Global Petroleum Additives Market to Reach US$8.2 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Petroleum Additives markets. The global market for Petroleum Additives is forecast to reach US$8.2 billion by the year 2015. Key factors driving market growth include increase in performance specifications, advancements in engine design and operating efficiency, government regulations, and increased demand from developing markets, including Asia-Pacific, Latin America and Middle East.
San Jose, CA (Vocus) October 13, 2010
The global meltdown has hampered the growth of the already ailing Automobile Industry. The decline in vehicle manufacturing industry in turn significantly reduced the consumption of fuels and lubricants. However, maintenance of the vehicles has gained significant attention of the consumers, as vehicles are being held for extended period due to recession. As a result of this, lubricant manufacturers are promoting their products based on various benefits offered by the lubricant in terms of extended life of the engine, enhanced engine performance, protection of the engine and efficient fuel utilization. Launch of flex fuel vehicles and usage of biodiesel and ethanol would broaden the prospects for the companies to market their products based on the performance of the product.
Europe represents the largest regional market for petroleum additives worldwide, as stated by the new market research report on Petroleum Additives. The United States trails Europe in terms of sales of petroleum additives. The US market for lubricant additives is nearly saturated and is expected to exhibit low growth in future. Barriers for the growth of lubricant additives include saturation in major applications such as gasoline engine oils, fewer additives consumption in more refined base oil and lubricant recycling programs. Growth-wise, Asia-Pacific is projected to be the fastest growing regional market for petroleum additives. Demand for lubricants in Asia-Pacific is portended to grow at a healthy pace in the future owing to the rapid industrialization and growing vehicle ownership and usage.
Lubricating oil additives dominates the global petroleum additives market. Fuel oil additives market is projected to reach US$2.4 billion by 2012. Dispersants represent the largest segment of lubricating oil additives. Antioxidants represents the fastest growing segment. Viscosity Index Improvers and Detergents represent other major segments for lubricating oil additives.
Lubricant oil segments are driven by various end-use industries and applications. Number of automobiles and the frequency of changing the oil in the vehicles are the primary drivers for engine oils. Similarly demand for process oils is driven by the manufacture of base metals, while the manufacturing of formed metal goods drives the demand for metalworking fluids. Slowdown in the manufacturing industries negatively impacted the global lubricants market during the last two years. Nonetheless, the steady demand for engine oils aided in partly offsetting the losses of the lubricants market. Optimization of the supply chain costs has become the primary focus of the lubricant manufacturers post recession. Purchases of various additive packages and base oils have been rationalized, while the impact of new product developments on the financial expenses of the company is closely monitored, curtailing the rate of new developments. Projects demanding heavy capital expenditures have taken a backseat in the current scenario. Sale and promotional activities, however, continue to occupy a large share in the companies’ budget. Companies are also investing heavily in selecting appropriate channel partners for ensuring delivery of branded products to their customers.
Major players profiled in the report include Afton Chemical Corp, Baker Hughes Inc., Chemtura Corporation, Chevron Oronite Company LLC, CITGO Petroleum Corporation, Ethyl Corporation, ExxonMobil Chemical, Evonik Rohmax Additives GmbH, Infineum International Limited, Innospec Inc., Petroleos De Venezuela, Qatar Petroleum, Royal Dutch Shell Plc., The Lubrizol Corporation, among others.
The report titled “Petroleum Additives: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the petroleum additives markets, impact of recession on the markets, current market trends, key growth drivers, competitive scenario, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Petroleum Additives for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Key segments analyzed include Fuel Oil Additives and Lubricating Oil Additives. Further, Lubricating Oil Additives market is analyzed by Function, including Antioxidants, Antiwear Agents, Corrosion Inhibitors, Detergents, Dispersants, Extreme Pressure Additives, Foam Control Agents, Pour Point Depressants, Viscosity Index Improvers and Other Lube Additives. Also, a six-year (2001-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Petroleum_Additives_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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