Future Market Insights’ new survey estimates that the viscosity index improver market is anticipated to be worth US$ 4.06 billion in 2024 and is projected to reach US$ 5.39 billion by 2034, witnessing a CAGR of 2.90% from 2024 to 2034.
The demand for specific types of lubricants has significantly increased due to the need for efficient operation of various automobile components such as the engine, transmission, and differential gearbox. Each of these components requires specific types of lubricants to function accurately.
Demand for viscosity improvers has significantly advanced in past years, with yearly global consumption reporting by 2.3%. Rapid urbanization and industrialization are to blame for the market boom. Engines, machinery, and other items cannot function without lubricants. By lowering the friction between any two moving parts, they elevate operating efficiency and minimize power or energy loss. They also reduce maintenance expenses by preventing friction-related equipment wear and strain.
The global surge in the automobile industry, especially in developing economies, is a significant factor backing lubricant sales. This is due to rising disposable income, improved living standards, and easy financing access. This, in turn, has boosted the demand for automobiles and lubricants in China and India.
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Viscosity improvers also allow for the creation of multigrade oils, eliminating the need for seasonal oil changes. Low-viscosity oils can be thickened with viscosity index improvers, extending their lubricating properties over a larger temperature range. The automotive industry is the largest consumer of lubricants, as engine temperatures change dramatically during driving. The demand for lubricants is significant as they serve these following purposes:
- Controlling friction and wear
- Protecting the engine from rust
- Cooling pistons
- Protecting engine oil from combustion gases
The viscosity of lubricating oil is the most important factor influencing its consumption. Viscosity index improvers (VIIs) are added to lubricants to prevent motor oil/lubricant from evaporating. These additives improve the quality of the base stock under various operating conditions and help machines meet high-performance standards.
“The VIIs market is likely driven by rising automotive sales, particularly in the Asia Pacific region, which is raising demand for high-performance lubricant additives like viscosity improvers. Unorganized players, such as local and grey market players, compete fiercely with major lubricant manufacturers, offering products created in-house under their brands. This competition limits multinational players’ opportunities to grow their market share and restricts their investment in regional markets.” says an analyst of Future Market Insights.
Key Takeaways from the Viscosity Index Improver Market Report
- The viscosity index improver industry in the United Kingdom is projected to experience a CAGR of 1% through 2034.
- Spanish VIIs market is estimated to demonstrate a CAGR of 2% by 2034.
- The viscosity improver industry in the United States is anticipated to see a CAGR of 6% from 2024 to 2034.
- China’s viscosity index improver sector is projected to showcase a CAGR of 2% through 2034.
- The viscosity improver market in India is anticipated to display a CAGR of 3% by 2034.
Competitive Landscape of the Viscosity Index Improver Market
Innovative disruptors that spend in research and development to offer more practical solutions are the new rivals in the viscosity index improvers industry. In order to satisfy consumer demand and create new development prospects, manufacturers have redirected their attention to developing countries.
Main companies are concentrating on research and development, introducing new goods, and expanding their manufacturing capabilities. There is competition in the industrial lubricants sector, and some businesses are focused on internet sales. Small businesses are essential because they convert inputs into outputs and adjust to changing market conditions. An abundance of startups fuels the industry’s expansion and vibrancy.
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Recent Developments in the Viscosity Index Improver Market
- Taiwanese material science business LCY Chemical Corp. displayed its range of thermoplastic elastomers at K 2022 in October 2022. It demonstrated how it uses cutting-edge material science for a sustainable future and has a vast global distribution network.
- By collaborating with ADCO in August 2022, Evonik’s Oil Additives division in the CIS nations was able to increase the energy productivity and efficacy of industrial lubricants for machinery used in mining, construction, agriculture, and manufacturing.
Key Companies in the Viscosity Index Improver Market
- The Lubrizol Corporation
- Infineum International Limited
- Chevron Oronite Company LLC
- Evonik Industries AG
- Afton Chemical Corporation
- BASF SE
- Sanyo Chemical Industries
- Croda International Plc
- Lanxess AG
- Mitsui Chemicals, Inc.
- Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd.
- BRB (Petronas)
- BPT Chemicals
- Nanjing Runyou Chemical Industry Additive Co., Ltd.
- Jilin Xingyun Chemical Co., Ltd.
- Jinzhou Kangtai Lubricant Additives Co., Ltd.
- Paras Lubricants Ltd.
- Versalis S.p.A.
Key Segments of the Viscosity Index Improver Market
By Product Type:
The industry can be classified into polymethacrylate (PMA), ethylene propylene copolymer (OCP), hydrostyrene diene copolymer (HSD), polyisobutylene (PIB), and others.
By Application:
Viscosity index improvers find applications as vehicle lubricants, industrial lubricants, and transmission fluids.
By Region:
The industry is examined throughout key regions, including North America, Latin America, Europe, East Asia, South Asia, and Oceania, as well as the Middle East and Africa.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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