Viscosity Index Improvers Market : Global Emerging Opportunities and Market Analysis (2023-2029)

Viscosity Index Improvers Market is expected to reach US $5.4 Billion by 2029, thanks to growth in the Olefin Copolymer segment. The report analyzes Viscosity Index Improvers market dynamics by region, type, and end-users.

Viscosity Index Improvers Market Overview:

A liquid's viscosity is defined as its inherent resistance to flow. Also, the viscosity index indicates a liquid's sensitivity to temperature changes. If a lubricant's viscosity changes dramatically at different temperatures, it is said to have a low viscosity index. Polymers used in a lubricant to make it resistant to changes in viscosity as the temperature rises are known as viscosity index improvers. A viscosity index improver is a complex polymer addition that thickens the lubricant and ensures a more stable and consistent viscosity at high temperatures. Also, high molecular polymers with a flexible primary molecular chain are viscosity index improvers. The interactions between molecular chains are significant at low temperatures. The interactions decrease as the temperature rises, compensating for the loss of viscosity. This guarantees that the lubricant provides complete protection to the equipment at both high and low temperatures. Viscosity improvers also make it possible to make multigrade oils, eliminating the requirement for seasonal oil changes. When low-viscosity oils are thickened with viscosity index improvers, the oil thickens as the temperature rises. As a result, mineral oils' lubricating properties can be extended over a larger temperature range. Viscosity Index Improvers MarketTo know about the Research Methodology :- Request Free Sample Report

Viscosity Index Improvers Market Dynamics:

Despite a shift toward shared transportation, which increased demand for lubricants following the COVID-19 pandemic, vehicle unit sales will continue to rise: The automotive industry is the largest consumer of lubricants. While driving, the temperature of the automobile's engines changes dramatically. Automobile lubricants serve four purposes: they control engine friction and wear, protect the engine from rust, cool the pistons, and protect the engine oil in the sump from combustion gases. When an engine oil / lubricant added to an automobile engine is exposed to extreme temperature swings, typically between 40 and 100 degrees Celsius, it begins to thin, which can cause the engine oil / lubricant to evaporate, causing damage or knocking out of the engine due to high friction between internal engine parts. The viscosity of lubricating oil is the most important factor that influences its consumption. Viscosity index improvers (VIIs) are added to lubricants to prevent motor oil / lubricant from evaporating. These VIIs are lubricant additives that improve the quality of the base stock under a variety of operating conditions and help machines fulfil their high performance standards. As a result, the global VIIs market is likely to be driven by rising automotive sales around the globe, notably in the Asia Pacific region, which is raising demand for high-performance lubricant additives like VIIs. Unorganized and fragmented markets are increasing competition: Unorganized players who sell cheap and sub-standard products compete fiercely with major VII manufacturers. Local and grey market players are unorganized players in the market; local players offer products created in-house under their own brands, whilst grey market players import and sell goods through unlicensed dealers. With their reduced costs, competitiveness, and local supply network, these unorganized firms outperform the large players, which is tough for global players to do. Increased sales by both local and grey market businesses limit multinational players' opportunities to grow their market share. This limits global players' entry into local markets, restricting their investment in this market. Increasing market opportunities for emerging economies: During the forecast period, the BRICS countries (Brazil, Russia, India, China, and South Africa) are likely to account for a considerable market for VIIs market. According to World Bank estimates, the BRICS countries account for around 41% of global population, which is 31% higher than the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States), and this population is likely to grow even more. The BRICS countries collectively account for about a fifth of global GDP. The global economy is expected to increase 5.50% in 2021 and 4.20% in 2022, according to the International Monetary Fund (IMF). Governments in these countries place a strong priority on industrial development in order to meet the demands of their huge populations. Foreign and domestic investments are likely to expand tremendously in the next five years as these countries' financial infrastructure improves. This is expected to enhance all involved sectors, driving related industries like VII forward. Price fluctuations in crude oil affects VII manufacturers: Because oil prices are so important in the lubricant additives industry, any structural changes in the oil market have an impact on this industry. The change in crude oil prices puts lubricating oil additives companies in a difficult position, affecting profitability. Crude oil is the raw material for lubricant oil additives, therefore fluctuating crude oil prices have had an impact on the lubricant oil additives value chain in recent years. Oil prices have been above US $100 per barrel in countries that consume a lot of energy since 2011, and have recently plummeted to around US $50 per barrel in March 2020. As a result, lubricating oil additives makers are facing uncertainty due to shifting crude oil prices. The decision to buy crude oil becomes problematic due to shifting base oil prices, as manufacturers are unaware of the prices at which they should buy crude oil. Surging adoption of Electric Vehicles (EVs) to eliminate carbon footprints: Consumers have begun to change their demand from gasoline-powered automobiles to electric hybrid vehicles as a result of rising environmental concerns and technological improvements. Various e-vehicle manufacturing plants are being built in various nations. For example, according to the European Automobile Manufacturing Association, e-vehicle production in the EU increased to 11% in 2020 from 3% in 2019, and according to the International Energy Agency, global electric car registration increased by 41% in 2020, with China and Europe being the largest electric vehicle markets. Nio, Volvo, and Xpeng Motors, among others, have established significant e-vehicle facilities in central and south-eastern China, according to the International Council for Clean Transportation report 2021. As a result of the increased demand for and manufacturing of EVs, gasoline and diesel vehicles, which are the primary consumers of lubricant, may be banned, posing a challenge to the VIIs market growth. The oil drainage period: In the automotive sector, viscosity index improvers play a significant role as an intermediate in lubricants. However, the oil draining interval is longer, limiting the market growth of the viscosity index improver. The engine oil drain interval has been increased from 25,000 miles to 50,000 miles as a result of ongoing technological improvements. This increase in engine oil draining intervals is likely to reduce lubricant demand, which will, in turn, reduce demand for viscosity index improvers.

Viscosity Index Improvers Market Segment Analysis:

Based on Type: In 2021, the Olefin Copolymer segment dominated the market in terms of revenue and it is expected to grow at a CAGR of 3.65% during the forecast period. As viscosity index improvers based on olefin copolymers have a high viscosity and thermal stability, making them ideal for use in industrial and automotive lubricant production.Viscosity Index Improvers Market

Viscosity Index Improvers Market Regional Insights:

In terms of value, the Asia Pacific was the largest consumer of viscosity index improvers in 2021, and it is expected to grow at a CAGR of 3.61% throughout the forecast period. The Asia Pacific is an interesting market for lubricating industry due to rapid economic growth in emerging countries and rising disposable income. The region's high consumption of lubricating oil is mostly due to the great development of industrial production, which expanded commerce, and the increase in the number of automobiles. Also, increased demand for lubricating oil in the region is driven by growing investments in India's industrial sector. Also, government rules and policies promoting environmental sustainability are impacting the lubricating oil additives market, which is likely to raise demand for lubricating oil additives over the forecast period. The European market is one of the most important. The important countries in the European market are Spain, Italy, and the United Kingdom, which collectively account for a large portion of the overall European market. The European lubricating oil market is extensively regulated, with REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) closely monitoring and providing guidelines to maintain a high level of environmental and human health protection from chemical dangers. The market is likely to perform moderately in the years ahead due to the introduction of rigorous environmental rules in the EU and increased demand for lubricants in the European market.

Viscosity Index Improvers Market Scope: Inquire before buying

Viscosity Index Improvers Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 4.31 Bn.
Forecast Period 2023 to 2029 CAGR: 3.29% Market Size in 2029: US $ 4.31 Bn.
Segments Covered: by Type • Polymethacrylate • Olefin Copolymer • Polyisobutylene
by End-User • Automobile • Industrial Machinery

Viscosity Index Improvers Market, by Region

North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)

Viscosity Index Improvers Market Key Players

Croda International Plc • Exxon Mobil Corporation • Lubrizol Corporation • Evonik Industries • Afton Chemical Corporation • BPT Chemical Co. Ltd. • BRB International BV • Chevron Oronite Co. • Asian Oil Company • Infineum International Limited • Sanyo Chemical Industries • Shanghai High Lube Additives • The Elco Corporation • Xingyun Chemical • Yashike Laien • Great Wall Lubricating Oil Manufacturing Co. • Others Frequently Asked Questions: 1. What is the forecast period considered for the Viscosity Index Improvers market report? Ans. The forecast period for the Viscosity Index Improvers market is 2022-2029. 2. Which key factors are expected to hinder the growth of the Viscosity Index Improvers market? Ans. The surging adoption of EVs and increasing competition among fragmented and unorganized market are the key factors expected to hinder the market growth during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Viscosity Index Improvers market for the next 6 years? Ans. The Viscosity Index Improvers market is expected to grow at a CAGR of 3.29% during the forecast period (2023-2029). 4. What are the key factors driving the growth of the Viscosity Index Improvers market? Ans. The surging sales of automobile leading to increase in demand for lubricants is the key factor expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered in the Viscosity Index Improvers market report? Ans. Croda International Plc, Exxon Mobil Corporation, Lubrizol Corporation, Evonik Industries, Afton Chemical Corporation, BPT Chemical Co. Ltd., BRB International BV, Chevron Oronite Co., Asian Oil Company, Infineum International Limited, Sanyo Chemical Industries, Shanghai High Lube Additives, The Elco Corporation, Xingyun Chemical, Yashike Laien, Great Wall Lubricating Oil Manufacturing Co., and Others are the key players covered.
1. Viscosity Index Improvers Market: Research Methodology 2. Viscosity Index Improvers Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Viscosity Index Improvers Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Viscosity Index Improvers Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Viscosity Index Improvers Market Segmentation 4.1. Viscosity Index Improvers Market, by Type (2022-2029 • Polymethacrylate • Olefin Copolymer • Polyisobutylene 4.2. Viscosity Index Improvers Market, by End-User (2022-2029 • Automobile • Industrial Machinery 5. North America Viscosity Index Improvers Market (2022-2029 5.1. North America Viscosity Index Improvers Market, by Type (2022-2029 • Polymethacrylate • Olefin Copolymer • Polyisobutylene 5.2. North America Viscosity Index Improvers Market, by End-User (2022-2029 • Automobile • Industrial Machinery 5.3. North America Viscosity Index Improvers Market, by Country (2022-2029 • United States • Canada • Mexico 6. European Viscosity Index Improvers Market (2022-2029 6.1. European Viscosity Index Improvers Market, by Type (2022-2029 6.2. European Viscosity Index Improvers Market, by End-User (2022-2029 6.3. European Viscosity Index Improvers Market, by Country (2022-2029 • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Viscosity Index Improvers Market (2022-2029 7.1. Asia Pacific Viscosity Index Improvers Market, by Type (2022-2029 7.2. Asia Pacific Viscosity Index Improvers Market, by End-User (2022-2029 7.3. Asia Pacific Viscosity Index Improvers Market, by Country (2022-2029 • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Viscosity Index Improvers Market (2022-2029 8.1. The Middle East and Africa Viscosity Index Improvers Market, by Type (2022-2029 8.2. The Middle East and Africa Viscosity Index Improvers Market, by End-User (2022-2029 8.3. The Middle East and Africa Viscosity Index Improvers Market, by Country (2022-2029 • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Viscosity Index Improvers Market (2022-2029 9.1. South America Viscosity Index Improvers Market, by Type (2022-2029 9.2. South America Viscosity Index Improvers Market, by End-User (2022-2029 9.3. South America Viscosity Index Improvers Market, by Country (2022-2029 • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Croda International Plc 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Exxon Mobil Corporation 10.3. Lubrizol Corporation 10.4. Evonik Industries 10.5. Afton Chemical Corporation 10.6. BPT Chemical Co. Ltd. 10.7. BRB International BV 10.8. Chevron Oronite Co. 10.9. Asian Oil Company 10.10. Infineum International Limited 10.11. Sanyo Chemical Industries 10.12. Shanghai High Lube Additives 10.13. The Elco Corporation 10.14. Xingyun Chemical 10.15. Yashike Laien 10.16. Great Wall Lubricating Oil Manufacturing Co. 10.17. Others