Driveline additives are chemicals and lubricants that are used in the driveline systems of vehicles and machinery. They help in smooth transmission of power from the engine to the wheels by protecting and lubricating the drivetrain components such as gearboxes, differentials, propeller shafts, etc. Driveline additives prevent the wearing and tearing of gears and bearings. They also reduce friction, extend component life, and enhance the overall efficiency of the driveline system. With the increasing demand for high-performance vehicles and off-road equipment, the need for advanced driveline additives has risen considerably.
The Global Driveline Additives Market is estimated to be valued at US$ 9,010 million in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the driveline additives are Lubrizol Corporation, BASF SE, Vanderbilt Chemicals, LLC, Infineum International Limited, Afton Chemical, and ExxonMobil Chemical Company.
Growing demand: The Driveline Additives Market Demand is growing due to the increasing global vehicle fleet, off-road equipment, and construction machinery. Rapid urbanization and industrialization are also fueling the demand for commercial vehicles which require efficient driveline additives.
Global expansion: Leading additives manufacturers are expanding their production capacities and global footprints to cater to the growing demand from emerging economies in Asia Pacific and Middle East regions. Partnerships with OEMs and fleet operators are helping drives global revenue growth.
Market Key Trends
Supercar development: One of the key trends driving the demand is the development of high-performance supercars. Supercars require advanced driveline components and additives that can withstand high speeds, loads, and temperatures. They protect gearboxes and differentials of supercars from damage. This is propelling research into innovative additive solutions.
Porter’s Analysis
Threat of new entrants: High capital requirement for manufacturing acts as a entry barrier. Bargaining power of buyers: Large number of buyers results in lower bargaining power of individual buyers. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of close substitute materials. Threat of new substitutes: Emergence of electric vehicles in future can impact demand for driveline additives. Competitive rivalry: Intense competition among existing players to gain higher market share.
Geographical Regions
Asia Pacific is currently the leading region for the driveline additives market in terms of value. China, India and Japan are the major automotive producer countries in Asia Pacific region driving the demand of driveline additives market.
North America region is expected to witness the fastest growth during the forecast period. Stringent emission norms regarding vehicular pollution in countries like United States is prompting automakers to focus more on fuel efficiency and performance, thereby propelling the demand of driveline additives in North America region.
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About Author-
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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