Global Driveline Additives Market Status and Prospect, Forecast 2018 to 2026
Driveline additives helps in improving performance of automotive parts in vehicles. Driveline additives are added to transmission fluids or gear oils to decrease friction and for eliminating heat. The automatic transmission fluid has outstanding oxidative stability and low temperature properties and it helps to increase fuel efficiency of the vehicle. Gear oil additives are majorly used in automotive, and various industrial purposes.
Increasing inclination of consumers towards fuel-efficient vehicles, and increasing off-road and on-road vehicles are key factors driving growth of the global driveline additives market. In addition, implementation of stringent emission regulations globally, and continuous requirement for hardware durability is another factor expected to drive growth of the global driveline additives market over the forecast period. Also, increasing production of vehicles and, changing vehicle specifications are other factors anticipated to boost growth of the global driveline additives market.
However, high cost of driveline additives as compared to conventional driveline additives is a key factor restraining growth of the global driveline additives market. Furthermore, volatile prices of raw materials required for the production of driveline additives is another factor expected to hamper growth of the global driveline additives market over the forecast period.
The global driveline additives market report has been segmented on the basis of vehicle type, product type, and region. On the basis of region, the global driveline additives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific is expected to account for highest market share in terms of revenue owing to implementation of stringent government norms/regulations concerning volatile organic content (VOC) emissions from automobiles in countries such as China and India The market in North America accounts for the second-highest revenue share contribution to the global driveline additives market followed by markets in Europe, Latin America, and Middle East & Africa respectively owing to rapid growth of the automobile industry.
Prominent players in the global driveline additives market include The Lubrizol Corporation, Vanderbilt Chemicals, LLC, Infineum International Limited, Afton Chemical Corporation, Royal Dutch Shell Plc., BASF SE, BRB International B.V., and The Dow Chemical Company.
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