Global Viscosity Index Improvers Market, By Product Type (Polymethacrylate (PMA), Ethylene Propylene Copolymer (OCP), Hydrostyrene Diene Copolymer (HSD) and Polyisobutylene (PIB) and Others), End User Industry (Automotive, Industrial Machinery and Other End User Industries), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Global Viscosity Index Improvers Market
Data Bridge Market Research analyses that the viscosity index improvers market will witness a CAGR of 4.50% for the forecast period of 2021-2028. Growth in the demand for viscosity index improvers from the end users set up especially in the emerging economies, growing use of viscosity index improvers for a wide range of end use applications such as industrial lubricants, automotive lubricants and other applications and surge in industrialization especially in the developing countries are the major factors attributable to the growth of the viscosity index improvers market. Therefore, the viscosity index improvers market value, which was USD 4600 million in 2019, will rocket up to USD 6836.037 million by 2028.
From the name itself, it is clear that viscosity index improvers are the chemicals that are used in various kinds of lubricants to decrease their viscosity. Viscosity is a concept of internal frictional force between the adjacent layers of the fluid. In other words, viscosity is the resistance to flow. viscosity index improvers are polymeric molecules that stretch out in a fluid that slows down the rate of flow.
Rise in application of viscosity index improvers for automotive applications is the root cause fuelling up the market growth rate. Rising industrialization coupled with growth in the demand for industrial lubricants for industrial machinery will also directly and positively impact the growth rate of the market. Growth and expansion of various end user verticals especially in the developing economies coupled with surge in the need for improvement in the fuel economy will further carve the way for the growth of the market. Growth in the manufacturing activities and surge in the demand for chemicals to improve the shelf life of machinery will also foster the market growth rate.
However, sluggish growth of automotive sector as a result of coronavirus outbreak will pose a major challenge to the growth of the market. Also, rise in the oil drain interval reduce the consumption of engine oil and this will dampen the market growth rate. Fluctuations in the prices of raw materials will further derail the market growth rate.
This viscosity index improvers market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on viscosity index improvers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Viscosity Index Improvers Market Scope and Market Size
The viscosity index improvers market is segmented on the basis of product type and end user industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of product type, the viscosity index improvers market is segmented into polymethacrylate (PMA), ethylene propylene copolymer (OCP), hydrostyrene diene copolymer (HSD) and polyisobutylene (PIB) and others.
- On the basis of end user industry, the viscosity index improvers market is segmented into automotive, industrial machinery and other end user industries.
Viscosity Index Improvers Market Country Level Analysis
The viscosity index improvers market is analysed and market size, volume information is provided by country, product type and end user industry as referenced above.
The countries covered in the viscosity index improvers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the viscosity index improvers market and will continue to flourish its dominance during the forecast period owing to the growing application by automotive industry owing to the surge in demand for automobiles. Asia-Pacific will register substantial gains for this period owing to the growth and expansion of various end user verticals especially in the developing economies such as India and China.
The country section of the viscosity index improvers market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Viscosity Index Improvers Market Share Analysis
The viscosity index improvers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to viscosity index improvers market.
The major players covered in the viscosity index improvers market report are Evonik Industries AG, Afton Chemical, Infineum International Limited., SANYO CHEMICAL INDUSTRIES, LTD., The Lubrizol Corporation, Chevron Corporation., Nanjing Runyou Chemical industry Additive Co., Ltd., Shenyang The Great Wall Lubricating Oil Manufacturing Co.,Ltd., Asian Oil Company., BARIYAN’S GROUP, BPT Chemicals Co Ltd, Chetas Biochem, Croda International Plc, BASF SE, Innov Oil Pte Ltd., IPAC, Inc., Jilin Xingyun Chemical Co.,Ltd., LANXESS, PXL Chemicals and TRiiSO among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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