Viscosity Index Improver Market Size to Grow at a CAGR of 4.3% in the Forecast Period of 2022-2027
The ‘Global Viscosity Index Improver Market Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global viscosity index improver market, assessing the market on the basis of its segments like product type, application, and major regions.
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 4.3%
|Growth Rate CAGR||4.3%|
|Major Players||Infineum International Limited, Chevron Oronite, The Lubrizol Corporation, Sanyo Chemical Industries, and LANXESS AG, among others.|
Rapid urbanisation along with growing industrialisation are expected to drive the viscosity index improver market growth over the forecast period. This is due to the increase in the demand for industrial lubricants for industrial machinery which is further expected to positively influence the market growth in the coming years.
The largest consumer of lubricants is the automotive industry, and with the booming automotive industry, the market demand for viscosity index improvers is likely to fuel over the coming years. With the dramatic changes in temperatures of automobile engines while driving, the demand for automobile lubricants is expected to increase which further is expected to aid the market growth across the globe.
Going further, the rise in the application of viscosity index improvers for automotive applications is likely to boost the viscosity index improver market demand in the coming time frame. The expansion and growth of numerous end-users especially in developing economies along with the surge in the demand for development in the fuel economy are anticipated to push forward the market growth.
Moreover, growing manufacturing activities coupled with an increase in the demand for chemicals to improve the shelf life of machinery are further expected to encourage the market growth rate over upcoming years.
Viscosity Index Improver Industry Definition and Major Segments
A viscosity index improver is a complex polymer additive that develops at high temperatures to condense the lubricant as well as guarantee a more consistent and stable viscosity. This guarantees that the lubricant completely shields the equipment at both low temperatures and high temperatures. It also permits the usage of multigrade oils which eliminates the requirement for seasonal oil changes.
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By product type, the market is segmented into:
• Polymethylacrylate (PMA)
• Ethylene Propylene Copolymer (OCP)
• Hydrostyrene Diene Copolymer (HSD)
• Polyisobutylene (PIB)
By applications, the viscosity index improver market is divided into:
• Automotive Lubricants
• Industrial Lubricants
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Viscosity Index Improver Market Trends
Viscosity index improvers aid in enhancing the viscosity performance of a lubricant, particularly engine oils that are exposed to a variety of operating temperatures. The growing demand for fuel-efficient vehicles coupled with the rise in automobile sales and government policies and regulations encouraging environmental sustainability are expected to bolster market.
The global viscosity index improver market is expected to witness significant growth during the forecast period on account of the increasing adoption of electric vehicles and surging investment in research and development activities. With the growing adoption of EVs, manufacturers are likely to require fluids that meet the innovative technical necessities of electric powertrains, increasing the market demand for viscosity index improvers.
Geographically, the Asia Pacific region is expected to gain momentum in the viscosity index improver market share on account of the increasing per capita disposable income coupled with rising economic growth in developing economies like China and India.
China is holding significant growth in the market for viscosity index improvers due to the high production and consumption of viscosity index improvers by the electric vehicle market in the country. The large on-road vehicle fleet along with the growing automotive industry in emerging economies like China and India are further expected to support the market growth over the upcoming years.
Key Market Players
The major players in the global viscosity index improver market report are:
- Infineum International Limited
- Chevron Oronite
- The Lubrizol Corporation
- Sanyo Chemical Industries
- LANXESS AG
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It is also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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