In recent years, with the rapid growth of automobile, construction machinery, electric power, steel,the continuous improvement of equipment technology. Therefore, the demand for lubricating oil continues to grow, and China has become the second largest lubricating oil market in the world. The following is an analysis of the current market situation of the lubricating oil industry. In 2019, China's apparent consumption of lubricants was 7.5 million tons, an increase of 13% over the same period last year, and the global consumption of lubricants is about 60 million tons. Thus, the lubricant oil have a big market. And the lubricating oil industry is an important part of the petroleum and chemical industry, and a barometer of the rapid development of the industry. It is closely related to the macroeconomic development and the development of the automobile, machinery, transportation and other industries. And we all know, Lubricating Oil Additive are chemical compounds added to lubricating oil to provide new properties or enhance the present properties of the Base Oil . Some additives help suppress the undesirable properties of the base oil as well.The increasing demand for additives in the automotive industry is likely to drive market growth during the forecast period. These additives enhance the properties of the lubricants thus providing efficient and economic performance of the engine.
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