The increasing use of natural friction modifier (OFM) additives for lubrication of automobile, aviation, rail, industrial, and electricity/ energy machinery additives is riding its demand throughout the globe. Future Market Insights (FMI)’s contemporary record well-known shows that the worldwide organic friction modifier additives market is set to surge at a steady CAGR of 4.Nine% during the forecast length (2017-2022).
As in step with the report, this market is predicted to attain a valuation of over US$ 500 Mn through 2022-end. OFM components make a large effect on the tribological attributes of the lubricant, growing its functionality and efficacy to an extensive volume.
Moreover, OFM additives make sure smoother mobility of mechanical components, which is seriously important in airplanes, automobiles, and numerous different industrial devices. There has been a big increase in calls for OFM additives because of their benefits and overwhelming results.
Factors such as such are anticipated to mirror favorably the worldwide sales of OFM additives over the next couple of years. On the flip side, the increase of the worldwide marketplace for OFM components is predicted to be impeded with the aid of the advent of more low-cost substitutes together with corrosion and oxidation inhibitor anti-wear retailers, detergent additives, dispersant additives, and oiliness sellers among others.
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Insights from the Report also include:
Based on additive type, demand for polymer additives will remain relatively high as compared to additives such as fatty acids and esters & amides in 2017 and beyond. Global sales of polymer additives currently account for more than 34% revenue share of the market.
In addition, over US$ 170 Mn worth of polymer additives is estimated to be sold globally by the end of the assessment period, exhibiting impressive growth. Meanwhile, global sales of fatty acids and esters & amides additives will collectively represent the largest market share in 2022.
Based on end use, OFM additives are expected to remain crucial in automobile lubricants throughout the projection period. OFM additives used in automobile lubricants currently command nearly 44% revenue share of the market. By the end of 2022, more than US$ 220 Mn worth of OFM additives is expected to be used in automobile lubricants. The use of additives in industrial lubricants is also projected to increase at a significant rate between 2017 and 2022.
Among regions, the OFM additive market in the Asia-Pacific excluding Japan (APEJ) region is projected to remain highly lucrative during the forecast period. Currently, the APEJ accounts for the largest market share in terms of revenue and is likely to continue its dominance in 2017 and beyond.
Further, APEJ’s OFM additives market is expected to surge at a sound CAGR from 2017 to 2022 and reach a valuation of more than US$ 150 Mn. This is mainly attributed to the growing demand for additives in emerging countries such as India and China, as they are undergoing an industrial revolution and experiencing an economic boom. Meanwhile, North America is expected to remain the second-largest market for OFM additives in 2022.
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Competitive Landscape
Some of the prominent market players profiled in FMI’s report include Dow Chemical Company Limited, Chemtura Corporation (LANXESS Solutions US, Inc.), BASF SE, Eastman Chemical Co., Celanese Corporation, Cargill, Inc., Croda International Plc., International Lubricants Inc., Afton Chemicals Corporation, and Multisol Ltd. Many of these companies are actively focusing on improving product efficacy and expanding production capacity to tap the market opportunities.
In addition, partnership, collaboration, and M&A activities will continue to be major trends in the market. A majority of market participants are also inclined toward joint ventures and strategic deals to strengthen their sales and distribution network.
Key Segments Covered
Additive Type
- Polymers
- Fatty Acids
- Esters & Amides
- Others
End User
- Automobile Lubricants
- Industrial Lubricants
- Aviation Lubricants
- Energy/ Power Generation Lubricants
- Rail Lubricants
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