Increase in manufacturing of automobiles around the world, rise in number of on-road and off-road motors in operation, growth in adoption of continuously variable transmission (CVT), and creation of transmissions with high operational temperatures drive the growth of the global driveline additives market. Furthermore, growth in demand for longer drain intervals from the OEMs presents new opportunities in the upcoming years.
The global driveline additives market generated $7.4 billion in 2021, and is projected to reach $10.7 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031.
Driveline Additives Market Segment Review
The dispersants segment to maintain the lion’s share-
Based on additive type, the dispersants segment held the largest market share in 2021, holding more than one-fourth of the global driveline additives market share, and is expected to continue its leadership status during the forecast period, due to attributes such as filtration, oxidation, and others. However, the antioxidants segment is projected to register the highest CAGR of 4.8% from 2022 to 2031. This is because antioxidants happen to control oxidation, making engines run longer and more smoothly by preventing oil thickening.
The passenger vehicles segment to dominate by 2030-
By vehicle type, the passenger vehicles segment held the highest market share in 2021, holding around two-thirds of the global driveline additives market share, and is expected to continue its leadership status during the forecast period. Increasingly strict environmental regulations aimed at reducing greenhouse gas emissions have forced passenger car OEMs to make substantial modifications to engine hardware technology. This factor drives the segment growth. However, the off-highway vehicles segment is estimated to register the highest CAGR of 4.1% from 2022 to 2031. Urbanization in emerging economies drives the growth of the segment.
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Asia-Pacific garnered the major share in 2020-
Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2021, holding more than one-third of the global driveline additives market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 4.0% during the forecast period. This is attributed to increase in population, rise in industrialization, and expansion of the automotive industry across the province.
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Driveline Additives Market Key Players
- AB Petrochem Pvt. Ltd.
- BASF SE
- BRB International B.V.
- Chevron Oronite Company, LLC.
- Afton Chemical Corporation
- The Lubrizol Corporation
- Vanderbilt Chemicals, LLC.
- VPS Lubricants
- Evonik Industries AG
- International Petroleum & Additives Company, Inc.
The report provides a detailed analysis of these key players of the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market
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