Global Lubricant Additives Market 2016 : Market Segments , Landscape , Company Profiles , Demand and Forecast – 2022
Market Highlights
Global Lubricant Additives Market is expected to grow to USD 17.1 billion in 2022 growing at the CAGR of 3.2 % since 2016 and is expected to continue till 2022 . The market is expected to grow significantly over the forecasted period . Lubricant oil comprises of a base stock blended with various additives to enhance performance and maintain the same due to which lubricant additives is used majorly in automotive and various industries specifically heavy duty motor oil , passenger car motor oil , industrial engine oil and metal working fluids . Various functions of lubricant additives such as enhancement of performance and efficiency , reduction in wear and tear of materials and metals , lower toxicity along with low cost , change in legislative and environment regulations , technology development in marine and automotive industries are some of the drivers of this market .
Companies such as are BASF SE , Chemtura Corp ., Chevron Oronite , Croda International , Evonik Industries have implemented acquisition and expansion of business strategies to increase their acrylic market ’ s presence geographically . Few global players have invested in R & D amenities to discover advanced and innovative folic products with higher efficacy rate and ease of use .
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Major Key Players :
� BASF SE , � Chemtura Corp ., � Chevron Oronite , � Croda International , � Evonik Industries ,
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