Driveline Additives Market size is set to experience a robust growth rate through the forecast period from 2023 to 2032 on account of the surging obligation for finished lubricants.
The rise in globalization, along with vehicle production, has made way for fuel-efficient solutions across on-road and off-road areas. Higher product penetration in construction and agriculture verticals, coupled with the mounting emission legislation, will supplement market expansion.
In addition, ongoing R&D investments and the rising penetration of gears in manual transmission systems are estimated to drive product demand through 2032. Supply chain disruptions caused by the Russia-Ukraine war have resulted in a scarcity of raw materials, which has slowed down industry development. In addition, the declining sales of automobiles resulting from the declining consumer spending power have adversely impacted the driveline additives industry development.
The transmission fluid driveline additives market will expand at a notable pace from 2023 to 2032 attributed to the rising influx of technological advancements and the increasing efforts undertaken by auto manufacturers to offer enhanced fuel efficiency. Higher demand for optimum frictional and wear resistance properties, coupled with the soaring need for top-performance fuels, are other parameters aiding industry progression.
The driveline additives market share from detergents will witness prominent growth through 2032 due to the higher utilization of cleaning agents. Apart from household applications for cleaning clothes and dishes, detergents are increasingly used in areas like carpet cleaning, moss killing, and oil spills. Growing product utilization to resist extreme pressure and the formation of sludge on metal surfaces will also favor industry growth.
The driveline additives industry is segmented into passenger, commercial, and off-highway vehicles of which the demand for driveline additives across passenger vehicles is expected to grow significantly driven by the massive investments. The market size of off-highway vehicles will expand commendably with higher usage of road rollers and tractors. The surging adoption of wet brakes and lubricate transmissions for heavy-duty off-highway equipment will further support the segment expansion.
Asia Pacific driveline additives market is projected to generate substantial revenue owing to the flourishing agricultural and automobile sectors. Rising household consumer incomes have led to a higher demand for vehicles across passenger and commercial applications.
The Society of Indian Automobile Manufacturers (SIAM) reports that due to strong demand for utility vehicles and better consumer attitudes, wholesale passenger automobile sales in India surged by 17.2% in January 2023. Moreover, growing concerns over VOC (volatile organic content) emissions have given rise to severe government regulations. Rising industrialization and the expanding population base are other prominent trends that are expected to influence APAC market growth between 2023 and 2032.
The competitive landscape of the driveline additives market includes major players such as The Lubrizol Corporation (Berkshire Hathaway), Vanderbilt Chemicals (R.T. Vanderbilt Holding Company, Inc.), AB Petrochem, VPS Lubricants, Lubrilic, Chevron Oronite Company LLC. (Chevron Corporation), DowDuPont, BASF SE, Afton Chemical, LLC., and Evonik Industries (RAG-Stiftung), among others.