Growing demand for oil additives in automotive and industrial sectors:
Engine oil lubricants contribute over half of the lubricant market and therefore have high penetration in the industry. They mainly extend the life of automobiles under many conditions such as pressure, temperature and speed. The main work of lubricants is to reduce friction and heat from the moving parts of vehicles and also prevents various contaminants from doing any damage.
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Fluctuating prices of raw materials in lubricative oil additives:
The price of lubricants is expected to increase for many oil manufacturers by 5-7% on lubricating oils, coolants and greases.
On 5th march 2018, SCL raised major oil brands and unbranded products by some percentage in order to meet customer need and request in order to get benefit from current price levels.Key Insights in the report:
It was observed that these fluctuations in price impacted the business of lubricating oils in one or other way to help offset as much of that impact as possible. As different industries changes with time, it results in fluctuations of the prices such as increase or decrease in price of raw materials used in lubricants in order to provide viable solutions to meet product and bottom line needs.
Lubricant oxidation can lead to destruction
There are many challenges faced by the lubricant industry such as oxidation and degradation of oil additives. Oxidation is basically the mechanism of reaction with oxygen and is responsible for sludge and sediment formation, base oil breakdown, filter plugging, acid number increase, rust and corrosion. Hence the control of oxidation is definitely a challenge in extending the lubricant’s life.
Some of the major players operating in this market are The Lubrizol Corporation Company, Infineum International Limited, Afton Chemical, Chevron Corporation, Evonik and others.
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