Freedonia forecasts 1.5% annual growth in antioxidant demand
Demand for antioxidants in lubricant applications is expected to increase 1.5% per year to 194.9 million pounds in 2022, according to a new report from The Freedonia Group, an industry research firm based in Cleveland, Ohio, U.S.A.
Among lubricant additives, antioxidants are expected to exhibit one of the strongest growth rates in volume terms through 2022, and they will also see healthy price gains.
According to Freedonia Group, volume demand growth for antioxidants will result from:
- growth in lubricant production across a range of antioxidant applications;
- increasing demand for longer life lubricants, resulting in demand for lubricants with more resistance to oxidative breakdown;
- reducing the amount of zinc dialkyldithiophosphate (ZDDP) in engine oils, which requires increasing levels of antioxidants (as well as the use of better performing, higher value products) to make up for the loss of ZDDP’s antioxidation capability.
Demand for both phenolic and aminic antioxidants is expected to increase moderately through 2022. Both classes of antioxidants will benefit from their stability over a wide range of temperatures. Aminic antioxidants may be approved for use in applications where food contact is possible, further boosting demand.
Freedonia further forecasts that demand for all types of lubricant additives will rise 0.8% per year to 2.6 billion pounds in 2022.