Petroleum Additives: A Global Strategic Business Report
San Jose, California (PRWEB) November 19, 2012
Follow us on LinkedIn – Petroleum additives are used for improving the operational performance of petroleum-related products such as motor oils, transmission fluids, industrial oils, metalworking fluids and fuels. Of late, demand for petroleum additives has been witnessing substantial growth driven by increase in product performance specifications, government regulations, and growing demand from developing markets. In the coming years, the market is expected to grow at a modest pace, driven by the increased emphasis on cost-efficiency and environmental conservation. The market is also benefiting from the rising fuel economy standards, adoption of stringent government mandates on tailpipe emission limitations, and the growing consumer awareness about fuel efficiency. While the economic recession of 2008 and 2009 dented demand for petroleum additives, the market is also affected by increasing government deficits, rising debts, and tightening credit markets that continue to pose considerable challenges, particularly to the European economy.
Another factor affecting the market is the usage of petroleum additives in various end-use markets. As a result, the effect of trends or instabilities in these end markets is also evident on the additives industry. With the oil and gas industry affected by economic uncertainty, the petroleum additives market is expected to face testing times due to the increasing competition from new players, and growing calls for environmental preservation and subsequent adoption of legislations in its support. Despite the uncertainty brought on by the European debt crisis and the relatively slower pace of recovery from recession, the petroleum additives market is expected to make steady progress in the long run driven by the need to comply with government regulations, and to address the escalating demand from developing nations. Growing emphasis on improving operating efficiency and the need to address environmental concerns also bodes well for market growth.
As stated by the new market research report on Petroleum Additives, developed markets such as the United States and Europe are expected to witness relatively insignificant growth owing to the continuous improvements taking place in the field of automobile engineering. The US represents the single largest market for petroleum additives with growth driven by rising consumer awareness about the benefits offered by additives, stringent implementation of environmental standards, and adoption of strict occupational safety requirements in industrial sector. On the other hand, rapid progress in Asia, Middle East, Africa and Latin America is expected to balance the slowdown in demand for petroleum additives in North America, Japan and Europe to a certain extent. In particular, developing markets such as China and India are expected to take the center stage in the petroleum additives market, grabbing the limelight from developed markets. Steady economic development, increasing consumer affluence, and rising living standards are expected to bode well for the future of petroleum additives in developing markets.
Segment wise, lubricating oil additives account for a major share of the petroleum additives market. Lubricant additives protect against wear and hostile operating environment and prevent deposits in engines, industrial machine, transmission, axle, or hydraulic pumps, and find use in varied industrial and vehicular applications. Growth in the segment is attributed by factors such as increase in vehicle production, overall vehicle miles driven, production of equipment, refill/drain intervals, new driveline and engine technologies and average vehicle life on the road. Further, demand and supply of lubricants and performance specifications required by OEMs also affect trends in the lubricant additives market.
Fuel oil additives are primarily used in fuels such as gasoline, diesel fuels, aviation fuels, power generation fuels and heating oils. Globally, gasoline is the major application sector for fuel additives. Factors such as emission regulations, increase in total vehicle miles driven, rising crude slate quality, advent of new technology engines, and marketing efforts of leading oil companies are expected to drive growth in the fuel additives market. Growing emphasis on reducing emissions, improving fuel usage, and need for efficient utilization of fossil fuels is expected to boost growth in the fuel additives market.
Competition in the petroleum additives market is determined by the need to offer technologically advanced yet cost-effective products to the customers, while complying with or surpassing industry specifications. Major players profiled in the report include Afton Chemical Corp., Baker Hughes Inc., BASF AG, Chemutra Corporation, Chevron Oronite Company LLC, Eni SpA, Ethyl Corporation, Evonik Oil Additives, ExxonMobil Chemical Company, Innospec Inc., OM Group Inc., Qatar Petroleum, Repsol S.A., Royal Dutch Shell Plc, and The Lubrizol Corporation.
The research report titled "Petroleum Additives: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections across geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia Pacific, Middle East, and Latin America. The market for Petroleum Additives is analyzed in US$ by the following Product Segments - Fuel Oil Additives and Lubricating Oil Additives. The market for Lubricating Oil Additives is further analyzed in Metric Tons and US$ by the following Functional Segments – Antioxidants, Antiwear Agents, Corrosion Inhibitors, Detergents, Dispersants, Extreme Pressure Additives, Foam Control Agents, Pour Point Depressants, Viscosity Index Improvers, and Other Lube Additives.
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