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How Viscosity Index Improver Market will Grow at Highest CAGR
Viscosity Index Improver Market
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According to the study, the rise in the variety and production of vehicles worldwide is a major factor boosting the market for viscosity index improvers. Since engines used in the automotive and industrial sectors cannot run constantly at the same temperature throughout without using lubricant, experts foresee a promising future ahead for the market. Lubricants help to maintain the smooth running of engines at all temperatures. Viscosity index improvers are additives used for helping lubricants perform at an extreme low or high temperatures. Against this backdrop, it can be said that the expansion of the automotive industry will augur well for the overall market.
Some of the companies operating in the global viscosity index improvers market are Nanjing Runyou Chemical Industry Additive Co., Ltd., Infineum International Limited, Ltd., Sanyo Chemical, Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd, Sanyo Chemical Industries, Xingyun Chemical, Evonik Industries, Chevron Oronite Company LLC, The Lubrizol Corporation, Yashike Laien, Afton Chemical Corporation, BPT Chemical, and Shanghai High-Lube Additives.
Viscosity index improver market is categorized on the basis of type and end-user. Further classification on the basis of type includes polyisobutylene, olefin copolymer, polymethacrylate, and others out of which polymethacrylate is dominating the market with about more than a half of the shares in terms of capacity and volume. Based on end-user, the subcategories include off-road vehicles, industrial machinery, automotive, and others. Out of these, the automotive sector is anticipated to dominate the market because of the increasing demand for vehicles worldwide.
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“Increasing Industrialization to Fuel Demand for Lubricants, Boosting Market”
The extensive use of machinery in most industries is a major factor boosting the market for viscosity index improvers. All types of machinery require lubricants for their smooth functioning and thus, the demand for lubricants is also on the rise. Besides this, the rising number of vehicles is also creating better growth opportunities for lubricants in the market, thus, propelling the growth of the global market in the coming years.
Rapidly increasing industrialization especially in emerging nations such as Brazil, Russia, India, China, and South Africa is predicted to drive the market for viscosity index improvers in the future. However, with technological advancements and the introduction of high-quality lubricants and cleaner fuels, the demand for engine oils in automobiles is seen to be gradually shifting towards the new age lubricants resulting in oil drain interval. This may pose a challenge to the market in the long run.
“Asia Pacific to Contribute Major Market Shares with Larger Production of Vehicles”
Fortune Business Insights foresees the Asia Pacific to dominate the global viscosity index improvers market during the forecast period. This is owing to the presence of large automotive industries and the increasing number of vehicle production in the region. The market in India and China is anticipated to expand significantly because of this increasing demand for automobiles. On the other side, the viscosity index improvers market in Europe and North America are expected to hold a leading share in terms of revenue during the forecast period. Additionally, the Middle East and Africa and Latin America are predicted to show a moderate rate of growth in the coming years.
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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