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06 Jun, 2022, 14:00 BST
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Increase in manufacturing of automobiles around the world, rise in number of on-road and off-road motors in operation, growth in adoption of continuously variable transmission (CVT), and creation of transmissions with high operational temperatures drive the growth of the global driveline additives market.
PORTLAND, Ore., June 6, 2022 /PRNewswire/ — Allied Market Research published a report, titled, "Driveline Additives Market by Product Type (Transmission Fluid Additives, Gear Oil Additives, Others), by Vehicle Type (Passenger Vehicles, Commercial Vehicles, Off-highway Vehicles), by Additive Type (Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Agents, Antioxidants, Corrosion Inhibitors, Friction Modifiers, Emulsifiers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report published by Allied Market Research, the global driveline additives industry generated $7.4 billion in 2021, and is projected to reach $10.7 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031.
Determinants of growth-
Increase in manufacturing of automobiles around the world, rise in number of on-road and off-road motors in operation, growth in adoption of continuously variable transmission (CVT), and creation of transmissions with high operational temperatures drive the growth of the global driveline additives market. Furthermore, growth in demand for longer drain intervals from the OEMs presents new opportunities in the upcoming years.
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Covid-19 scenario-
The passenger vehicles segment to dominate by 2030-
By vehicle type, the passenger vehicles segment held the highest market share in 2021, holding around two-thirds of the global driveline additives market share, and is expected to continue its leadership status during the forecast period. Increasingly strict environmental regulations aimed at reducing greenhouse gas emissions have forced passenger car OEMs to make substantial modifications to engine hardware technology. This factor drives the segment growth. However, the off-highway vehicles segment is estimated to register the highest CAGR of 4.1% from 2022 to 2031. Urbanization in emerging economies drives the growth of the segment.
Get Detailed COVID-19 Impact Analysis on the Driveline Additives Market @ https://www.alliedmarketresearch.com/request-for-customization/1967?reqfor=covid
The dispersants segment to maintain the lion’s share-
Based on additive type, the dispersants segment held the largest market share in 2021, holding more than one-fourth of the global driveline additives market share, and is expected to continue its leadership status during the forecast period, due to attributes such as filtration, oxidation, and others. However, the antioxidants segment is projected to register the highest CAGR of 4.8% from 2022 to 2031. This is because antioxidants happen to control oxidation, making engines run longer and more smoothly by preventing oil thickening.
Asia-Pacific garnered the major share in 2020-
Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2021, holding more than one-third of the global driveline additives market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 4.0% during the forecast period. This is attributed to increase in population, rise in industrialization, and expansion of the automotive industry across the province.
Key Players in the Industry-
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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