Viscosity Index Improvers Market Outlook 2028 and Its Partnerships, Collaborations

Introduction

Despite a significant drop in product sales during the initial phase of the pandemic's spread and lockdown restrictions across the region, the market is expected to grow at a CAGR of nearly 3.52 % during the forecast period of 2020−2028. 

Index of Viscosity Improvers is polymeric molecules that are temperature sensitive. At low temperatures, the molecule chain contracts and does not affect fluid viscosity; at high temperatures, the chain relaxes and increases fluid viscosity. Index of Viscosity Improvers is found in multigrade engine oils, gear oils, automatic transmission fluids, power steering fluids, greases, and other hydraulic fluids. Lubricants have become an essential component of modern industry. Almost any type of operation or machining necessitates oils to improve overall efficiency. Lubricants are expected to perform satisfactorily under all conditions, from low to high temperatures, without experiencing drastic changes in viscosity during operation. Lubricant manufacturers rely on viscosity index improvers to deliver optimal viscosity performance under all operating conditions to achieve this. Viscosity is defined as a liquid's inherent resistance to flow, whereas the viscosity index represents the liquid's response to temperature changes (generally between 40°C and 100°C). A lubricant is said to have a low viscosity index if its viscosity changes dramatically over a temperature range.

Market Drivers

Rising Demand for Lubricants and Rising Automotive Sales Globally

Lubricants have become an essential part of modern industry. Almost any type of operation or machining requires some lubricant to improve the overall efficiency of the process. Lubricants are products used to reduce friction between two surfaces, thereby increasing operating efficiency and providing wear protection to characters, extending machine run time, and preventing wear on machine parts. Viscosity index improvers are an essential part of every batch of lubricant additives because they help lubricants maintain their viscosity at high operating temperatures. Hence, increasing lubricant demand is likely to drive the demand for viscosity index improvers over the forecast period. Rapid and ongoing industrialization, especially in developing economies such as BRICS, is also expected to drive the market over the forecast period.

The growth of the automotive sector is expected to drive the market for viscosity index improvers during the forecast period. The automotive industry is a significant lubricant consumer, and this relates the demand for base oils and lubricant additives to the automotive industry. Thus, rising automobile demand and an expanding automotive sector are expected to shortly boost the viscosity index improver market. Because companies make significant capital investments in these continuously running machines, preventive actions, corrective maintenance, and breakdown maintenance are necessary. Lubricants are used to reduce wear and thus extend the machine's life. Hence, the demand for lubricants has increased, driving the demand for the VI improvers market. Cars use brake fluid, transmission oil, engine oil, etc., which need to be replenished in time to ensure the car's smooth operation and service life. Because of this, there has been an increase in the demand for high-quality lubricants operating at different temperatures, which complements the need for VI improvers and drives market growth.

Strait's research report covers market dynamics, value chain analysis, and PORTER analysis of the Viscosity Index Improvers market impact the region's market growth. The study also discusses the fundamental dynamics affecting the current Viscosity Index Improvers market and the global market's future position, examination of business execution, market share, and the supply chain, among other things.

China Region Considered a Major Viscosity Index Improver Market

China held USD 729.46 Million in 2020 and is projected to reach an estimated value of USD 1,064.36 Million by the end of 2028, with a CAGR of 4.7%. Asia's dominance stems from rising per capita disposable income and a sizeable on-road vehicle fleet in developing economies like China and India. Growing manufacturing and the development of new industries in Russia are expected to fuel the growth of viscosity index improvers, which are widely used in the industry. Because the entire world relies on lubricants to improve performance, global consumption of these resources is rapidly increasing

Key Highlights

• The increasing focus of automakers worldwide on reducing carbon footprints and improving fuel efficiency is expected to drive demand for Viscosity Index Improvers. It will boost the production of high-quality lubricants like crankcase oil and gear lubes. In North America, the U.S. and Canadian countries are accounted for USD 607.12 Million and USD 54.41 Million in 2020, with a CAGR of 3.6% and 2.8 % during the forecast period of 2020–2028, respectively.
• Increasing use of cleaner fuels, superior lubricants, dependable engines, and superior filter technology has increased the average oil drain interval—the increase in the oil drain interval to reduce engine oil consumption in automobiles.
• During the COVID-19 pandemic, many businesses, including the industrial, automotive, and transportation sectors, suffered from lockdown regulations. People were forced to stay indoors, which reduced end-product consumption. The market is expected to increase dramatically in the coming years due to the events of COVID-19.

Competitive Players

1. Evonik Industries
2. Lubrizol Corporation
3. Chevron Oronite Company LLC
4. Afton Chemical Corporation
5. Infineum International Limited
6. Sanyo Chemical Industries, Ltd.
7. Nanjing Runyou Chemical Industry Additive Co., Ltd.
8. Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd.
9. Jilin Xingyun Chemical
10. Shanghai High-Lube Additives
11. Bariyan Oil & Lubricants Pvt. Ltd.
12. BPT Chemicals Co., Ltd
13. Brad-Chem Ltd
14. Chetas Biochem
15. Croda Lubricants
16. Innov Oil

Recent Developments

• January 2024: Evonik will introduce high-performance phosphate methacrylate VISIOMER® HEMA-P 100.
• January 2024- Three further Lubrizol Engineered Polymers sites achieved ISCC PLUS certification.
• February 2024- Chevron's output reached a record 3.1 million barrels of oil equivalent per day, driven by a 14% increase in the United States.

Segmentation

1. By Type
   1. Polymethacrylate
   2. Olefin Copolymer
   3. Polyisobutylene
2. By End-Users
   1. Manufacturing
   2. Food Processing
   3. Mining
   4. Construction
   5. Power Generation