Driveline Additives Market Will hit at a CAGR of 6.9% from 2015 to 2025
Future Market Insights (FMI) delivers key insights on the Global Driveline Additives Market in its upcoming report titled “Driveline Additives Market: Global Industry Analysis and Opportunity Assessment 2015-2025”. The global driveline additives market is projected to register a healthy value CAGR of 6.9% during the forecast period due to various factors, regarding which FMI offers vital insights in detail in its report.
On the basis of product type, the market has been segmented into transmission fluid additives and gear oil additives. The transmission fluid additives segment accounted for over 56.4% share of the global driveline additives market in 2014, and is expected to register a value CAGR of 7.7% in the global driveline additives market over the forecast period. Furthermore, the gear oil fluid additives segment accounted for 43.6% share of the global driveline additives market in 2014. Transmission fluid additives and gear oil additives comprise of a number of additives such as depressants, dispersants, extreme pressure agents, anti-wear additives, friction modifiers, viscosity index modifiers, pour point lubricants, and foam inhibitors, etc.
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Detergents and dispersants constitute of the largest share in the global driveline additives market and the trend is expected to continue over the forecast period, whereas the viscosity index improvers, and pour point lubricant additives are poised to be the fastest growing additive types over the forecast period.
On the basis of application, the market has been segmented into passenger cars, commercial vehicles, and off-highway vehicles. The passenger car segment accounted for 58.3% share of the global driveline additives market in 2014, followed by commercial vehicles segment at 31.7%. The global driveline additives market is experiencing significant growth, due to its increasing application in the construction, mining, and agriculture industries, wherein theses additives find application in off-highway vehicles.
The off-highway vehicles segment is expected to grow at a healthy rate in the global driveline additives market owing to increasing construction and mining activities in developing regions of the world, particularly in BRIC and ASEAN countries. In the agriculture industry, the lubricants used are often called universal tractor transmission oils (UTTOs) and Super Tractor Oil Universal (STOU). STOU and UTTO oils are formulated for engines as well as wet brakes, and transmissions of a number of tractors in use.
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Growth of the global driveline additive market is mainly driven by rising consumer inclination towards enhancing fuel efficiency of vehicles, increasing number of on-road and off-road vehicles, specification changes driven by OEMs, implementation of stringent emission norms worldwide, the improving aftersales services and continuing requirements for extended hardware durability. Other trends driving growth of the driveline additives market include close collaboration between automotive OEMs, lubricant and additive suppliers, stringent environmental regulations, and increasing investments in developing regions.
This report covers trends driving each segment and respective sub-segments and offers analysis and insights of the potential of the global driveline additives market in specific regions. Asia Pacific excluding Japan (APEJ) dominated the global driveline additives market with over 31.5% market share, by volume in 2014, and is anticipated to remain dominant by 2025. Middle East & Africa (MEA) and Japan collectively accounted for over 10% of the total driveline additives market share in 2014. Among all the regions, Asia Pacific is anticipated to register the highest CAGR between 2015 and 2025, followed by Latin America owing to the general guidelines for emissions, yet healthy economic expansion and urbanisation.
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Key players in the global driveline additives market include BRB International B.V., The Lubrizol Corporation, Vanderbilt Chemicals, LLC, Chevron Oronite Company, LLC, Infineum International Limited, Afton Chemical Corporation, BASF SE, and Lubrilic Corporation, etc. Major participants such as The Lubrizol Corporation and Afton Chemical Corporation focus on research and development activities to innovative features in their driveline additives in order to attain a sustainable advantage over the competition. In addition, these key players also focus on expanding their additives portfolio through various acquisitions and mergers with the objective to enhance customer base. In 2014, for example, The Lubrizol Corporation made a number of acquisitions, with a total value of over US$ 1.2 Bn in order to strengthen its product portfolio.