Global Viscosity Index Improver Market Outlook
According to a new report by Expert Market Research titled “Global Viscosity Index Improver Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global viscosity index improver market is projected to grow at a CAGR of 4.3% between 2023 and 2028. Aided by the growing demand for advanced lubricants in various sectors and the expanding applications of viscosity index improvers, the market is expected to grow significantly by 2028.
Viscosity index improvers are additives used to enhance the viscosity of lubricants at different temperatures. They are commonly used in engine oils, gear oils, and hydraulic fluids, among others. Viscosity index improvers offer key benefits such as improved fuel efficiency, enhanced wear protection, and reduced engine deposits, making them an integral component in various industrial applications.
The rising global demand for superior-quality lubricants is a key driver for the viscosity index improver market growth. As industries strive for optimal efficiency and reduced wear and tear of machinery, the requirement for advanced lubricants, and consequently, viscosity index improvers, has seen a substantial rise. Additionally, the surge in the automotive industry, with its demand for efficient engine oils, has significantly bolstered the market.
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Simultaneously, the increasing awareness about the benefits of using high-grade lubricants in enhancing machinery life and performance is also contributing to the viscosity index improver market development. The education of the masses about the financial savings from reduced maintenance and repair costs has resulted in a shift towards quality lubricants, leading to a higher demand for viscosity index improvers.
The viscosity index improver market expansion is also attributable to the broadening applications of viscosity index improvers in various industries. In the automotive industry, these additives are used in engine oils and transmission fluids, while in industrial settings, they are utilised in hydraulic fluids, gear oils, and grease. The versatility of viscosity index improvers in dealing with diverse lubrication requirements has paved the way for their extensive usage.
Furthermore, the burgeoning demand for bio-based lubricants due to environmental concerns has opened new avenues for the viscosity index improver market. As the shift towards sustainability gains momentum, the requirement for eco-friendly viscosity index improvers is set to rise, further propelling the viscosity index improver market growth.
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Global Viscosity Index Improver Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Polymethylacrylate (PMA)
- Ethylene Propylene Copolymer (OCP)
- Hydrostyrene Diene Copolymer (HSD)
- Polyisobutylene (PIB)
- Others
Market Breakup by Application
- Automotive Lubricants
- Industrial Lubricants
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global viscosity index improver companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Infineum International Limited
- Chevron Oronite
- The Lubrizol Corporation
- Sanyo Chemical Industries
- LANXESS AG
- Others
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