Lubricant additives are used in the processing of synthetic lubricants, which are commonly used in the industrial and automotive sectors due to their superior characteristics to natural mineral oil. Thus, the flourishment of the industrial and automotive sectors boosts the demand for synthetic lubricants. Engine oil is the most commonly used lubricant in the automotive and industrial sectors. It has excellent physical and chemical properties, including a higher viscosity index, lower volatility, pour point, and greater thermal stability. The addition of additives such as viscosity modifiers, and pour point depressants in lubricants improves their physical and chemical properties. Hence, the extensive application of lubricants in various industries is the key factor driving the lubricants additives market as the blending of lubricants with additives enhances their performance and service life.
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A few of the key market players in the lubricant additives market are Evonik Industries AG; The Lubrizol Corporation; LANXESS, Nouryon; Mol-lub Kft.; Dover Chemical Corporation; Croda International plc; Chevron Corporation; BASF SE; and EXXON MOBIL CORPORATION. These companies provide a wide range of product portfolios for the lubricant additives market. These companies have their presence in the developing regions, which provides a lucrative opportunity for lubricant additives. These market players are highly focused on developing high-quality and innovative products to fulfil the customer’s requirements.