Valley Cottage, NY -- (SBWIRE) -- 03/31/2017 -- Introduction

The global lubricant additives industry is exhibiting a significant annual growth rate of 4% - 5%. The global driveline additives market accounted for approximately 35% share in the global lubricant additives market volume in 2014. The driveline additives market is expected to expand at a higher growth rate as compared to the market for conventional lubricant additives, due to various benefits offered by the former.

Market Value and Forecast

The global driveline additives market is anticipated to grow at a healthy CAGR during the forecast period. Growth of the global driveline additives market is mainly driven by rising consumer inclination towards enhancing fuel efficiency of vehicles, increasing number of on-road and off-road vehicles, specification changes driven by OEMs, implementation of stringent emission norms worldwide, and continuing requirements for extended hardware durability. Other trends driving growth of the driveline additives market include close collaboration between automotive OEMs, lubricant and additive suppliers, stringent environmental regulations, and increasing investments in developing regions.

Segmentation by Product Type

The global driveline additives market can be segmented, based on product type, into transmission fluid additives and gear oil additives. Out of these segments, the gear oil additives segment accounted for significant share of the global driveline additives market share in 2014. In contrast, the transmission fluid additives segment which dominated the global driveline additives market in 2014 and is expected to remain dominant during the forecast period. In addition, the transmission fluid additives segment is anticipated to expand at a healthy CAGR from 2015 to 2025.

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Segmentation by Application

The global driveline additives market can be segmented, based on application type, into passenger cars, commercial vehicles, and off-highway vehicles. Out of these segments, the commercial vehicles segment accounted for over 31.7% of the global driveline additives market share in 2014. In contrast, the passenger cars segment which dominated the global driveline additives market in 2014 and is expected to remain dominant during the forecast period. In addition, the off-highway vehicles segment is anticipated to expand at a healthy CAGR from 2015 to 2025.

Key Regions

The global driveline additives market has been sub-segment into seven major regions which include North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and Middle East & Africa (MEA). Of all the regions, APEJ dominated the market with over 31.2% of overall driveline additives market share in 2014. North America ranked second followed by Eastern Europe. In addition, Asia-Pacific is anticipated to become the fastest growing region in the global driveline additives market.

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Key Players

Some of the key players identified in global driveline additives market are BRB International B.V., The Lubrizol Corporation, Vanderbilt Chemicals, LLC, Chevron Oronite Company, LLC, Infineum International Limited, Afton Chemical Corporation, BASF SE, and Lubrilic Corporation, etc. Major participants such as The Lubrizol Corporation and Afton Chemical Corporation focus on research and development activities to innovative features in their driveline additives in order to attain a sustainable advantage over the competition. In addition, these key players also focus on expanding their additives portfolio through various acquisitions and mergers with the objective to enhance customer base.