A recent study by Triton Market Research titled ‘Global Viscosity Index Improvers Market,’ covers the Global Analysis and Forecasts by End-user (Industrial, Automotive, Other End-users), by Product Type (Polyisobutylene, Olefin Copolymer, Polymethacrylate, Other Product Type), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
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The report estimates the global viscosity index improvers market to exhibit a CAGR of 3.01% during the forecasting years 2022-2028, garnering a revenue worth $4913.98 million by 2028.
Viscosity index improvers are widely used in multi-grade engine oils, gear oils, greases, hydraulic fluids, automatic transmission fluids, and power steering fluids. Viscosity affects numerous important factors, such as the consumption of energy, wear, and contamination tolerance. Thus, the rising demand for high-performance engine oils is expected to augment the demand for viscosity index improvers. This will favor the market growth over the forecasting period.
Raw materials like copolymers and monomers used for producing viscosity index improvers are extracted during refinery operations from petrochemical feedstock. The volatility in the prices of crude oil is thus restraining the petrochemical feedstock production, thus resulting in the high cost of raw materials. High cost is a major hindrance to the viscosity index improvers market growth.
The market for viscosity index improvers is bifurcated into end-user and product type. Based on end-user, it is divided into industrial, automotive, and other end-users. Whereas, based on product type, it is categorized into polyisobutylene, olefin copolymer, polymethacrylate, and other product type.
The Asia-Pacific is presently the world’s largest market for viscosity index improvers, and is expected to maintain its leading position in the years to come. India is among the rapidly evolving manufacturing markets in Asia. Vietnam is also gaining prominence as one of the most important destinations for foreign investments, mainly due to low labor costs. Hence, such a proactive outlook for the manufacturing industry in the region is expected to bolster the demand for viscosity index improvers here in the forthcoming years.
Lubrizol Corporation, BRB International BV, Jinzhou Kangtai Lubricant Additives Co Ltd, Shanghai Minglan Chemical Co Ltd, Chevron Oronite Company LLC, Exxon Mobil Corporation, ENI SpA, Evonik Industries AG, Croda International Plc, Infineum International Limited, BASF SE, Jilin Xingyun Chemical Co Ltd, Asian Oil Company, Afton Chemical Corporation, BPT Chemical Co Ltd, and Sanyo Chemical Industries Ltd are the well-known players in the viscosity index improvers market.
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Question & Answer: Viscosity Index Improvers Market
Question 1: What is favoring the growth of the viscosity index improvers market?
Answer: Products with complicated design are generally the ones that require more environmental control. For instance, even a single speck of dust can ruin an entire microcomputer. Therefore, there is a huge demand for viscosity index improvers, which is favoring the growth of the market.
Question 2: What factors are expected to hamper the growth of the viscosity index improvers industry?
Answer: The viscosity index improvers industry is expected to be hampered by factors such as the cyclical nature of the semiconductor industry, wherein, there are constant fluctuations in product demand.
Question 3: Which region is expected to dominate the global viscosity index improvers market?
Answer: The Asia-Pacific is presently the world’s largest market for viscosity index improvers, and is expected to maintain its leading position in the years to come. India is among the rapidly evolving manufacturing markets in Asia. Vietnam is also gaining prominence as one of the most important destinations for foreign investments, mainly due to low labor costs. Hence, such a proactive outlook for the manufacturing industry in the region is expected to bolster the demand for viscosity index improvers here in the forthcoming years.
Question 4: Which are the well-known players in the viscosity index improvers market?
Answer: Valutek, Contec Inc, Nitritex Ltd, Aramark, Superior Cleanroom Products LLC, Helapet, Kimberly Clark Corporation, ITW Texwipe, E I Du Pont De Nemours & Company, Berkshire Corporation, Mar Cor (Cantel), and Cardinal Health are the well-known players in the viscosity index improvers market.
Related Report:
Global Adhesives Market
The global adhesives market is set to progress in the forecasted years from 2021 to 2028, generating $56.94 billion by 2028, while charting a CAGR of 5.71% by revenue. Also, it is expected to amount to 16670.62 kilotons by 2028, with a 4.60% CAGR in terms of volume.
However, due to the increasing environmental consciousness and stringent regulations for environmental protection, many builders these days are trying to use eco-friendly alternatives in place of conventional harmful chemicals. This is likely to hinder the market development process.
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