13 October 2010 19:13 [Source: ICIS news]
PALM SPRINGS, California (ICIS)--The global petroleum additives market is expected to reach $8.2bn (€5.9bn) by 2015 as consumers look to maintain cars longer and seek better finished lubricants, according to a study released on Wednesday.
“The global meltdown has hampered the growth of the already ailing automobile industry. The decline in vehicle manufacturing industry in turn significantly reduced the consumption of fuels and lubricants,” notedthe study, released by Global Industry Analysts (GIA).
“However, maintenance of the vehicles has gained significant attention of the consumers, as vehicles are being held for extended period due to recession," it added.
As a result, lubricant manufacturers are promoting their products based on benefits offered by the lubricant in terms of extended life of the engine, enhanced engine performance, protection of the engine and efficient fuel utilisation.
Base oils are mixed with additives to form finished lubricants, which are used in engine oils, metalworking and process oils.
The launch of flex-fuel vehicles and usage of biodiesel and ethanol would broaden the prospects for companies to market their products based on the performance of the product, according to the report.
Barriers for the growth of lubricant additives include saturation in major applications such as gasoline engine oils, the consumption of fewer additives in more refined base oil and lubricant recycling programmes.
Growth-wise, Asia-Pacific is projected to be the fastest-growing regional market for petroleum additives. Demand for lubricants in Asia-Pacific is projected to grow at a healthy pace in the future, owing to rapid industrialisation and growing vehicle ownership and usage.
According to industry statistics,
Major additive players profiled in the report include Afton Chemical Corp, Baker Hughes, Chemtura, Chevron Oronite, Citgo, Ethyl Corporation, ExxonMobil Chemical, Evonik Rohmax Additives GmbH, Infineum, Innospec Inc., Petroleos De Venezuela, Qatar Petroleum, Royal Dutch Shell, and Lubrizol.
($1 = €0.72)
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