Americas Lubricant Additives Market is expected to reach US$ 5,922.8 million by 2028

Growing Demand for Organic Food Drives Americas Lubricant Additives Market

According to our latest study on “Americas Lubricant Additives Market to 2028 – COVID-19 Impact and Americas Analysis – by Type (Dispersants, Viscosity Index Improvers, Detergents, Antiwear Agent, Emulsifiers, and Others) and Application (Automotive and Industrial)”, the Americas lubricant additives market is projected to reach US$ 5,922.8 million by 2028 from US$ 4,674.9 million in 2021; it is expected to grow at a CAGR of 3.4% from 2021 to 2028.

Lubricant additives are organic or inorganic chemicals that are dissolved or suspended in a solid form in oil. The concentration of these chemicals varies from 0.1% to 30% of the oil volume, depending on  the type of equipment that is to be used. A surge in the sales of passenger and commercial vehicles is driving the Americas lubricant additives market in the automotive sector. Lubricating oil additives are generally utilized in transmission fluids, engine oils, hydraulic fluids, and gear oils that are commonly used in the automotive industry. Further, an increase in marine and aviation transportation is predicted to contribute to the market growth in the coming years.

A few of the key players operating in the Americas lubricant additives market include Evonik Industries Ag; The Lubrizol Corporation; LANXESS; Rose Mill Co., Aerospace Lubricants, Inc.; Tamco Lubrificantes; Mol-Lub Kft.; Dover Chemical Corporation; Nouryon; and Exxon Mobil Corporation.

Impact of COVID-19 Pandemic on Americas lubricant additives market

Upon the onset of the COVID-19 pandemic, larger oil and gas companies responded by cutting capital and operational expenditure. Most oil lubricants containing petroleum oil or bituminous mineral oil contain at least 10% additives by volume. Additives enhance the performance of lubricants used for automotive and industrial applications. The low demand for lubricants during the pandemic directly impacted the Americas lubricant additives market. The region also reported the reduced sale of automobiles during the initial phase of the pandemic, which further hampered the requirement for automotive lubricants. Further, as economies started reviving their operations and accelerated COVID-19 vaccinations in 2021, the demand for lubricant additives also began rising globally with the recovery of automotive and other manufacturing industries.

The report segments the Americas lubricant additives market as follows:

Based on type, the Americas lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agent, emulsifiers, and others. In 2020, the dispersants segment accounted for the largest market share. Dispersants are lubricant additives that aid in forming sludge, varnish, and other deposits on essential surfaces. Dispersants are employed to keep insoluble materials generated via the oxidation process and other causes within the oil during usage, preventing sludge formation, flocculation, and precipitation of these insoluble materials. Other purposes served by dispersants include preventing soot particle agglomeration, controlling the rheology of sooted oil, and preventing deposit development on engine pistons. Further, based on application, the Americas lubricant additives market is segmented into automotive and industrial.

Americas Lubricant Additives Market Breakdown – By Region