Global Viscosity Index Improvers Market | Growth, Size

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The Global Viscosity Index Improvers Market
Likely to Progress with 3.01 CAGR by 2028
Triton Market Research presents the Global
Viscosity Index Improvers Market report segmented
by Product Type (Polymethacrylate, Olefin
Copolymer, Polyisobutylene, Other Product Type),
by End-user (Automotive, Industrial, Other
End-users), by Geographical Region (North
America, Europe, Asia-Pacific, Latin America, the
Middle East and Africa), discussing Market
Summary, Industry Outlook, Key Insights, Key
Market Strategies, Impact of COVID-19, Porters
Five Forces Analysis, Key Buying Impact Analysis,
Market Attractiveness Index, Vendor Scorecard,
Drivers, Challenges, Opportunities, Competitive
Landscape, Research Methodology Scope, Global
Market Size, Forecasts Analysis
(2022-2028). Triton Market Research, in its
report on the Global Viscosity Index Improvers
Market, implies that this industry is expected to
progress at a CAGR of 3.01 in the forecasting
period (2022-2028).
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Viscosity index improvers are a type of polymers
used as key ingredients in various lubricating
oils. They help lubricant blenders in achieving
the desired rheological properties. A growing
demand for lubricants is being observed, which is
expected to aid the growth of the viscosity index
improvers market as well. Tighter tolerances
during the modern engine manufacturing process,
along with the introduction of oil life
monitoring systems, are helping vehicle users to
extend oil change intervals. Thus, unlike the
previous times, the consumption of engine oils,
and, consequently, of viscosity index improvers
is decreasing. This is expected to negatively
impact the growth of the global market. The
Asia-Pacific market for viscosity index improvers
is expected to grow at the fastest rate globally,
in the years to come. India, China, Vietnam, and
the Philippines are becoming potential markets
for automobile production, with several
manufacturers establishing their plants in these
countries. Factors such as the availability of
low-cost labor, affordable raw material prices,
and the rising urban population in the region can
be attributed to this growing trend. The growth
in automobile production is, in turn, expected to
foster the growth of the viscosity index
improvers market in the APAC over the forthcoming
period. Chevron Oronite Company LLC, BPT Chemical
Co Ltd, Evonik Industries AG, Jinzhou Kangtai
Lubricant Additives Co Ltd, Lubrizol Corporation,
BRB International BV, Sanyo Chemical Industries
Ltd, Exxon Mobil Corporation, Asian Oil Company,
Shanghai Minglan Chemical Co Ltd, Croda
International Plc, Infineum International
Limited, ENI SpA, BASF SE, Afton Chemical
Corporation, and Jilin Xingyun Chemical Co Ltd
are the eminent players present in this
market. The studied industry is partially
consolidated, owing to the presence of leading
global players, such as Infineum International
Limited, The Lubrizol Corporation, and Afton
Chemical, among others. These manufacturers
compete on several factors, such as product
quality, price, and technical support. They are
continuously working towards improving the
quality of their products and services to stay
relevant in this highly technology-dependent
market. Besides, they are also consistently
trying to enhance their product range to gain a
bigger share in the market.
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