-term performance in passenger cars while also reducing friction.
Relevant Reports
Antioxidants Market - Forecast(2022 - 2027)
Report Code: FBR 88079
Fuel Antioxidants Market - Forecast(2022 - 2027)
Report Code: CMR 0039
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1. Lubricant Antioxidants Market- Market Overview
1.1 Definitions and Scope
2. Lubricant Antioxidants Market - Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Form
2.3 Key Trends by Application
2.4 Key Trends by Geography
3. Lubricant Antioxidants Market – Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Lubricant Antioxidants Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Lubricant Antioxidants Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Lubricant Antioxidants Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Lubricant Antioxidants Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Lubricant Antioxidants Market – By Type (Market Size - US$ Million/Billion)
8.1 Primary Antioxidants
8.1.1 Anionic
8.1.2 Phenolic
8.2 Secondary Antioxidants
8.2.1 Phosphate
8.2.2 Thioester
8.3 Multifunctional Antioxidants
9. Lubricant Antioxidants Market – By Form (Market Size - US$ Million/Billion)
9.1 Solid
9.2 Liquid
10. Lubricant Antioxidants Market – By Application (Market Size - US$ Million/Billion)
10.1 Automotive & Transportation
10.1.1 Gasoline engine oils
10.1.2 Diesel engine oils
10.1.3 ATF
10.1.4 Gear & axle oils
10.1.5 Others
10.2 Industrial
10.2.1 Compressor oils
10.2.2 Hydraulic oils
10.2.3 Metalworking Fluids
10.2.4 Turbine Oils
10.2.5 Others
10.3 Specialty & Fuels
10.3.1 Greases
10.3.2 Synthetic Base Oils
10.3.3 Vegetable Oils
10.3.4 Fuels
10.3.5 Others
10.4 Others
10.5 Global Lubricant Antioxidants Market - By Geography (Market Size - US$ Million/Billion)
10.6 North America
10.6.1 USA
10.6.2 Canada
10.6.3 Mexico
10.7 Europe
10.7.1 UK
10.7.2 Germany
10.7.3 France
10.7.4 Italy
10.7.5 Netherlands
10.7.6 Spain
10.7.7 Russia
10.7.8 Belgium
10.7.9 Rest of Europe
10.8 Asia-Pacific
10.8.1 China
10.8.2 Japan
10.8.3 India
10.8.4 South Korea
10.8.5 Australia and New Zealand
10.8.6 Indonesia
10.8.7 Taiwan
10.8.8 Malaysia
10.8.9 Rest of APAC
10.9 South America
10.9.1 Brazil
10.9.2 Argentina
10.9.3 Colombia
10.9.4 Chile
10.9.5 Rest of South America
10.10 Rest of the World
10.10.1 Middle East
10.10.2 Africa
11. Lubricant Antioxidants Market – Entropy
11.1 New Product Launches
11.2 M&As, Collaborations, JVs and Partnerships
12. Lubricant Antioxidants Market – Industry/Segment Competition Landscape Premium
12.1 Company Benchmarking Matrix – Major Companies
12.2 Market Share by Key Geography - Major companies
12.3 Market Share at Country Level - Major companies
12.4 Market Share by Key Product Type/Product category - Major companies
13. Lubricant Antioxidants Market – Key Company List by Country Premium Premium
14. Lubricant Antioxidants Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
14.1 Company 1
14.2 Company 2
14.3 Company 3
14.4 Company 4
14.5 Company 5
14.6 Company 6
14.7 Company 7
14.8 Company 8
14.9 Company 9
14.10 Company 10 and more
"*Financials would be provided on a best-efforts basis for private companies*"
LIST OF TABLES
1.Global Lubricant Antioxidants Market, by Type Market 2019-2024 ($M)2.Global Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Lubricant Antioxidants Market, by Type Market 2019-2024 (Volume/Units)
4.Global Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Lubricant Antioxidants Market, by Type Market 2019-2024 ($M)
6.North America Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Lubricant Antioxidants Market, by Type Market 2019-2024 ($M)
8.South America Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Lubricant Antioxidants Market, by Type Market 2019-2024 ($M)
10.Europe Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Lubricant Antioxidants Market, by Type Market 2019-2024 ($M)
12.APAC Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Lubricant Antioxidants Market, by Type Market 2019-2024 ($M)
14.MENA Lubricant Antioxidants Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
LIST OF FIGURES
1.US Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)2.Canada Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
10.UK Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
12.France Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
16.China Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
17.India Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Lubricant Antioxidants Industry Market Revenue, 2019-2024 ($M)
21.North America Global Lubricant Antioxidants Industry By Application
22.South America Global Lubricant Antioxidants Industry By Application
23.Europe Global Lubricant Antioxidants Industry By Application
24.APAC Global Lubricant Antioxidants Industry By Application
25.MENA Global Lubricant Antioxidants Industry By Application