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, Porter's 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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