Viscosity Index Improvers - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Viscosity Index Improvers Market is accounted for $3.66 billion in 2019 and is expected to reach $5.84 billion by 2027 growing at a CAGR of 6.0% during the forecast period. Increasing demand for lubricants and growing automotive sales are the major factors propelling the market growth. However, factor such as long engine oil drain interval is hampering the market growth.
Viscosity index improvers are polymeric molecules which are sensitive to temperature. At low temperatures, it does not impact the fluid viscosity and the molecule chain contracts, while, at high temperatures, the chain relaxes and increases the viscosity of the fluid. This are primarily used in the multigrade engine oils, automatic transmission fluids, greases, gear oils, power steering fluids, and various other hydraulic fluids.
Based on the end user, the automotive segment is likely to have a huge demand due to growing demand for the lubricants with improved thermal performance, as well as to improve the fuel economy and decrease engine deposits, are the factors that are responsible for this increase in market share. Thus, growing sales of automobile across the various regions are resulting into rising demand for viscosity index improvers, driving the growth of market in the upcoming years.
By geography, Asia Pacific is estimated to have a lucrative growth due to the burgeoning demand for the automobiles in the region as well as the rapid pace of industrial region in the region. In addition to this, countries such as China and India have become the automotive hubs, additional driving the demand for viscosity index improvers market. Leading vendors of viscosity index improvers market are also focusing on the Asia Pacific region market; due to it represent a thriving automotive aftermarket.
Some of the key players profiled in the Viscosity Index Improvers Market include Sanyo Chemical Industries, Ltd., Nanjing Runyou Chemical industry Additive Co., Ltd., Afton Chemical, Evonik Industries, Infineum International Limited, Chevron Oronite Company LLC, The Lubrizol Corporation, and Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd., BASF SE, Ethyl Corporation, Repsol, S.A., Shanghai High-Lube Additives, Conco Philips, Tri-iso Tryline and Functional Products.
Distribution Channels Covered:
• Olefin Copolymer
• Ethylene Propylene Copolymer
• Hydrostyrene Diene Copolymer
• Very High Viscosity Fluids
End Users Covered:
• Industrial Machinery
• Off-road Vehicles
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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