The Driveline Additive Market, segmented into Transmission Fluid Additives and Gear Oil Additives, is expected to grow substantially from 2023 to 2033. Fueled by increasing demand from the automotive industry, this market is projected to reach a valuation of US$ 15.2 billion by 2033, showcasing a steady CAGR of 5.1%.
NEWARK, Del., Oct. 10, 2023 /PRNewswire/ --
The driveline additive market is estimated to be worth US$ 9.3 billion in 2023 and is projected to be valued at US$ 15.2 billion in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 5.1%. The driveline additive market is projected to grow more than the conventional lubricant additives due to its numerous on- and off-road applications.
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The increasing demand for driveline additives in off-road applications in agriculture, construction, mining, and forestry heavy machinery is likely to boost the market growth. OEM requirements for extended drain, fuel efficiency, and temperature stability will create a positive market growth environment for driveline additives during the forecast period.
Engine oil additives are gaining traction in passenger cars. Motor oil additives for passenger cars can aid in reducing emissions, extending engine life, and improving performance and fuel economy, driving the market's growth.
Environmental consciousness and regulations promoting environmentally friendly lubricants and additives can lead to developing and adopting eco-friendly driveline additives. The growth of urban populations and industrialization in emerging markets drive the demand for transportation and industrial machinery, creating opportunities for the driveline additive market.
Key Takeaways
- From 2018 to 2022, the driveline additive market demand expanded at a CAGR of 4.0%
- Based on product type, the transmission fluid additives segment is expected to account for a market share of 59% during the forecast period.
- Global driveline additives demand in the United Kingdom is predicted to account for a CAGR of 4.9% from 2023 to 2033.
- In the United States, the market is expected to account for a CAGR of 5.0% between 2023 and 2033.
- China is projected to expand by a value CAGR of 4.8% between 2023 and 2033.
- By 2033, the driveline additives market in India is anticipated to record a CAGR of 4.5% during the forecast period.
Countries | Expected Market Values in 2033 | Forecast CAGRs from 2023 to 2033 |
Russia | US$ 7.1 billion | 4.7 % |
India | US$ 6.8 billion | 4.5 % |
The United States | US$ 8.2 billion | 5.0 % |
China | US$ 7.5 billion | 4.8 % |
The United Kingdom | US$ 7.8 billion | 4.9 % |
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"The increasing application of driveline additives in industrial machinery and agricultural equipment is anticipated to drive the market growth during the forecast period." Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Players have used product launches and business expansion to grow their market share, increase profitability, and stay competitive in the driveline additive market.
In recent years, prominent players have been involved in corporate tie-ups with automotive OEMs to retain their existing customers and deliver customized products. The leading players involved in the commercialization of their products to leverage immense potential in the market. Some of the recent developments in the market are discussed below.
- Afton Chemical specializes in additives for fuels and lubricants, including driveline additives. They offer solutions to enhance performance, reduce friction, and improve fuel efficiency. Afton Chemical Corporation is working with OEMs to meet today's OEM requirements for extended drain, fuel efficiency, and temperature stability.
- Chevron Oronite, a subsidiary of Chevron Corporation, develops and manufactures specialty chemicals, including driveline additives, to enhance the performance and efficiency of lubricants.
- Evonik is a global specialty chemical company with a focus on additives for various industries. They offer driveline additives that address friction reduction and protection of drivetrain components.
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Future Market Insights offers an unbiased analysis of the global Internet of Everything (IoE) market, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.
To understand opportunities in the driveline additives market, the market is segmented based on product Type (Transmission Fluid Additives, Gear Oil Additives), Application (Passenger Car, Commercial Vehicles, Off-Highway vehicles), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
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Future Market Insights's chemicals & materials team offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and one billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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