Research shows that due to the rapid growth of emerging economies such as India and Brazil, and the impact of the Federal Reserve's stop of scale reduction on the global economy, the annual demand for lubricnt additive enters a new round of growth cycle. It is estimated that by 2023, the global demand for lubricant Oil Additive will increase to 5.43 million tons, with a market size of about US $18.5 billion.
In the world, dispersants, Viscosity Index Improver and detergent are the three most commonly used functional agents according to the functional distribution of Lubricant Additive, accounting for about 65-70% of the total demand of lubricant additives. Among the other additives, 6-7% are Antiwear Additive, 4-5% are antioxidant and Friction Modifier, 3-4% are emulsifier, and 11-12% are other additives.
As one of the largest lubricant consumers in the world, the demand for lubricant additives in China increased from 750000 tons in 2013 to 919000 tons in 2018, with an average annual growth rate of 4.2%. With the continuous growth of China's automobile market and the acceleration of industrialization, it is expected that the demand of domestic lubricant additive market will continue to maintain a high growth rate. According to the prediction of Shanghai Lubricant Industry Association, by 2023, the demand for lubricant additives in China will increase to 1.12 million tons.
The demand structure of China's lubricant additives is similar to that of the world. The top three lubricant additives in demand are dispersants, viscosity index improver and detergents, accounting for more than 65% of the total demand. As a professional lubricant additive supplier, we attach great importance to providing high quality additives to our customers.
