North America Lubricant Additives Market Size & Outlook
North America lubricant additives market, 2018-2030 (US$M)
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North America lubricant additives market highlights
- The North America lubricant additives market generated a revenue of USD 4,650.4 million in 2023.
- The market is expected to grow at a CAGR of 3.3% from 2024 to 2030.
- In terms of segment, viscosity index improvers was the largest revenue generating product in 2023.
- Friction Modifiers is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 4,650.4 million |
| Market revenue in 2030 | USD 5,839.8 million |
| Growth rate | 3.3% (CAGR from 2023 to 2030) |
| Largest segment | Viscosity index improvers |
| Fastest growing segment | Friction Modifiers |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Additives, Antioxidants, Friction Modifiers |
| Key market players worldwide | Basf SE, Lanxess AG, Chevron Corp, Croda International PLC, Evonik Industries AG, Berkshire Hathaway Inc Class A, Brother Industries Ltd |
Other key industry trends
- In terms of revenue, North America region accounted for 26.3% of the global lubricant additives market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 8,732.7 million by 2030.
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Lubricant Additives Market Scope
Lubricant Additives Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America lubricant additives market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lubricant additives market will help companies and investors design strategic landscapes.
Viscosity index improvers was the largest segment with a revenue share of 22.86% in 2023. Horizon Databook has segmented the North America lubricant additives market based on dispersants, viscosity index improvers, detergents, anti-wear additives, antioxidants, friction modifiers covering the revenue growth of each sub-segment from 2018 to 2030.
North America lubricant additives market displays ample potential owing to stringent environmental regulations formulated by authorities in order to reduce carbon emissions. This factor is likely to result in high demand for lubricant additives by end-use industries since they minimize the wear & tear of machinery equipment by acting as a coolant hence improving the overall efficiency of vehicles.
The automotive industry is likely to witness high lubricants demand since the manufacturers will work towards meeting the emission standards. Mexico automotive industry is investing heavily in new auto factories in order to fulfill growing regional consumption & export demand which in turn has led to increased installed capacity.
Rapid growth in automotive sector has fueled overall automotive lubricants demand in North America. Furthermore, construction industry has also displayed signs of rebound postrecession & contributing largely in industrial lubricants rising demand.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America lubricant additives market , including forecasts for subscribers. This continent databook contains high-level insights into North America lubricant additives market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America lubricant additives market size, by country, 2018-2030 (US$M)
North America Lubricant Additives Market Outlook Share, 2023 & 2030 (US$M)
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