Market Overview
The global Anti-wear Additives Market is expected to be valued at USD USD 914.8 million by the end of the forecast period, registering a CAGR of 2.65%. The market value was recorded at USD 798 million during the historic forecast period. It is activated by an increase in temperature or pressure at the contact surfaces, and it produces a protective layer to minimize wear. They react chemically with metal contact surfaces to protect them against corrosive acids, wear, and base oil oxidation. The chemical makeup of these additives is based on phosphorus and zinc compounds, most commonly zinc dialkyl dithiophosphate (ZDDP). Gear oils, engine oils, hydraulic oils, automatic transmission fluids, and some greases all include them.
The Pandemic, COVID-19 has resulted in a regional lockdown, border restrictions, and the breakdown of transportation networks. It is predicted to have a considerable impact on global chemicals and materials supply chains, global trade, and manufacturing capacities. Instead of the 2.5% growth predicted by the World Economic Situation and Prospects report 2020, the global economy is expected to contract by roughly 1% or more. If governments (in both emerging and developed countries) fail to offer the necessary income support and help increase consumer spending, the global economy will contract at a rate of more than 1%, maybe even more than during the global financial crisis.
Market Segmentation
Based on the Type, the market is segmented into ZDDP, Phosphorus, and Others.
Based on the Application, the market is segmented into Engine Oil, Hydraulic Oil, Metalworking Fluid, and Others.
Based on the End-use Industry, the market is segmented into Automotive, Construction, and Others.
Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Regional Classification
The growth of the North American market is being fueled by an increase in construction activity. The European market is expected to account for a large part of the global market in terms of value during the projected period. Germany, Russia, and France are the largest contributors. For example, Russia's expanding industrial sector is attracting a variety of foreign investors. Global players are shifting to local manufacture to meet the growing need for high-quality, high-performance anti-wear additives, delivering cutting-edge, technologically superior specialty products. During the previous forecast period, Asia-Pacific held the biggest market share, and this dominance is expected to continue during the forecast period. The rising need for examples of lubricants in a variety of end-use sectors is a major driver driving market expansion.
Latin America is a high-growth automotive market with a growing consumer base and manufacturing capacity. Automobile production and sales have increased dramatically in recent years in major economies. The region's growing middle-class population with increased purchasing power, continued infrastructure development, governments' increasing focus on in-house automobile production, and initiatives to promote the automotive market are some of the major factors driving the region's automotive market growth. Due to factors such as high per capita disposable income, expanding population, and the availability of profitable financing alternatives in the region, the Middle East's automotive industry is vibrant and one of the fastest-growing.
Industry News
The major key players in the market are Chemtura Corporation, Evonik, Lubrizol, Infineum, Chevron Oronite, Vanderbilt Chemicals, Tianhe Chemicals Group, and Afton Chemical Corporation.
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