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The machines and engines used in the industrial and automotive sector do not run at a constant temperature throughout. Therefore, using lubricants helps the engine perform efficiently at all temperatures. Viscosity index improvers are the additives used to improve the performance of the engine by improving the performance of the lubricant at high and low temperatures. Viscosity index improvers are made up of polymeric molecules which tend to maintain viscosity of lubricant at high and low temperature condition. Automotive industry forms a large share of use of lubricants.
On the basis of type, global viscosity index improver market can be segmented into polymethacrylate, olefin copolymer, polyisobutylene, and others. Polymethacrylate dominates this market with more than half shares in terms of volume and capacity. On the basis of end user, global viscosity index improver market can be segmented into automotive, off-road vehicles, industrial machinery, and others. The rise in demand for vehicles is the factor which has seen the market occupy more percentage in the automotive sector.
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There has been an increase in demand for vehicles with an increase in disposable income all around the world. Also, the fast-growing industrialization has increased the demand for lubricants. These two factors have together acted as the key market drivers for global viscosity index improver market.
Key market restraint for the global viscosity index improver market is the new innovations brought in the automotive industry, which increase the engine oil drain interval. This rise in the oil drain interval is likely to reduce the consumption of engine oils in automobiles. This, in turn, is likely to restrain the global viscosity index improver market.
Key players operating in the global viscosity index improver market are Evonik Industries, The Lubrizol Corporation, Chevron Oronite Company LLC, Afton Chemical Corporation, Infineum International Limited, Sanyo Chemical Industries, Ltd., Nanjing Runyou Chemical Industry Additive Co., Ltd., Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd, Sanyo Chemical, Xingyun Chemical, Shanghai High-Lube Additives, Yashike Laien, and BPT Chemical.
· Olefin Copolymer
By End user
o Private Vehicles
o Commercial Vehicle
· Off-Road Vehicles
· Industrial Machinery
· North America (The USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global viscosity improver market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region can be seen as a hub of automotive. The market in the Asia Pacific is anticipated to expand at a significant pace, primarily due to rise in the demand for automobiles and growing industrial investment in the region, especially in developing countries such as China and India. Europe and North America are expected to gain maximum share in terms of revenue in the viscosity index improvers market globally. The ongoing industrial developments in Latin America and Middle East will help the global viscosity index improver market to grow at a moderate rate.
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