Top Players in Viscosity Index Improver Market include Evonik, The Lubrizol Corporation, Infineum, Afton Chemical, Chevron Oronite Company LLC
Pune, India -- (SBWIRE) -- 03/25/2020 -- With the rise in disposable income, there has been an increase in demand for vehicles and this will boost the global viscosity index improver market, says Fortune Business Insights in their new study. The study is titled, "Viscosity Index Improver Market Size, Share and Global Trend by Type (Polymethacrylate, OlefinCopolymer, Polyisobutylene), By End-user (Automotive, Off-Road Vehicles, Industrial Machinery), And Geography Forecast till 2026."
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According to the study, the rise in the variety and production of vehicles worldwide is a major factor boosting the market for viscosity index improvers. Since engines used in the automotive and industrial sectors cannot run constantly at the same temperature throughout without using lubricant, experts foresee a promising future ahead for the market. Lubricants help to maintain the smooth running of engines at all temperatures. Viscosity index improvers are additives used for helping lubricants perform at an extreme low or high temperatures. Against this backdrop, it can be said that the expansion of the automotive industry will augur well for the overall market.
List of the companies operating in the global viscosity index improvers market:
Nanjing Runyou Chemical Industry Additive Co. Ltd.
Infineum International Limited Ltd.
Shenyang Great Wall Lubricating Oil Manufacturing Co. Ltd
Sanyo Chemical Industries
Chevron Oronite Company LLC
The Lubrizol Corporation
Afton Chemical Corporation
Shanghai High-Lube Additives
Viscosity index improver market is categorized on the basis of type and end-user. Further classification on the basis of type includes polyisobutylene, olefin copolymer, polymethacrylate, and others out of which polymethacrylate is dominating the market with about more than a half of the shares in terms of capacity and volume. Based on end-user, the subcategories include off-road vehicles, industrial machinery, automotive, and others. Out of these, the automotive sector is anticipated to dominate the market because of the increasing demand for vehicles worldwide.
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"Increasing Industrialization to Fuel Demand for Lubricants, Boosting Market"
The extensive use of machinery in most industries is a major factor boosting the market for viscosity index improvers. All types of machinery require lubricants for their smooth functioning and thus, the demand for lubricants is also on the rise. Besides this, the rising number of vehicles is also creating better growth opportunities for lubricants in the market, thus, propelling the growth of the global market in the coming years.
Rapidly increasing industrialization especially in emerging nations such as Brazil, Russia, India, China, and South Africa is predicted to drive the market for viscosity index improvers in the future. However, with technological advancements and the introduction of high-quality lubricants and cleaner fuels, the demand for engine oils in automobiles is seen to be gradually shifting towards the new age lubricants resulting in oil drain interval. This may pose a challenge to the market in the long run.
"Asia Pacific to Contribute Major Market Shares with Larger Production of Vehicles"
Fortune Business Insights foresees the Asia Pacific to dominate the global viscosity index improvers market during the forecast period. This is owing to the presence of large automotive industries and the increasing number of vehicle production in the region. The market in India and China is anticipated to expand significantly because of this increasing demand for automobiles. On the other side, the viscosity index improvers market in Europe and North America are expected to hold a leading share in terms of revenue during the forecast period. Additionally, the Middle East and Africa and Latin America are predicted to show a moderate rate of growth in the coming years.
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Major Table of Contents for Viscosity Index Improver Market:
Key Viscosity Index Improver Market Insights
Global Market Analysis, Insights and Forecast, 2015-2026
North America Market Analysis, Insights and Forecast, 2015-2026
Europe Market Analysis, Insights and Forecast, 2015-2026
Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
Latin America Market Analysis, Insights and Forecast, 2015-2026
Global Viscosity Index Improver Market Revenue Share Analysis, By Key Players, 2020
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