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.
PORTLAND, Ore., June 6, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Driveline Additives Market by Product Type (Transmission Fluid Additives, Gear Oil Additives, Others), by Vehicle Type (Passenger Vehicles, Commercial Vehicles, Off-highway Vehicles), by Additive Type (Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report published by Allied Market Research, the global driveline additives industry 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.
Determinants of growth-
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.
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Covid-19 scenario-
- The outbreak of the pandemic gave way to driveline additives from its application areas such as off-highway vehicles, commercial vehicles, and passenger cars. This, in turn, impacted the global driveline additives market negatively, especially during the initial period.
- However, as the global situation gets better at a slow & steady pace, the market is anticipated to recoup soon.
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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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.
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.
Key Players in the Industry-
- 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.
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