Americas Lubricant Additives Market Outlook and Strategic Insights by 2028

The Americas lubricant additives market size was valued at US$ 4,674.9 million in 2021 and is projected to reach US$ 5,922.8 million by 2028. It is expected to grow at a CAGR of 3.4% from 2021 to 2028.

Synthetic lubricants are most widely used in industrial operations and the automotive sector due to their superior characteristics to natural mineral oil. Thus, the flourishment of the industrial and automotive sectors boosts the demand for synthetic lubricants. It is also used across wide array of industries that operate at a high level of operational consistency. Polyalphaolefin lubricant is the most commonly used synthetic oil in the automotive and industrial sectors. It has excellent physical and chemical properties, including a higher viscosity index, lower volatility and pour point, and greater thermal stability. Hence, the extensive application of lubricants in various industries is the key factor driving the lubricants additives market as additives are blended with lubricants to enhance their performance and service life.

Impact of COVID-19 Pandemic on Americas Lubricant Additives Market

The ongoing COVID-19 pandemic is anticipated to cause considerable disruptions in the growth of various industries in the Americas. The pandemic severely impacted the Americas lubricant additives market in 2020 as the supply chain of raw materials used in the production of lubricant additives was hampered due to the restriction of goods transport. Ease in lockdown measures in several countries and resumptions of operational activities in many industries helped in the revival of the demand for lubricant additives from 2021. In addition, the rapid pace of COVID-19 vaccination programs is expected to propel the growth of the Americas lubricant additives market in the coming years.

Americas Lubricant Additives Market Share Breakdown –By Region

Market Insights

Increasing Demand for Lubricants from Wind Energy Sector Fuels Americas Lubricant Additives Market Growth

With the increasing number of wind energy projects, the demand for lubricant additives is expected to prosper in the Americas in the coming years. Renewable energy is a subsegment of the power generation industry, which is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy types in the Americas. According to the US Department of Energy, the US installed 16,836 MW capacity of new wind electric turbines in 2020. Furthermore, it is aiming to achieve 20% of its electricity consumption through wind energy by 2030. Thus, as per a study by the University of Michigan, the America is estimated to install wind power infrastructure twice the current pace over the next decade to reduce further carbon emissions and mitigate the ill effects of climate change. Thus, such a growth trajectory of wind power is anticipated to hold potential opportunities for lubricants additives producers, which is expected to boost the market for lubricant additives in the Americas during the forecast period.

Type Insight

Based on type, the Americas lubricant additives market is segmented into dispersants, viscosity index improvers, detergents, antiwear agent, emulsifiers, and others. The dispersants segment led the lubricant additives market. Dispersants are lubricant additives that aid in forming sludge, varnish, and other deposits. Dispersants are employed to keep insoluble materials generated by oxidation and other causes within the oil during usage, preventing sludge flocculation and precipitation of these insoluble materials.

Application Insights

Based on application, the Americas lubricant additives market is segmented into automotive and industrial. The automotive segment led the market with a larger revenue share in 2020. The composition of lubricant additives supports longer service intervals, higher fuel efficiency, and greater machine longevity. In addition to this, growing electric vehicles (EV) is expected to proliferate the demand for lubricant additives and subsequently positively impact the automotive segment in the forecasted year.

 
Americas Lubricant Additives Market, by Application – 2020 and 2028

Americas Lubricant Additives Market: Strategic Insights

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 are the key lubricant additive manufacturers worldwide. These players are actively focusing increasing their production capabilities owing to the rising demand for lubricant additives globally.

Report Spotlights

• Progressive industry trends in the Americas lubricant additives market to help players develop effective long-term strategies
• Business growth strategies adopted by the market players in developed and developing markets
• Quantitative analysis of the Americas lubricant additives market from 2019 to 2028
• Estimation of the demand for lubricant additives across the Americas
• Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the Americas lubricant additives market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the Americas lubricant additives market at various nodes
• Detailed overview and segmentation, and industry dynamics of the market
• Size of the Americas Lubricant Additives Market in various regions with promising growth opportunities

Americas Lubricant Additives Market Report Scope

Americas Lubricant Additives Market Players Density: Understanding Its Impact on Business Dynamics

The Americas Lubricant Additives Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.