DUBLIN--(BUSINESS WIRE)--Oct 28, 2022--
The "Driveline Additives Market By Product Type, By Vehicle Type, By Additive Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global driveline additives market was valued at $7.4 billion in 2021, and is projected to reach $10.7 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031.
Driveline additives are designed to optimize automotive performance. In order to acquire greatest lubrication, right information of each device and properties of the base fluids and additives is necessary. Additives added to transmission fluid formulations or tool oils decrease friction and eliminate heat. High-strain anti-wear additives are used to prevent equipment failure and downtime caused by scuffing, wearing, spalling, pitting, scoring, and different types of distress. Protection against oxidation, thermal degradation, rust, copper corrosion, and foaming is provided by driveline additives.
The driveline additives market is driven by increase in need for extended service drain breaks for axle fluids &transmission fluids, boom in cars production, rise in client choice toward enhancing fuel performance of cars, and surgein on-road and off-road vehicle.
The global driveline additives market is predicted to expand significantly in the near future due to the implementation of stringent emission rules globally and continuous requirement for hardware durability. The automobile industry is driven by the growth in demand for automobiles in growing economies such as China and India. This, in turn, boosts the requirement for finished lubricants, thereby boosting the demand for driveline additives.
The driveline additives market is constantly changing owing to the continuous evolution of the driveline industry. Developments such as increased vehicle production, emissions legislation, and globalization & localization, especially in India, have a significant impact on the industry driveline lubricant needs. However, fluctuation in raw material prices and high cost of driveline additives as compared to conventional additives are expected to hinder the market.
Key Benefits For Stakeholders
Key Market Segments
By Vehicle Type
By Additive Type
By Product Type
By Region
Key Market Players
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KEYWORD:
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/28/2022 05:50 AM/DISC: 10/28/2022 05:51 AM
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