The North America lubricant additives market is expected to grow from US$ 3,537.82 million by 2021 to US$ 4,540.63 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028.
Lubricants are a few of the key components used in the industrial sector, as they help equipment in operating at peak efficiencies and maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are several types of lubricants that are used as additives across the automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries. Significant investment prospects and restructured business models after the onset of the COVID-19 pandemic are the other key factors that augment the consumption of lubricants and lubricant additives. In July 2021, Algoma Steel Inc. received federal funding worth US$ 420 million to retrofit its operations and phase out coal-fired steel-making processes in Canada. Retrofitting includes installing new machines and equipment wherein synthetic oil and grease are used, which helps in driving the demand for lubricant additives. Thus, the North America lubricant additives market is expected to grow at a notable CAGR during the forecast period.
Evonik Industries AG, the Lubrizol Corporation, LANXESS, Dover Chemical Corporation, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the North America lubricant additives market.
Lubricants are a few of the key components used in the industrial sector, as they help equipment in operating at peak efficiencies and maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are several types of lubricants that are used as additives across the automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals industries. Significant investment prospects and restructured business models after the onset of the COVID-19 pandemic are the other key factors that augment the consumption of lubricants and lubricant additives. In July 2021, Algoma Steel Inc. received federal funding worth US$ 420 million to retrofit its operations and phase out coal-fired steel-making processes in Canada. Retrofitting includes installing new machines and equipment wherein synthetic oil and grease are used, which helps in driving the demand for lubricant additives. Thus, the North America lubricant additives market is expected to grow at a notable CAGR during the forecast period.
North America Lubricant Additives Market Segmentation
The North America lubricant additives market is segmented into type, application, and country. Based on type, the market is categorized into dispersants, viscosity index improvers, detergents, antiwear agents, emulsifiers, and others. In 2021, the dispersants segment held the largest market share. Based on application, the market is bifurcated into automotive and industrial. In 2021, the automotive segment held a larger market share. Further, based on country, the North America lubricant additives market is segmented into the US, Mexico, and Canada. The US has contributed a substantial share in 2021.Evonik Industries AG, the Lubrizol Corporation, LANXESS, Dover Chemical Corporation, Nouryan, EXXON MOBIL CORPORATION, Croda International plc, Chevron Corporation, and BASF SE are among the leading companies operating in the North America lubricant additives market.
Table of Contents
1. Introduction
3. Research Methodology
4. North America Lubricant Additives Market Landscape
5. North America Lubricant Additives Market - Key Market Dynamics
6. Lubricant Additives -North America Market Analysis
7. North America Lubricant Additives Market Analysis - By Type
8. North America Lubricant Additives Market Analysis - By Application
9. North America Lubricant Additives Market - Country Analysis
10. Industry Landscape
11. Company Profiles
12. Appendix
List of Figures
List of Tables
Companies Mentioned
- Evonik Industries AG.
- The Lubrizol Corporation.
- LANXESS.
- Dover Chemical Corporation.
- Nouryan.
- EXXON MOBIL CORPORATION.
- Croda international plc.
- Chevron Corporation.
- BASF SE.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 114 |
| Published | August 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 3537.82 Million |
| Forecasted Market Value ( USD | $ 4540.63 Million |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | North America |
| No. of Companies Mentioned | 9 |
