Increasing Industrial & Automobile Production & Growing Petroleum Refining Activity Drive Growth in the Global Petroleum Additives Market
Published: March 2018
- Code: MCP-2114
- Pages: 618
- Tables: 278
- Companies: 133
PETROLEUM ADDITIVES: A RESEARCH BRIEF
The global market for Petroleum Additives is projected to reach US$30.2 billion by 2024, driven by growing petroleum refining activity, increase in industrial and automobile production, expansion in commercial & military aviation sector, and strong growth in developing markets leading to rise in fuel & lubricant consumption. The United States and Asia-Pacific represent the largest markets worldwide. Asia-Pacific is forecast to emerge as the fastest growing volume market with a CAGR of 6.6% over the analysis period. Growing automotive ownership and huge industrial base in the region will continue to drive gains for petroleum additives in the Asia-Pacific market. The huge industrial base, particularly with several global companies setting up their manufacturing/processing facilities in China, India, Vietnam, Taiwan and Indonesia among others is helping drive demand for industrial lubricants and along with it petroleum additives. Growth in the United States is led by huge industrial base, steady growth in automobile manufacturing and sales, rise in average life of vehicles and a parallel rise in average miles travelled, stringent government regulations to control industrial and automotive emissions, and rise in demand for clean and efficient fuel.
OUTLOOK IN KEY MARKET SEGMENTS
- Fuel Oil Additives market is projected to witness the fastest growth driven by its indispensable use in improving petroleum refining processes and combustion properties of fuels.
- Lubricating Oil Additives ranks as the largest market given the growing need for lubricant formulations that comply with stringent environmental regulations.
PRODUCT DEFINITION & SCOPE
- Petroleum additives refer to petroleum based substances that are added to the base oil for producing high value-added end-use products such as lubricants and fuel oil. Petroleum additives enhance operational performance of various petroleum-related products including motor oils, transmission fluids, industrial oils, metalworking fluids, and fuels.
TIMELINE FOR ANALYSIS
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
GEOGRAPHIC MARKETS ANALYZED
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America)
MARKET SEGMENTATION & CLASSIFICATION
- Product Segments:
- Fuel Oil Additives, and Lubricating Oil Additives
- Functional Segments:
- Antioxidants, Antiwear Agents, Corrosion Inhibitors, Detergents, Dispersants, Extreme Pressure Additives, Foam Control Agents, Pour Point Depressants, Viscosity Index Improvers, and Other Lube Additives
- Afton Chemical Corp.
- Baker Hughes Incorporated
- BASF SE
- Chevron Oronite Company LLC
- CITGO Petroleum Corporation
- Eni SpA
KEY RESEARCH DELIVERABLES
- Review of Industry/Market Structure
- Analysis of Trends & Drivers
- Insights on Macro Market Scenarios
- Market SWOT Analysis
- Latent Demand Forecasts & Projections
- Comprehensive Geographic Market Analysis
- Presentation Ready Facts & Statistical Data Findings
- Coverage of Major/Niche Players, Market Shares & Competition
- Coverage of major Company/Technology/Product/Financial Stories
- Extensive Product/Service/End-Use/Technology Coverage Where Applicable