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Viscosity Index Improvers Market for Automotive to Reach Over US$ 3.3 Bn by 2027 -TMR
The global viscosity index improvers market for automotive was valued at ~US$ 2.3 Bn in 2018 and is anticipated to rise at a CAGR of ~4% during the forecast period.
The olefin copolymer segment accounted for a major share of the viscosity index improvers market for automotive in 2018, due to the growing consumption of engine oil across the globe. Investments in electric vehicles are increasing at a healthy pace.
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The engine oil segment held a prominent share of the viscosity index improvers market for automotive in 2018. The high demand for engine oil from the aftersales market, along with high consumption of lubricants in automobiles is expected to boost the demand for engine oils in future.
The market in Asia Pacific is likely to expand at a substantial pace in the near future, due to the increase in automotive sales, along with rise in the demand for automotive lubricants in the region.
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Key Drivers of Viscosity Index Improvers Market for Automotive
Increasing automobile sales across the globe, especially in developing countries, are likely to drive the demand for viscosity index improvers in the automotive sector. The automotive industry is one of the major consumers of lubricants; moreover, increasing purchasing power and rising disposable income in developing nations such as China and India are creating huge demand for automobiles. This is resulting in increased demand for lubricants in the industry, which, in turn, is likely to propel the demand for viscosity index improvers in the automotive industry.
The rising demand for lubricants is also another key driver of the viscosity index improvers market for automotive. Lubricants prevent wear & tear of equipment and parts by reducing friction between two surfaces. Moreover, they increase the operating efficiency of an equipment by reducing unnecessary energy loss due to friction. Lubricants in automobiles have to work over a wide range of temperatures, which can drastically impact their viscosity and lubricating capabilities, resulting in lower effectiveness and efficiency. However, viscosity index improvers reduce this viscosity change with temperature, thereby enhancing lubricant performance across different temperatures.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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