New York, United States , Aug. 29, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Viscosity Index Improvers Market Size is to Grow from USD 4.21 Billion in 2023 to USD 7.27 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.61% during the projected period.
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A viscosity index improver is a novel polymer additive that thickens the lubricant at high temperatures, resulting in more stable and consistent viscosity. This ensures that the lubricant perfectly safeguards the equipment at both high and low temperatures. Viscosity improvers in gearboxes should be used with considerable caution. These polymer additives greatly raise the viscosity index and extend the temperature range of the oil. However, these polymers are not Newtonian fluids, and their viscosity drops when sheared. A gear drive is a high-shear application, therefore applying too much polymer affects viscosity quickly. Lubricants reduce breakdowns and improve the life of machines. As a result, the need for lubricants increases, driving growth in the viscosity index improvers market. Due to increased environmental concerns and technological improvements, buyers have switched from gasoline-powered automobiles to electric hybrid vehicles. Several e-vehicle manufacturing facilities have been developed. Furthermore, the supply and cost of crude oil-derived base oils have an important effect on the viscosity index improver market.
Browse key industry insights spread across 210 pages with 98 Market data tables and figures & charts from the report on the "Global Automotive Viscosity Index Improvers Market Size, Share, and COVID-19 Impact Analysis, By Type (Polymethacrylate, Olefin Copolymer, and Polyisobutylene), By End-Users (Manufacturing, Food Processing, Mining, Construction, and Power Generation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The olefin copolymer segment accounted for the largest revenue share of the automotive viscosity index improvers market during the projected timeframe.
Based on the type, the automotive viscosity index improvers market is divided into polymethacrylate, olefin copolymer, and polyisobutylene. Among these, the olefin copolymer segment accounted for the largest revenue share of the automotive viscosity index improvers market during the projected timeframe. Olefin copolymer viscosity index improvers are an additional kind of synthetic polymer commonly found in lubricants. These copolymers can improve oil viscosity-temperature properties, resulting in stable lubrication across a wide temperature range. Olefin copolymer viscosity index improvers are known for their versatility and effectiveness in increasing the viscosity index of lubricating lubricants.
The manufacturing segment is expected to hold the largest market share of the automotive viscosity index improvers market during the projected timeframe.
Based on the end-users, the automotive viscosity index improvers market is categorized into manufacturing, food processing, mining, construction, and power generation. Among these, the manufacturing segment is expected to hold the largest market share of the automotive viscosity index improvers market during the projected timeframe. The industrial sector relies primarily on machinery and equipment, adequate lubrication is critical to ensuring operating efficiency. Viscosity index improvers ensure that lubricants used in manufacturing methods have acceptable viscosity over a wide temperature range. This is especially crucial for high-speed, high-temperature industrial applications.
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North America is expected to hold the largest share of the automotive viscosity index improvers market over the forecast period.
North America is expected to hold the largest share of the automotive viscosity index improvers market over the forecast period. The automotive industry has risen steadily. Increased commercial vehicle sales, particularly light trucks and pickup trucks used for short-distance trading and transportation are predicted to boost demand for automotive lubricants in the country. The use of viscosity index improvers will rise during the forecast period as the vehicle sector expands. Furthermore, rising chemical and pharmaceutical production and exports, along with higher industrial output, are predicted to drive up demand for lubricant additives such as viscosity index improvers.
Europe is predicted to grow at the fastest pace in the Automotive Viscosity Index Improvers Market during the projected timeframe. The expanding use of high-performance engines has increased the demand for lubricants with an adequate viscosity. Viscosity has a significant impact on wear, contaminant acceptability, energy consumption, oil and gas, automotive, metals and fabrication, power and energy delivery, chemicals, and general industry, many of which rely on lubricants. These industries make use of transmission oils, process oils, machinery fluids, drilling fluids, and other lubricants. Growing output and the start of new projects in Russia are anticipated to increase demand for viscosity index improvers in the industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the automotive viscosity index improvers market are The Lubrizol Corporation, Infineum International Limited, Chevron Oronite Company LLC, Evonik Industries AG, Afton Chemical Corporation, Asian Oil Company, BARIYAN’S GROUP, BPT Chemicals Co Ltd., Sanyo Chemical Industries, Ltd., Chetas Biochem, Croda International Plc., BASF SE, Innov Oil Pte Ltd., Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd., and others.
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Recent Developments
- In January 2024, Evonik produced VISIOMER HEMA-P 100, a high-performance phosphate methacrylate monomer with nonmigratory and long-term effects. Polymerization incorporates HEMA-P, which provides obvious flame retardancy, increases adhesion, and reduces corrosion. It is an effective adhesion enhancer and anti-corrosive agent. VISIOMER HEMA-P can improve dispersion and act as an agent of complexity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive viscosity index improvers market based on the below-mentioned segments:
Global Automotive Viscosity Index Improvers Market, By Type
- Polymethacrylate
- Olefin Copolymer
- Polyisobutylene
Global Automotive Viscosity Index Improvers Market, By End-Users
- Manufacturing
- Food Processing
- Mining
- Construction
- Power Generation
Global Automotive Viscosity Index Improvers Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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