Analysis of Lubricity Improvers market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
In 2020, the overall sales of the lubricity improvers witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including Afton Chemical Corporation, BASF SE, The Dow Chemical Company, The Lubrizol Corporation, Chevron Oronite Company, Huntsman Corporation, Total S.a., ADCO Global Inc., Deepak Nitrite Ltd and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements, etc to lead the global market for lubricity improvers with largest market share.
For instance, Huntsman Corporation announced the acquisition of Gabriel Performance Products, a leading manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants, and composite end markets. The acquisition will broaden the portfolio of Huntsman Corporation and strengthen its footprint and customer base across the globe. In addition to this, Lubrizol Advanced Materials and Grasim Industries Limited signed a partnership agreement to manufacture and supply CPVC resin in India. This collaboration will support the Government of India’s “Make in India” initiative as it is projected to boost economic development and support the local market.
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Globally, stringent government regulations aimed at promoting environment-friendly fuels have compelled refinery manufacturers to reduce the level of sulfur content in fuels. Hydroprocessing is a process used to desulfurize fuel and simultaneously, reduce aromatic levels. In addition, the process also reduces the trace materials that provide natural lubricity to fuels.
Diesel engines play an important role in providing lubrication to moving parts for injection equipment. Engine and fuel pump failure are among the primary problems that may arise due to the use of low fuel lubricity. In order to meet the lubricity necessity in many diesel fuel specifications, lubricity improvers are frequently used to curb the high maintenance cost.
Lubricity improvers are phosphorus-free fuels that are non-metallic in content. They effectively provide lubrication for long spans of time and reduce the extra cost of maintenance. Lubricity improvers are relatively more effective as compared to conventional fuels, due to the higher levels of aromatic content in conventional fuels.
In addition to this, lubricity improvers are equally effective with low VOC content. The production process of lubricity improvers is complex and requires a controlled environment and safety precautions.
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Stringent regulations regarding VOCs and balanced growth of key end-use industries are expected to contribute to the growth of the lubricity improvers market in the coming future. Some negative factors such as the increasing consumption of bio-based product offerings and relatively slow growth of regional dynamics restrict the progress of the lubricity improvers market.
Key players in the lubricity improvers market aspire to offer fuels that are tailored to cater to specific end-use requirements. These key players prefer to offer high value-added fuels in order to achieve major shares in terms of value and volume.
Manufacturers aim to offer application-specific products in the lubricity improvers segment and the growing consumption in developing regions is expected to create new trends in the lubricity improvers market during the forecast period.
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In terms of volume, Western Europe is likely to dominate the global lubricity improver market in the coming future, owing to the heavy demand for ULSD in the region. On the basis of consumption, Western Europe led the global market in 2017, followed by the Asia Pacific and North America.
The lubricity improver market in the U.S. is anticipated to experience weak growth, owing to the relatively mature markets in countries such as Canada. Implementation of stringent regulations regarding the emission of pollutants in the U.S. is anticipated to drive market growth in the near future.
The Asia Pacific is experiencing rapid economic growth in countries such as China and India. In addition to this, the increasing automotive sector in countries such as India, South Korea, and Japan and the significant change in innovative technologies in China and Malaysia are estimated to propel the growth of the lubricity improver market in the region.
Some of the key players operating in the lubricity improver market include,
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The lubricity improvers market can be segmented on the basis of product type, application, ingredient and end use.
On the basis of product type, the lubricity improvers market has been segmented as,
On the basis of application, the lubricity improvers market has been segmented as,
On the basis of ingredient, the lubricity improvers market has been segmented as,
On the basis of end use, the lubricity improvers market has been segmented as,
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Fact.MR
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The global lubricity improvers market is valued at US$ 2.8 billion in 2022.
The lubricity improvers market is anticipated to touch US$ 4.2 billion by 2031.
Global demand for lubricity improvers is predicted to expand at a CAGR of 5.3% during the forecast period.
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