Published: Feb, 2019

The global viscosity index improvers market was valued at US$ 3.02 Bn in 2017 and is anticipated to expand at a CAGR of over 4% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled ‘Viscosity Index Improvers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Viscosity index improvers are polymer compounds that are added to a lubricant for increasing its viscosity index in order to deliver desirable performance even at high temperatures. Lubricant formulators rely on viscosity index improvers for obtaining reliable and high-quality performance of lubricants, in terms of viscosity, over a wide range of temperatures. Viscosity index is a parameter that describes response of a liquid to changes in temperature. Viscosity index improvers increase internal resistance of oils to flow, resulting in increase in their viscosity. At high temperatures, viscosity index improver molecules stretch out, causing increase in internal resistance of the fluid, making the fluid flow slower and thereby, increasing its viscosity.

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Rapid industrialization and growing automotive industry likely to drive the market for viscosity index improvers

Growing automotive sector and rising demand for automobiles, especially in developing economies such as China, India, Brazil, and countries in ASEAN are expected to drive the market for viscosity index improvers during the forecast period. Rising automotive sales would result in increase in the demand for engine oils and other automotive lubricants. This would directly affect the demand for viscosity index improvers. Lubricants reduce friction between two surfaces, which enhances their work life and overall operational efficiency. Viscosity index improvers are key lubricant additives, which are added to base oils. Thus, rising demand for lubricants is likely to drive the demand for viscosity index improvers in the near future. Rapid industrialization, especially in developing economies, is boosting the demand for lubricants. The growing international trade and logistics have raised the demand for lubricants from manufacturing and marine industries. This, in turn, is likely to propel the demand for viscosity index improvers in the near future. However, with ongoing technological advancements in the automotive industry, the engine oil drain interval is extending gradually. This is projected to hamper the demand for engine oils and, in turn, for viscosity index improvers during the forecast period. Thus, extending engine oil drain interval is expected to be a restraint of the viscosity index improvers market in the next few years.

Improvement in fuel economy is projected to provide lucrative opportunities for new and advanced technologies for viscosity index improvers. Increasing efforts are being made to enhance performance of viscosity index improvers for formulating lubricants that can improve fuel economy and reduce engine deposits. This would create lucrative opportunities for the viscosity index improvers market.

Olefin copolymer segment expected to lead the global viscosity index improvers market

The viscosity index improvers market can be segmented based on type and end-user industry. In terms of type, the market can be classified into polymethacrylate, olefin copolymer, polyisobutylene, and others. Olefin copolymer was a dominant segment, accounting for around 45% of the market share, in terms of value, in 2017. The segment is expected to expand at a rapid pace during the forecast period.

Increasing demand for automobiles to fuel the automotive end-user industry segment

Based on end-user industry, the viscosity index improvers market has been classified into automotive, off-road vehicles, industrial machinery, and others. The automotive segment has been sub-segmented into private vehicles and commercial vehicles. The automotive segment dominated the global viscosity index improvers market, with more than 75% of the market share in 2017 and the trend is likely to continue during the forecast period also. Moreover, the segment is projected to expand at a significant pace during the forecast period, primarily due to the increasing demand for automobiles and rising disposable income, especially in developing economies such as China and India. The industrial machinery segment is estimated to follow the automotive segment during the forecast period.

Rise in demand from the automotive sector in Asia Pacific to drive the viscosity index improvers market in the region

In terms of region, the global viscosity index improvers market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific held a leading i.e. more than 35% share of the global viscosity index improvers market in 2017. This can be attributed to growth of the automotive industry in countries such as China and India. Moreover, the market in the region is expected to expand at a significant pace during the forecast period, primarily due to increase in the demand for automobiles in the region led by rising disposal income and increasing spending power of people in the region, especially in China and India.

Viscosity index improvers market dominated by Evonik Industries and Chevron Oronite Company LLC

The research study includes profiles of key players operating in the global viscosity index improvers market such as Evonik Industries, The Lubrizol Corporation, Chevron Oronite Company LLC, Afton Chemical Corporation, Infineum International Limited, Sanyo Chemical Industries, Ltd., Nanjing Runyou Chemical industry Additive Co., Ltd., and Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd.

Global Viscosity Index Improvers Market, by Type

  • Polymethacrylate
  • Olefin Copolymer
  • Polyisobutylene
  • Others

Global Viscosity Index Improvers Market, by End-user Industry

  • Automotive
    • Private Vehicles
    • Commercial Vehicles
  • Off-road Vehicles
  • Industrial Machinery
  • Others

Global Viscosity Index Improvers Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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