Demand will be spurred in no small part by increasingly stringent regulations and dynamic growth across developing regions, such as Asia Pacific, Africa, South America and the Middle East, according to a new report from Kline Group, a consultancy.
The Asia Pacific region in particular is leading demand for finished lubricants, with more than 40% of the total consumption, ahead of North America and Europe, which represented 20% and 17% of global consumption, respectively.
Greater demand for longer lasting lubricants has contributed to the steady growth of the additives market, which has risen at an annualised rate of 1.8% per annum since 2010. Kline expect growth to continue to increase at a CAGR of 1.6% through 2019.
Lubricants designed to maintain engine cleanliness and promote fuel economy have lead to an increase in the usage of friction modifiers, antioxidants and dispersants.
A separate report from IndustryARC predicts the value of the global engine oil additives market will hit $11.9bn by 2020. With its growing fleet of cars and motorcycles, China will contribute to a large part of this growth, despite a cooling economy and concerns around slowing car sales.
Published 29th February, 2016
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