Viscosity Index Improvers Market
Viscosity Index Improvers Market for Automotive (Type: Polymethacrylate, Olefin Copolymers, Polyisobutylene, and Others; Application: Engine Oil (Commercial Vehicle Motor Oil (CVMO) and Passenger Car Motor Oil (PCMO)), and Gear Oil (Automatic Transmission (AMT), Manual Transmission (MT), Axel Oil)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
Nanoparticles and Copolymer Combinations Intensify Capabilities in Engine Oil
In the automotive space, manufacturers are developing novel techniques to avoid cold start engine damages. For this, manufacturers in the viscosity index improvers market for automotive are developing engine oils with nanoparticles to reduce engine damages. These engine oils are being increasingly used in light-duty automotive industries to reach higher ability and efficiency in vehicles, in comparison with ordinary engine oils.
The production of engine oil is estimated to reach ~1,004 kilotons by 2027 in the viscosity index improvers market for automotive. Due to this rising trend, manufacturers are unveiling nanolubricant engine oils with a combination of MWCNT (multi wall carbon nanotubes)-ZnO (zinc oxide nanoparticles). These nanoparticles significantly reduce viscosity, which helps in preventing damage caused while starting an engine in a cold start condition.
On the other hand, manufacturers in the viscosity index improvers market for automotive are innovating suitable copolymer combinations such as hydrogenated styrene-isoprene (HSD) copolymers that enhance thermal oxidation stability in vehicle engines. The growing demand for HSD copolymers is influenced by their stability and thickening ability in long-span multistage internal combustion engine oil.
To gauge the scope of customization in our reports Ask for a Sample
High-performance Oil Additives Fuel Market Growth
In the viscosity index improvers market for automotive, the production of oil additives for passenger car motor oil (PCMO) was valued at ~400 kilo tons in 2018. This shows that, consumers are highly dependent on stakeholders in the automotive supply chain for high-performance gear and engine oils that withstand extreme temperatures and contamination. This demand has given rise to multi-function engine oils that also keep the oil system clean, protect the oil system from corrosion, and suppress foaming.
Get an idea about the offerings of our report from Report Brochure
Manufacturers are competing on the data front by collating on engine/fleet service data that supports the development of advanced additive and lubricant formulations. The demand for high mileage oil is also fueling the realm of the viscosity index improvers market for automotive. As consumers are becoming more conscious about car and engine oil maintenance, the availability of high mileage oil serves as an add-on for consumers who seek efficient vehicle performance.
Quality Standards Boost Product Acceptance
In the past couple of years, oil prices have declined, which has also impacted the price of base oil and viscosity index improvers (VVI). Stringent government regulations have also affected the prices of oil additives in the viscosity index improvers market for automotive. Manufacturers also need to meet strict emission-control requirements laid down by governments.
Experts in the domain of viscosity index improvers market for automotive suggest that, the increasing pace of technological changes is not meeting the specific development methods of manufacturers. These methods are criticized to be laborious and overly complex.
To overcome these challenges, manufacturers make sure to meet industry standards in the viscosity index improvers market for automotive. Abiding by these quality standards is helping manufacturers invent and manufacture superior products that speed-up the acceptance of the product’s practicality in the global market.
Looking for Regional Analysis or Competitive Landscape in Viscosity Index Improvers Market for Automotive, ask for a customized report
Analysts’ Viewpoint on Viscosity Index Improvers Market for Automotive
Manufacturers in the viscosity index improvers market for automotive are developing oil additives that prevent the hardening of wax particles in motor oil in regions with extreme cold conditions. They are gathering field performance data to innovate new combinations in copolymers. However, one of the major challenges that manufacturers are experiencing is the influx of electric vehicles, which has impacted the demand for gear and engine oils with additives. As such, manufacturers are expanding production arms in other industries such as the marine industry. They are also increasing research & development to adopt production techniques that cater to electric vehicles (EVs). Due to the growing trend of EV adoption, manufacturers should produce fluids that meet the new technical requirements of electric powertrains.
Global Viscosity Index Improvers Market for Automotive: Description
- Viscosity index improvers are an integral part of any lubricant, as they minimize the viscosity changes of the lubricants with changes in their operating temperatures. Automotive lubricants are required to perform over a wide range of temperatures without losing much of their film-forming ability and viscosity. Lubricant manufacturers use viscosity index improvers to enhance the viscosity index of their lubricants to provide consistent performance across operating conditions, leading to the growth of the viscosity index improvers market for automotive.
- The viscosity index improvers market for automotive is projected to grow at a CAGR of ~4%, to reach a value of US$ 3.3 Bn by the year 2027.
- Viscosity index improver manufacturers need to ensure proper balance between shear stability and thickening efficiency of the polymer while creating the product, as high molecular weight polymers result in high thickening efficiency, but have poor shear stability, while low molecular weight polymers have better shear stability, but have underwhelming thickening efficiency. Therefore, proper care needs to be taken to create viscosity index improvers so as to impart desirable properties to a lubricant.
Viscosity Index Improvers Market for Automotive: Increased Demand for Lubricants in Automotive Industry
- Rapid industrialization and urbanization has resulted in an unprecedented increase in the demand for lubricants during the past few years.
- Lubricants play a very crucial role in the operations of machinery, equipment, or engines. They minimize friction between any two moving parts so as to reduce power or energy loss, and enhance overall efficiency of the operation. They also prevent wear and tear of the equipment due to friction, which minimizes the maintenance cost of the equipment.
- In an automobile, almost every component, from the engine to the transmission to the differential gearbox uses lubricants for effective operations. These characteristics have led to rapid increase in the demand for lubricants.
- A lubricant comprises around 80-90% of base oil, and the rest as additives such as viscosity index improvers, antioxidants, anti-wear additives, and pour point depressants, which enhance the properties of the lubricant. They are a critical part of any automotive lubricant, since viscosity index improvers help in improving the viscosity performance of a lubricant, especially of engine oils that are subjected to a wide range of operating temperatures. Therefore, increase in the demand for lubricants in the automotive industry is also anticipated to drive the viscosity index improvers market for automotive.
- Rising sales of automobiles is another key driver for the growth of the viscosity index improvers market for automotive. Increasing demand for automobiles across the globe, especially in developing economies, is driving the sales of automobiles across these countries. Rising disposable income, improved standards of living, and easy finance options have resulted in significant boost in the demand for automobiles in developing countries. Lubricants are important for the proper functioning of automobiles; therefore, with the increasing sales of automobiles, the viscosity index improvers market for automotive is also growing.
Longer Engine Oil Drain Intervals to Hamper Viscosity Index Improvers Market for Automotive
- Advancements in engine oil chemistry and lubricant technology have led to the development of long-lasting lubricants with enhanced performance. This, in turn, has resulted in longer drain intervals of engine oils, i.e. decreased frequency of engine oil changing. Moreover, dependable engines, increasing usage of cleaner fuels, and superior filter technology have also added to the average oil drain interval. This enhancement in lubricant technology is likely to restrict the growth of viscosity index improvers market for automotive, especially the aftersales market, which is the major consumer of lubricants in the automotive industry.
Viscosity Index Improvers Market for Automotive: Increasing Demand for Better Fuel Economy to Present New Opportunities
- Rising fuel prices and daily transportation expenditure have escalated the demand for fuel economy across different sections of society. Moreover, increasing environmental regulations regarding emissions have forced lubricant manufacturers to improve their existing offerings to match these growing expectations. This has created the demand for advanced performance additives, including viscosity index improvers, which is likely to create new opportunities for the growth of the viscosity index improvers market for automotive in the near future.
Viscosity Index Improvers Market for Automotive: Recent Developments, Expansions, Acquisitions, and New Contracts
- In March 2019, Evonik Industries created a new oil additives business line. The company merged its specialty methacrylate monomers division with the existing oil additives business line. The new business line will be combined to become a new oil additives business line under the resource efficiency segment of Evonik Industries. This strategy was to strengthen the production capacity and to improve the technological productivity of the company.
- In October 2018, Lubrizol Corporation announced that it would invest more than US$ 25 Mn in its Calvert City, Kentucky manufacturing facility, allowing it to meet increasing customer demand. This investment would follow a recent US$ 10 Mn expansion at the site in order to further improve the company's safety management standards and create a world-class quality laboratory.
- On 24 August 2018, Mitsui Chemicals Inc., announced the expansion of its LUCANT products. The company will construct a new plant for LUCANT to manufacture a viscosity index improver on a larger scale. LUCANT is a hydrocarbon-based synthetic fluid that is used to manufacture automotive gear oils. This strategy was to cater to increased global demand for viscosity index improvers in the automotive industry, and to improve the market position of the company.
Asia Pacific a Prominent Viscosity Index Improvers Market for Automotive
- Asia Pacific dominated the global viscosity index improvers market for automotive in 2018. The region not only held the leading share of the viscosity index improvers market for automotive in 2018, but is expected to expand at a substantial rate during the forecast period, due to the rise in the demand for automobiles in the region, especially countries where the automotive industry is one of the major contributors to overall gross domestic product (GDP).
- North America closely followed the lead of Asia Pacific in terms of market share in 2018. The U.S. is a major consumer of automotive lubricants in the region, along with the presence of a large number of lubricant manufacturers.
- The viscosity index improvers market for automotive in Europe is expected to grow at a moderate pace during the forecast period, due to the increasing popularity and adoption of electric vehicles in the region.
Global Viscosity Index Improvers Market for Automotive Highly Competitive
- The global viscosity index improvers market for automotive is highly competitive, with international players dominating the global viscosity index improvers market for automotive.
- Some of the key players operating in the global viscosity index improvers market for automotive are
- Evonik Industries
- The Lubrizol Corporation
- Chevron Oronite Company LLC
- Afton Chemical Corporation
- Infineum International Limited
- Sanyo Chemical Industries, Ltd.
- Prasol Chemicals Pvt. Ltd
- Nanjing Runyou Chemical industry Additive Co., Ltd.
- Mitsui Chemicals, Inc
- BASF Corporation
- BPT Chemicals
- Jilin Xingyun Chemical Co., Ltd
- Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd.
Viscosity Index Improvers Market for Automotive - Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global viscosity index improvers market for automotive, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the viscosity index improvers market for automotive, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the viscosity index improvers market for automotive will progress during the forecast period of 2019-2027.
The report offers intricate dynamics about the different aspects of the viscosity index improvers market for automotive that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the viscosity index improvers market for automotive during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the viscosity index improvers market for automotive, and estimate statistics related to market progress in terms of value (US$ Mn) and volume (Kilo Tons).
This study covers a detailed segmentation of the viscosity index improvers market for automotive, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the viscosity index improvers market for automotive, wherein, various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on the Viscosity Index Improvers Market for Automotive
The report provides detailed information about the viscosity index improvers market for automotive on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the viscosity index improvers industry, so as to help them make successful strategies and take target-driven decisions.
- Which type of viscosity index improvers for the automotive industry will emerge as a revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue out of the advantages of the viscosity index improvers for automotive industry?
- What will be the Y-o-Y growth of the viscosity index improvers market for automotive between 2019 and 2027?
- What are the winning imperatives of market frontrunners in the viscosity index improvers market for automotive?
- Which application is expected to have maximum potential for viscosity index improvers for automotive during the foreseeing period?
Research Methodology – Viscosity Index Improvers Market for Automotive
The research methodology adopted by analysts to compile the viscosity index improvers market for automotive report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the viscosity index improvers market for automotive.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the viscosity index improvers market for automotive.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the viscosity index improvers market for automotive.
Viscosity Index Improvers Market for Automotive - Segmentation
TMR’s research study assesses the viscosity index improvers market for automotive on the basis of type, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the viscosity index improvers market for automotive.
Others (including Styrene Isoprene Copolymers, Styrene-Butadiene Copolymers, and Hydrogenated Star Polyisoprene)
Engine Oil (Passenger Car Motor Oil (PCMO) and Commercial Vehicle Motor Oil (CVMO))
Gear Oil (Automatic Transmission (AMT), Manual Transmission (MT), and Axel Oil)
Middle East & Africa