It is expected to grow at a CAGR of 3. 4% from 2021 to 2028. The automotive sector in the Americas has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period as well.
New York, May 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Americas Lubricant Additives Market to 2028 - COVID-19 Impact and Americas Analysis - By Type, Application" - https://www.reportlinker.com/p06279476/?utm_source=GNW
As per the data of Organisation Internationale des Constructeurs d’Automobiles (OICA), the American countries recorded the production of over ~16.2 million commercial and passenger cars in 2010, and the production levels increased by more than 23% in 2019, reporting the annual and production of over ~20 million commercial and passenger vehicles. The COVID-19 pandemic significantly affected the growth of the automotive sector in 2020 and 2021 due to nationwide lockdowns and decreased investments. However, the sector is expected to gradually reach its pre-COVID growth performance levels by FY 2022–2023. Ease in travel restrictions and the consequent rise in transportation activities, and mass vaccination programs conducted in 2021 have aided the automotive sector, thus fueling automobile sales. Further, as per a report by the OICA, this sector has recorded the positive growth of ~5% in 2021 compared to 2020. Numerous automotive companies are investing heavily in manufacturing capabilities to increase production and sales. For instance, in July 2021, Maruti Suzuki India Ltd. announced an investment worth US$ 2.42 billion in a new manufacturing facility in Haryana, India, which is expected to manufacture ~1 million units annually. A surge in automobile manufacturing is boosting the demand for lubricants, thereby driving the Americas lubricant additives market.
With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions, there has been a remarkable development in lubricating oil formulations.For instance, in December 2021, US Environmental Protection Agency (EPA) finalized revised national GHG emissions standards for passenger cars and light trucks for Model Years is about to manufacture during 2023–2026.
The final standards will significantly reduce GHG emissions and other critical pollutants, which will lead to substantial public health and welfare benefits while providing consumers with savings from lower fuel costs. Thus, the growing automotive sector and stringent government policies for reducing GHG emissions are driving the Americas lubricant additives market.
The COVID-19 pandemic hampered the operations of the chemicals & materials sector.Disruption of supply chains and difficulties in procuring raw materials hindered the Americas lubricant additives market performance to some extent in 2020.
However, the market started recovering gradually from this challenge and regaining its operations to normalcy from 2021. The increasing pace of COVID-19 vaccination drives, and spurring demand for food and beverages are subsequently driving the Americas lubricant additives market growth.
Evonik Industries Ag; The Lubrizol Corporation; LANXESS; Rose Mill Co., Aerospace Lubricants, Inc.; Tamco Lubrificantes; Mol-Lub Kft.; Dover Chemical Corporation; Nouryon; and Exxon Mobil Corporation are the key lubricant additives manufacturers in the Americas.
The size of the Americas lubricant additives market has been derived using primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—among other industry experts specializing in the Americas lubricant additives market.
Read the full report: https://www.reportlinker.com/p06279476/?utm_source=GNW
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