Increasing demand for high-performance lubricants with optimum viscosity has been a vital factor pushing consumption of viscosity index improvers. Although the global market for viscosity index improvers has been projected to exceed the $5 Billion mark by 2029 end, the overall growth outlook would remain sluggish.
Consistently soaring consumption of vehicle lubricants such as engine oil, transmission fluids, and break oil by OEMs and aftermarket operators will continue to significantly contribute to the growth of viscosity index improvers market.
- The demand for lubricants is estimated to reach 40 Million Tons by the end of 2019.
- The penetration of high performance lubricants in automotive as well as industrial sectors is increasing with growing focus on lubrication for performance efficiency of industrial machinery and automotive components.
- Increasing labelling initiatives have propelled the demand for ISO-grade viscosity lubricants. High-quality lubricants have optimum viscosity, offer corrosion protection, and ensure oxidative stability.
- Major companies are focused on the development of bio-preferred or bio-based products, which are compliant with the changing regulatory scenario. For instance, Croda International Plc is developing ester-based viscosity index improvers, which are bio-preferred.
- High regulatory standards laid down by organizations such as NHTSA & EPA, and growing emphasis on fuel economy have made the usage of viscosity index improvers crucial.
- Viscosity index improvers are commonly used in multi-grade engine oils. Increased adoption of high-performance engines has boosted the demand for high-quality engine oils with appropriate viscosity, which in turn, is positively impacting the growth of the viscosity index improvers market.
- Other industries such as marine, railways, energy & power generation/transmission equipment are also increasing the demand of high-quality lubricants, thus propelling the growth of viscosity index improvers market.
The viscosity index improvers market is witnessing a paradigm shift in terms of innovation and manufacturing, from traditional synthetic products to bio-based or bio-preferred products that are in compliance with regulatory framework. This transition, along with production cost optimization, will drive substantial demand for the product in automotive as well as non-automotive applications.
Viscosity Index Improvers Market: Competition Landscape
According to report analysis, the global viscosity index improvers market is moderately consolidated with key market players such as Infenium International Limited, Chevron Oronite LLC, Afton Chemical Corporation, The Lubrizol Corporation, Evonik Industries AG, and Mitsui Chemicals accounting for a significant share in the global market. Leading market players are strategically engaging in the development of close working relations with lubricant manufacturers for ensuring long-term supply contracts.
Changing Regulatory Scenario Encourages Advancements in Lubrication Technology
The demand for viscosity index improvers is directly proportional to the production rate of lubricants. Changing regulatory scenario and imposition of emission standards have led to the development of high-quality lubricants, which has increased the penetration of lubricant additives such as viscosity index improvers. Development of new customized product variants for target applications along with existing products gives a competitive edge to manufacturers.
Photo credited to FutureMarketInsights.com
These insights are based on a report on Viscosity Index Improvers Market by Future Market Insights