Lubricant Additives Market Outlook, Industry Analysis And Forecast To 2024 : Grand View Research Inc.
As per the report by Grand View Research, Inc., the lubricant additives market is poised to rise to a valuation of USD 18.85 billion and is estimated to witness a CAGR of 2.5% over the forecast period (2015-2024). Growing automobile, manufacturing, and construction industries, with no stringent environmental regulations, will drive the demand for modest quality lubricant additives. Strict rules regarding the permissible amount of carbon release in the atmosphere is anticipated to remain a major driving factor for lubricant additives in the years to come. In addition, easy availability and low labor cost of feedstocks are foremost factors that attract companies in the region. One of the major driving factors is rising automobile sales, mainly in passenger cars with long service intervals and high performance that will boost the demand for the market. In addition, emerging aftermarket for automobiles in developing economies and subsequent formation of domestic blend...