As per analysts at Zion Market Research, the global driveline additives market was assessed at $5,782 million in 2019 and is expected to expand at a CAGR of over 5.6% during the forecast period 2020–2026. The driveline additives contributed to about 30% of share in the — global Driveline Additives Market volume during 2016. The industry is estimated to grow at a greater rate in comparison to conventional lubricant additives. This is owing to the growth in the automobile industry globally in the emerging regions and several benefits presented by these additives in the automatic transmission fluids, preparation of gear oils, and in fluids for off-road applications. The proper perceptive of the equipment and the characteristics of the additive package and base fluid are vital for gaining optimal lubrication.
Some of the leading players in the market are Evonik Industries, Afton Chemical Corp., BASF SE, The Dow Chemical Company, The Lubrizol Corporation, International Petroleum and Additives Company Inc., Petroleum Chemicals, LLC, Chevron Oronite Company, Infineum International Ltd., AB Petrochem Pvt. Ltd., Vanderbilt Chemicals, LLC, Lubrilic, VPS Lubricants, and BRB International B.V.
Rise In Need For Hardware Durability To Boost The Global Driveline Additives Market
The driveline additives market is boosted by the augmenting need for complete service drain breaks for transmission fluids and axle fluids, development in vehicle manufacturing, ascend in consumer inclination toward advancing fuel efficiency of vehicles and rise in off-road and on-road vehicle parc. The global driveline additives market is estimated to develop considerably in the coming few years, due to the execution of strict emission policies globally and continual need for hardware durability. The automobile industry is impelled by the increased demand for automobiles in budding economies like India and China. The driveline additives market is continuously altering due to the continuous development of the driveline industry. The advancements like emissions legislation, amplified vehicle production, globalization and localization, in particular in India, have a noteworthy impact on the industry's driveline lubricant requirements. Nonetheless, inconstant raw material costs and the high price of driveline additives than conventional additives are predicted to impact the market.
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The global driveline additives market is bifurcated on the basis of vehicle, product, additive, and regional analysis. Based on the vehicle, the market is divided into commercial vehicles, passenger vehicles, and off-highway vehicles. Based on the product, the market is divided into transmission fluid additives, gear oil additives, and others. Based on the additive, the market is divided into viscosity index improvers, corrosion inhibitors, dispersants, anti-wear agents, detergents, antioxidants, emulsifiers, friction modifiers, and others.
The Asia-Pacific Region Estimated To Witness Major Market Share In The Global Driveline Additives Market
Based on the geographical analysis, the global driveline additives market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. During 2016, the Asia-Pacific ruled the global driveline additives market, with regard to value & volume. Additionally, the Asia-Pacific region is anticipated to register the highest growth rate during the forecast period, due to the rapid development in the automobile industry in nations, like India, China, Philippines, Indonesia, Iran, and Vietnam.
The global driveline additives market is segmented as follows:
Gear Oil Additives
Transmission Fluid Additives
Viscosity Index Improvers
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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