Asia Pacific Lubricants Additive Market by Product Type (Dispersants, Viscosity index improvers, Detergents, Anti-wear agents, Antioxidants, Corrosion inhibitors, Friction modifiers, Emulsifiers, Others), By Application (Automotive Lubricant, Industrial Lubricants), and Country.

Asia Pacific Lubricant Additives Market is being driven mainly by high growth in the developing nations along with efforts toward fuel economy. In order to achieve fuel economy, extensive research is being done to improve lubricant additive properties and characteristics to comply with the technological changes in modern engines and accessories. Increasing marine and aviation transportation, growing automotive industry, and improved emission regulations in conjunction with fuel economy standards are driving the lubricant additives market growth. The enhancement in durability allows effective use of energy resources, provides capabilities to employ alternative fuels, and maintains low levels of exhaust emissions. The use of environment-friendly fuels, including renewable fuels, in both automotive and industrial engines, is expected to drive the demand for lubricant additives over the forecast period. However, higher drain intervals for high-grade lubricants inhibit the market growth owing to lubricant solutions with decreased maintenance costs and servicing. In addition, the fluctuations in the lubricant market are responsible for the relatively low growth rate of the world lubricant additives market. Asia Pacific lubricant additives market is characterized by the presence of a large number of players. Companies are thriving on various applications of tactics such as merger, acquisition, product launches, and others. For instance, Italmatch Chemicals is planning to acquire Afton Chemicals metalworking fluid business which can prove beneficial for the formers portfolio and help in further expansion. Lanxess, meanwhile, manages to take over Chemtura which will boost its additives market. The lubricant additives market is expected to grow at a CAGR of XX% by 2028. Lubricant additive are primarily used to enhance fuel efficiency, improve performance, and engine protection. The lubricant additives are expected to play a vital role in the coming years, towards fuel economy, especially contributing to emerging technologies like Dual Clutch Technology (DCT). With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas emissions, there has been a tremendous development in lubricating oil formulations. Key players are adopting new strategy to establish their footprint worldwide thereby enhancing their product portfolio. Merger, acquisition, product development and collaborations are some of the market strategy the key players implement. In September 2017, BASF commissioned technical lab at Innovation Campus Asia Pacific, located in Navi Mumbai, India.