Lubricating Oil Additives Market is projected to grow from USD 15.57 billion in 2018 to USD 17.74 billion by 2023, at a CAGR of 2.64% between 2018 and 2023. The key driver for the growth of the lubricating oil additives market is the increasing demand from the automotive industry for advanced lubricants that reduce emission and enhance drain intervals, fuel economy, and performance of engines. The primary functions of engine oil additives are to reduce friction, prevent wear and rust, and control the formation of sludge and oxidation. The increasing number of passenger cars and commercial vehicles and the high industrial development in the Asia Pacific and Middle East & African regions are some of the factors contributing to the growth of the lubricating oil additives market. The fluctuating raw material prices and increasing sales of electric vehicles are considered as major restraining factors for the market.
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- Category: Business