The scope of our recent study on the "Lubricant Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agents, Emulsifiers, and Others) and Application (Automotive and Industrial)" includes the factors fueling the market growth, revenue estimation, and market share analysis. It also entails the identification of significant market players along with their key developments.

The lubricant additives market is projected to reach US$ 19,880.1 million by 2028 from US$ 15,584.9 million in 2021; it is expected to grow at a CAGR of 3.5% from 2021 to 2028. Lubricant additives are used in the formulation of lubricants to increase the efficiency of lubricants used in automotive and other manufacturing industries. Lubricant additives are usually high molecular-weight substances that reduce the tendency of oil to change viscosity with temperature.

By type, the market is subsegmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. The dispersants segment held the largest market share in 2020. Dispersants are used to prevent flocculation of sludge and precipitation of insoluble materials generated by oxidation and other causes during usage oil. This results in enhancing the performance of oil in various applications.

The lubricant additives market is further segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific held the largest share of the market in 2020. Continuous growth in the automotive and aviation industries due to rising industrialization and urbanization is likely to fuel the market growth during the forecast period. Furthermore, a rise in the number of on-fleet vehicles in China, India, and South Korea, among others, and increasing awareness regarding fuel economy are bolstering the growth of the market in Asia Pacific.

Impact of the COVID-19 Pandemic on Lubricant Additives Market

The global economy was hit hard by the COVID-19 pandemic as governments of various countries imposed several social restrictions to restrict the spread of SARS-CoV-2, which had a direct impact on the growth of the industrial sector. Many lubricant manufacturers struggled to source lubricant additives. China is a major supplier of lubricant additives. Supply constraints led to a significant rise in the cost of lubricant additives. However, the market has bounced backed with the resurgence of demand from reviving industrial sectors since 2021.

The "Global Lubricant Additives Market Analysis to 2028" is a specialized and in-depth study with a special focus on global market trend analysis. The report aims to provide an overview of the lubricant additives market. The market is segmented on the basis of type, application, and geography. Based on type, the market is subsegmented into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. Based on application, the market is bifurcated into automotive and industrial. By geography, the market is subsegmented into five main regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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