London, UK -- (SBWire) -- 03/15/2022 --According to Triton's report, the global viscosity index improvers market garnered $3978.35 million in 2021, and is set to showcase 3.01% of CAGR by 2028.
A recent study by Triton Market Research titled 'Global Viscosity Index Improvers Market,' covers the Global Analysis and Forecasts by Product Type (Olefin Copolymer, Polymethacrylate, Polyisobutylene, Other Product Type), by End-user (Industrial, Automotive, Other End-users), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
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Triton's report predicts the global viscosity index improvers market to chart a CAGR of 3.01% in the forecast period 2022-2028, generating a revenue of $4913.98 million by the year 2028.
Lubricants play a pivotal role in modern-day industries. The production of viscosity index improvers is directly linked to the consumption of lubricants. Thus, the growth of the lubricants industry is likely to propel the growth of the viscosity index improvers market during the forecast period. On the other hand, with the availability of more efficient and long-lasting lubricants, the interval for an oil change has now extended nearly by 100%. This has decreased the consumption of engine oils, in turn, impacting the demand for viscosity index improvers.
The market for viscosity index improvers is segmented mainly into product type and end-user. According to product type, the industry is categorized into olefin copolymer, polymethacrylate, polyisobutylene, and other product type. Whereas, on the basis of end-user, it is divided into industrial, automotive, and other end-users.
The viscosity index improvers market in the Asia-Pacific region is the largest in the world, and accounts for the highest share. China is the largest economy in the region in terms of GDP. Additionally, it is also the largest market for lubricants, and is expected to maintain its leading rank.
The government is working towards replacing obsolete equipment, which, in turn, will enhance the demand for high-performance lubricants. This will also raise the usage of viscosity index improvers in the coming period, thereby aiding the market growth.
BRB International BV, Exxon Mobil Corporation, Afton Chemical Corporation, Asian Oil Company, Croda International Plc, BPT Chemical Co Ltd, BASF SE, Sanyo Chemical Industries Ltd, ENI SpA, Jilin Xingyun Chemical Co Ltd, Lubrizol Corporation, Evonik Industries AG, Shanghai Minglan Chemical Co Ltd, Chevron Oronite Company LLC, Jinzhou Kangtai Lubricant Additives Co Ltd, and Infineum International Limited are the established players in this market.
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Question & Answer: Viscosity Index Improvers Market
Question 1: What is likely to propel the growth of the viscosity index improvers market?
Answer: Lubricants play a pivotal role in modern-day industries. The production of viscosity index improvers is directly linked to the consumption of lubricants. Thus, the growth of the lubricants industry is likely to propel the growth of the viscosity index improvers market during the forecast period.
Question 2: What is impacting the demand for viscosity index improvers?
Answer: With the availability of more efficient and long-lasting lubricants, the interval for an oil change has now extended nearly by 100%. This has decreased the consumption of engine oils, in turn, impacting the demand for viscosity index improvers.
Question 3: How is the Asia-Pacific region influencing the growth of the viscosity index improvers market?
Answer: The viscosity index improvers market in the Asia-Pacific region is the largest in the world, and accounts for the highest share. China is the largest economy in the region in terms of GDP. Additionally, it is also the largest market for lubricants, and is expected to maintain its leading rank.
The government is working towards replacing obsolete equipment, which, in turn, will enhance the demand for high-performance lubricants. This will also raise the usage of viscosity index improvers in the coming period, thereby aiding the market growth.
Question 4: Which are the established players in the viscosity index improvers market?
Answer: BRB International BV, Exxon Mobil Corporation, Afton Chemical Corporation, Asian Oil Company, Croda International Plc, BPT Chemical Co Ltd, BASF SE, Sanyo Chemical Industries Ltd, ENI SpA, Jilin Xingyun Chemical Co Ltd, Lubrizol Corporation, Evonik Industries AG, Shanghai Minglan Chemical Co Ltd, Chevron Oronite Company LLC, Jinzhou Kangtai Lubricant Additives Co Ltd, and Infineum International Limited are the established players in this market.
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