▶ 調査レポート

潤滑油添加剤の世界市場2021-2026:成長・動向・新型コロナの影響・市場予測

• 英文タイトル:Lubricant Additives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Lubricant Additives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)「潤滑油添加剤の世界市場2021-2026:成長・動向・新型コロナの影響・市場予測」(市場規模、市場予測)調査レポートです。• レポートコード:MRC2106A187
• 出版社/出版日:Mordor Intelligence / 2021年5月25日
• レポート形態:英文、PDF、220ページ
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レポート概要
本調査資料は、世界の潤滑油添加剤市場について調査し、イントロダクション、調査手法、エグゼクティブサマリー、市場動向、機能別(分散剤・乳化剤、粘度指数向上剤、洗剤、防錆剤、酸化防止剤)分析、潤滑油タイプ別(エンジンオイル、トランスミッション&油圧作動油、金属加工油、一般工業用オイル、ギアオイル)分析、産業別(自動車&その他輸送、発電、重機、冶金&金属加工、食品加工)分析、地域別分析、競争状況、市場機会/将来の見通しなどを徹底分析したものです。
・イントロダクション
・調査手法
・エグゼクティブサマリー
・市場動向
・世界の潤滑油添加剤市場規模:機能別(分散剤・乳化剤、粘度指数向上剤、洗剤、防錆剤、酸化防止剤)
・世界の潤滑油添加剤市場規模:潤滑油タイプ別(エンジンオイル、トランスミッション&油圧作動油、金属加工油、一般工業用オイル、ギアオイル)
・世界の潤滑油添加剤市場規模:産業別(自動車&その他輸送、発電、重機、冶金&金属加工、食品加工)
・世界の潤滑油添加剤市場規模:地域別
・競争状況
・市場機会/将来の見通し

The global lubricant additives market is expected to reach USD 18,884.23 million by 2026, register a CAGR 3.04% during the forecast period (2021-2026). Environmental concerns are a major factor in lubricant formulation and use. Lubricant additives are vital ingredients in modern lubricants and are driving the market.

Stringent environmental regulations regarding emissions and industrial growth in Middle-East and Africa are the major factors driving the growth of the market studied.

On the flipside, extended oil change intervals in machinery and automobiles and the impact of COVID-19 pandemic are expected to hinder the growth of the market.

Growing popularity of high-performance lubricants in Asia-Pacific is projected to act as an opportunity for the market in future.

Key Market Trends

Viscosity Index Improvers to Drive the Market Growth

Viscosity Index can be considered as a scale of measurement for lubricating oils that indicates the extent of variation in viscosity with variation of temperature. Viscosity index is widely used to measure the change in the viscosity of a fluid in relation to temperature. The higher the viscosity index, the smaller is the relative change in viscosity with temperature. They increase the viscosity of the fluid throughout its useful temperature range. In fact, these molecules are polymeric and are sensitive to changes in temperature. The fluid viscosity doesn’t get affected at low temperatures as the molecule chain contracts whereas at high temperatures, the chain relaxes and an increase in viscosity occurs.

Viscosity improvers find vast application in different grades of engine oils, gear oils, automatic transmission fluids, power steering fluids, greases and various hydraulic fluids. Most of these oils find their uses in automobile, and hence, automobiles are subjected to rapid temperature changes. For instance, during the cold days in the morning, an oil with a low viscosity at low temperature is needed for the oil pump to push the oil to the top of the engine. During this situation, it is necessary that the oil should be viscous to protect the engine when it reaches operating temperature and at this point viscosity modifiers have a prominent role. Moreover, there are several types of viscosity index improvers of which olefin copolymers are common application. It is found that high-quality viscosity index improvers are less prone to permanent shear loss than low-cost, low-quality VI improvers. However, these additives lose their capability to act as a more viscous fluid at higher temperatures. Moreover, higher molecular weight polymers helps make better thickeners and has lesser resistance to mechanical shear. Lower molecular weight polymers are found to posses more shear-resistant, however, they can’t improve viscosity as efficiently at higher temperatures and, therefore, are recommended to be used in larger quantities.

Viscosity index improvers also help better oil flow especially at low temperatures, resulting in reduction in wear and improved fuel economy. In addition, viscosity index improvers are used to achieve high-VI hydraulic and gear oils for improved start-up and lubrication at low temperatures. In order to overcome this, non-dispersant olefin copolymer viscosity modifiers are used to provide low-temperature performance by having excellent film strength and engine strength. However, viscosity index improvers are susceptible to mechanical shearing which is expected to hinder its application demand. Additionally, these additives are large polymers, which makes them deprived of being chopped into small pieces by machine components. Gears are notoriously hard on VI-improver additive. Despite such drawbacks, these viscosity index improvers are gaining prominence owing to the wide range of advantages they offer.

Asia-Pacific Region Poised to Lead the Market

In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP in 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate compared to the previous year. Although China was the first country affected by COVID-19 and its related lockdown, it was also the first country to come out of lockdown. However, the country has been witnessing recurring cases of COVID-19, leading to further lockdowns. With this, manufacturing seems to be heavily impacted, which continued with slow growth during 2020. According to the IMF, in 2020, the GDP of China to declined by 1.9 %. However, the GDP is expected to reach 8.2 in 2021.

The food processing industry is moving toward maturity in the country, witnessing moderate growth. Processed and packaged frozen foods are increasingly becoming popular, especially dairy, baby food, and confectionery products, which stands to be the driver for the food processing industry. While in the beverage industry, the trend for the consumption of healthy, natural, and convenient ready-to-drink smoothies, juices, and yogurts has been emerging. Besides, processed fruits, pork, dairy, and some specialty grains and legumes are some of food products, which may drive the food processing industry growth in the country. Thus, the food and beverage industry has been offering opportunities for investment, which is expected to create demand for new equipment used in such plants, offering opportunities for the market. For instance, in May 2020, Nestle decided to make a series of investments to strengthen its footprints and enhance its product portfolio in the country. Nestle plans to invest about USD 103.4 million on capacity expansion of its existing pet food plant in Tianjin, and its first production facility in Asia for plant-based products.

China is promoting and undergoing a process of continuous urbanization, with a target rate of 60% for 2020. The increased living spaces required in the urban areas, resulting from urbanization and the desire of middle-class urban residents to improve their living conditions, may have a profound effect on the housing market, thereby, increase the usage of lubricants additives in construction applications. According to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are estimated to be completed by 2023. The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors. The new hotel projects in the country increased by about 15% in 2019. The increase in the construction of tall buildings and hotels is driving the market studied. With the growth of the construction sector in China, the demand for lubricants used for heavy equipment in the construction sector (such as penetrating and coating wire rope lubricants, diesel fuel, engine oil, bearing grease, and others) is expected to increase over the forecast period.

Furthermore, the Chinese automotive manufacturing industry is the largest in the world, with a production share of just over 28% in 2019. The industry witnessed a slowdown in 2018, wherein the production and sales declined. A similar trend continued in 2019, with the production declined to 25.7 million vehicles by dropped by about 7.5% Y-o-Y. According to the China Association of Automobile Manufacturers (CAAM), the automotive production is expected to decline by about 2% in 2020. However, due to the COVID-19 pandemic and the implementation of lockdown, the automotive manufacturing units have been shut down in Q1 2020. However, the number of passenger cars produced in November 2020 was about 2.33 million, which registered a staggering 11.8% M-o-M growth, while 518 thousand commercial vehicles were produced in November with a 10.6% M-o-M growth. The number of passenger cars produced from January to November 2020 was down by 8.1% Y-o-Y, as compared to the same period in 2019, while commercial vehicle production increased by 22.2%. The uncertainties in the automobile industry are expected to impact the market studied.

Furthermore, the country’s appetite for aviation seems set to grow exponentially. High demand for aviation has led to government decision of introducing airport building program, which includes huge investment on terminals, runways, and aircrafts. For instance, the total civil aircraft fleet in the country has been increasing steadily over the past five years. Moreover, the Chinese airline companies are planning to purchase about 7,690 new aircraft over the next 20 years, which may be valued at approximately USD 1.2 trillion. Furthermore, under the plan, ‘Made in China 2025’, it is expected that China may supply over 10% of the home-made commercial aircraft to the domestic market, by 2025. This, in turn, increases the demand for the lubricant additives over the forecast period. Overall, the market for lubricant additives are projected to witness healthy growth in the country over the forecast period, even though the market remains affected in 2020, due to the COVID-19 outbreak.

Competitive Landscape

The global lubricant additives market is partially consolidated, with the top four-five players accounting for a moderate share of the market demand. Few of the market leaders are backwardly integrated, i.e., they manufacture the raw materials required for the manufacturing of various lubricant additives themselves. Moreover, few companies are forwardly integrated, with prominent presence in the lubricant distribution market. Key players in the lubricant additives market include Evonik Industries AG, Italmatch Chemicals SpA(The Elco Corporation), Infineum International Limited, The Lubrizol Corporation, and Afton Chemical Corporation, among others.

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レポート目次

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Stringent Environmental Regulations Regarding Emissions
4.1.2 Industrial Growth in Middle-East and Africa
4.2 Restraints
4.2.1 Extended Oil Change Intervals in Machinery and Automobiles
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Function
5.1.1 Dispersants and Emulsifiers
5.1.2 Viscosity Index Improvers
5.1.3 Detergents
5.1.4 Corrosion Inhibitors
5.1.5 Oxidation Inhibitors
5.1.6 Extreme-pressure Additives
5.1.7 Friction Modifiers
5.1.8 Other Functions
5.2 Lubricant Type
5.2.1 Engine Oil
5.2.2 Transmission and Hydraulic Fluid
5.2.3 Metalworking Fluid
5.2.4 General Industrial Oil
5.2.5 Gear Oils
5.2.6 Grease
5.2.7 Process Oil
5.2.8 Other Lubricant Types
5.3 End-user Industry
5.3.1 Automotive and Other Transportation
5.3.2 Power Generation
5.3.3 Heavy Equipment
5.3.4 Metallurgy and Metal Working
5.3.5 Food Processing
5.3.6 Other End-users Industries
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 ASEAN Countries
5.4.1.6 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Mexico
5.4.2.3 Canada
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Russia
5.4.3.4 Italy
5.4.3.5 France
5.4.3.6 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Afton Chemical
6.4.2 BASF SE
6.4.3 BRB International
6.4.4 Chevron Corporation
6.4.5 Croda International PLC
6.4.6 DOG Deutsche Oelfabrik Gesellschaft fur chemische Erzeugnisse mbH & Co. KG
6.4.7 Dorfketal Chemicals (I) Pvt Ltd
6.4.8 DOVER CHEMICAL CORPORATION
6.4.9 Evonik Industries AG
6.4.10 Infineum International Limited
6.4.11 Italmatch Chemicals SpA (The Elco Corporation)
6.4.12 Jinzhou Kangtai Lubricant Additives Co. Ltd
6.4.13 King Industries Inc.
6.4.14 Kemipex
6.4.15 LANXESS
6.4.16 Multisol
6.4.17 RT Vanderbilt Holding Company Inc.
6.4.18 Shepherd Chemical
6.4.19 The Lubrizol Corporation
6.4.20 Wuxi South Petroleum Additives Co., Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Popularity of High-performance Lubricants in Asia-Pacific