Global Driveline Additives Market
Global Driveline Additives Market was valued at US$ 4.71 in 2019, and is anticipated to reach US$ 7.621 Mn by 2027 growing at a CAGR of 6.2% during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Growth in vehicles production, increasing need of extended service drain breaks for axle fluids & transmission fluids, increasing consumer preference toward improving fuel efficiency of vehicles are factors driving the driveline additives market growth. Besides, collaboration between automotive original equipment manufacturers (OEMs), lubricant and additive suppliers, and increasing investments in developing regions are some other factors accelerating the growth of driveline additives market. High cost of driveline additives as compared to conventional additives and fluctuating raw material prices hampers the growth of drivelines additives market. Increasing requirement for efficiency and durability creates a significant opportunities for the market players.
Among product types, the gear oil additives segment held major share of the global driveline additives market in 2017. While, the transmission fluid additives segment expected to dominant by 2026. Passenger car segment is projected to be the dominant almost two third of share in the overall global driveline additives market. Commercial vehicles being second largest held 25 % share. Off-highway vehicles and passenger vehicles segments are lucrative sectors for investment in the market, followed by the commercial vehicles segment. Driveline additives poses unique performance characteristics make them ideal for use in high-pressure hydraulic systems, construction, mining, and forestry equipment.
Asia-Pacific dominated the global driveline additives market and will witness the highest growth rate, owing to the rapid growth in automobile industry in countries, such as China, India, Indonesia, Iran, Philippines, and Vietnam. Implementation of stringent government norms/regulations concerning volatile organic content (VOC) emissions from automobiles in south Asian countries is foreseen to fuel the growth to the driveline additives market. The market in North America accounts for the second-highest revenue share contribution to the global driveline additives market followed by markets in Europe, Latin America, and Middle East & Africa respectively owing to rapid growth of the automobile industry.
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Scope of Global Driveline Additives Market:
Global Driveline Additives Market, by Vehicle:
â€¢ Passenger vehicle
â€¢ Commercial vehicle
â€¢ Off-highway vehicle
Global Driveline Additives Market, By Product:
â€¢ Transmission fluid additive
â€¢ Gear oil additive
Global Driveline Additives Market, By Additive:
â€¢ Viscosity Index Improvers
â€¢ Anti-wear Agents
â€¢ Corrosion Inhibitors
â€¢ Friction Modifiers
Key Player analyzed in the Report:
â€¢ BRB International B.V.
â€¢ The Lubrizol Corporation
â€¢ Vanderbilt Chemicals, LLC.
â€¢ Infineum International Ltd.
â€¢ Afton Chemical Corporation
â€¢ BASF SE
â€¢ Chevron Oronite Company, LLC.
â€¢ Lubrilic Corporation
â€¢ AB Petrochem Pvt. Ltd.
â€¢ VPS Lubricants
â€¢ Evonik Industries
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Global Driveline Additives Market
About Maximize Market Research: Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healt..