NEW YORK, July 4, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, Lubricant Additives Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type and Application – https://www.reportlinker. com/p06289919/?utm_source=GNW
Renewable energy is a business of the power generation industry, which is a leading consumer of industrial lubricants, particularly turbine oil and transformer oil.
Wind energy is one of the fastest growing renewable energy types. According to the US Department of Energy, the US installed 16,836 MW of new wind turbine capacity in 2020.
In addition, the country plans to cover 20% of its electricity consumption with wind energy by 2030. According to a University of Michigan study, the US is projected to install wind turbines twice as fast as recorded over the next decade, reducing carbon emissions and avoiding the impact of climate change on utilities.
Hence, the growth trajectory of wind power as an alternative to conventional energy sources brings potential opportunities for lubricant manufacturers that are expected to boost the lubricant additives market over the forecast period. The outbreak of the COVID-19 pandemic led to a decrease in the demand for lubricant additives due to the slowdown of the world’s major economies in 2020. In addition, raw material prices have been fluctuating and strict government policies against the application of lubricant additives have hampered the progress of the lubricant additives market.
The lubricant additives market has been segmented by type into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. The dispersant segment held the largest market share in 2020.
Dispersants are lubricant additives that prevent the formation of sludge, varnish and other deposits formed in oil. The raw materials required for the formation of dispersants include polyalkenyl-substituted mono- or dicarboxylic acids, anhydrides, and nucleophilic reactants such as amines, alcohols, amino alcohols, or polyols.
Succinimide dispersants are the most commonly used category of dispersants used to prevent sludge flocculation and precipitation of insoluble materials formed during oxidation.
In 2020, Asia Pacific accounted for the largest revenue share of the lubricant additives market. The main factor driving the market growth in this region is high demand for lubricant additives from manufacturing, automotive, oil & gas, textile, glass, power generation and paper & pulp, chemical & petrochemical, agricultural, manufacturing, food & beverage and pharmaceutical industries.
Powerful automotive and food and beverage industries in Japan, South Korea, China and India are creating tremendous demand for lubricant additives used in engine oil and motor oils. Rapid economic growth – coupled with an increase in purchasing power, particularly in development savings – is driving consumption of passenger cars.
The thriving automotive industry is creating massive demand for automotive lubricants in Asia Pacific.
Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mollub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION are some of the major players operating in the lubricant additives market. Key companies in this market are focused on strategies such as R&D investments and new product launches. They develop high-quality and innovative products to meet customer requirements.
The overall Lubricant Additives market size has been derived from both primary and secondary sources. At the beginning of the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information about the market.
Also, several primary interviews were conducted with industry participants to validate the data and gain more analytical insights. Participants in this process include VPs, Business Development Managers, Market Intelligence Managers, National Sales Managers and external consultants – such as valuation experts, research analysts and key opinion leaders – who specialize in the lubricant additives market.
Read the full report: https://www.reportlinker.com/p06289919/?utm_source=GNW
About report linker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research data you need—instantly and in one place.