Newark, NJ, March 05, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global viscosity index improvers market is expected to grow from USD 3.31 billion in 2017 to USD 4.45 billion by 2025, at a CAGR of 4.53% during the forecast period from 2018-2025.
Increasing demand for two-wheeler lubricants, industrial lubricants, and automotive lubricants, to create lucrative growth opportunities for viscosity index improvers market in the upcoming years. Increasing adoption of technology, is anticipated to propel the growth of market. In addition to this, growing trend of Industry 4.0 is further offering growth opportunities for the high-performance lubricants thereby viscosity index improvers over the forecast period.
Viscosity index improvers are polymeric molecules which are sensitive to temperature. At low temperatures, the molecule chain contracts and does not impact the fluid viscosity, whereas, at high temperatures, the chain relaxes and increases the viscosity of the fluid. Viscosity Index Improvers are primarily used in the multigrade engine oils, gear oils, automatic transmission fluids, power steering fluids, greases, and various other hydraulic fluids. Lubricants have become an essential part of the modern-day industry. Almost any type of operation or machining requires some sort of lubricants in order to enhance the overall efficiency of the operation.
Global viscosity index improvers market is expected to witness rapid growth over the forecast period, owing to growing demand from automotive industry and industrial sector for the high quality lubricants that are stable at a high temperature. The susceptibility of lubricants to mechanical shearing as well as prolonged engine oil drain interval duration are anticipated to be the major restraining factors for the market growth. However, growing investment on the research and development activities, rapid ongoing industrialization in the developing economies of the world, and rising demand for the fuel efficient vehicles, are some of the factors offering the potential growth opportunities in the upcoming years.
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Key players operating in the global viscosity index improvers market are The Lubrizol Corporation, Nanjing Runyou Chemical industry Additive Co., Ltd., Evonik Industries AG, Sanyo Chemical Industries, Ltd., Afton Chemical Corporation, Chevron Oronite Company LLC, Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd., BASF AG, Xingyun Chemical, Shanghai High-Lube Additives, YASHIKE LAI’EN, and BPT Chemical among others. To enhance their market position in the global viscosity index improvers market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance in February 2015, Evonik Industries AG announced the launch of VISCOPLEX and VISCOBASE product lines: VISCOPLEX viscosity index improvers, VISCOPLEX pour point depressants (PPDs), VISCOPLEX for the applications like hydraulic fluids, driveline fluids, oil refineries, engine oils and specialty applications.
Polymethacrylate segment emerged as the global leader in the viscosity index improvers market with 43.74% share of market revenue in 2017
Type segment is divided into olefin copolymer, polyisobutylene, polymethacrylate, and others. Polymethacrylate segment emerged as the global leader in the viscosity index improvers market with 43.74% share of market revenue in 2017. Increasing utilization of polymethacrylate Viscosity Index Improvers in the production of industrial lubricants turned out to be the main driving factor behind this increased market share.
Automotive segment led the global viscosity index improvers market with a 38.59% share of market revenue in 2017
End user industry is segmented into off-road vehicles, industrial machinery, automotive, and others. Automotive segment led the global Viscosity Index Improvers market with a 38.59% share of market revenue in 2017. Viscosity improvers are primarily used in automatic transmission fluids, multigrade engine oils, gear oils, power steering fluids, greases and various hydraulic fluids. Growing demand for the lubricants with improved thermal performance, as well as to improve the fuel economy and reduce engine deposits, are the factors that are responsible for this increase in market share. Thus, increasing sales of automobile across the various region, resulting into increasing demand for viscosity index improvers, driving the growth of market in the upcoming years.
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Regional Segment Analysis of the Viscosity Index Improvers Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region emerged as the largest market for the Viscosity Index Improvers market with a 36.58% share of market revenue in 2017. Asia Pacific region is generating a huge demand for viscosity index improvers owing to the burgeoning demand for the automobiles in the region as well as the rapid pace of industrial region in the region. In addition to this, countries such as India and China have become the automotive hubs, further driving the demand for viscosity index improvers market. Leading vendors of viscosity index improvers market are also focusing on the Asia Pacific region market, owing to it represent a thriving automotive aftermarket. North America region also accounted for a significant market share in 2017, on account of its well-developed automotive and industrial sector. In addition to this, Europe is anticipated to hold the significant share in the market, owing to increasing demand for viscosity index improvers from automotive sector in the region.
About the report:
The global viscosity index improvers market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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