Viscosity Index Improvers Market Increasing Demand for Automobiles

The global viscosity index improvers market was valued at US$ 3.02 Bn in 2017 and is anticipated to expand at a CAGR of over 4% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled ‘Viscosity Index Improvers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Viscosity index improvers are polymer compounds that are added to a lubricant for increasing its viscosity index in order to deliver desirable performance even at high temperatures.

Lubricant formulators rely on viscosity index improvers for obtaining reliable and high-quality performance of lubricants, in terms of viscosity, over a wide range of temperatures. Viscosity index is a parameter that describes response of a liquid to changes in temperature. Viscosity index improvers increase internal resistance of oils to flow, resulting in increase in their viscosity. At high temperatures, viscosity index improver molecules stretch out, causing increase in internal resistance of the fluid, making the fluid flow slower and thereby, increasing its viscosity.

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Rapid industrialization and growing automotive industry likely to drive the market for viscosity index improvers

Growing automotive sector and rising demand for automobiles, especially in developing economies such as China, India, Brazil, and countries in ASEAN are expected to drive the market for viscosity index improvers during the forecast period. Rising automotive sales would result in increase in the demand for engine oils and other automotive lubricants. This would directly affect the demand for viscosity index improvers. Lubricants reduce friction between two surfaces, which enhances their work life and overall operational efficiency. Viscosity index improvers are key lubricant additives, which are added to base oils. Thus, rising demand for lubricants is likely to drive the demand for viscosity index improvers in the near future.

Rapid industrialization, especially in developing economies, is boosting the demand for lubricants. The growing international trade and logistics have raised the demand for lubricants from manufacturing and marine industries. This, in turn, is likely to propel the demand for viscosity index improvers in the near future. However, with ongoing technological advancements in the automotive industry, the engine oil drain interval is extending gradually. This is projected to hamper the demand for engine oils and, in turn, for viscosity index improvers during the forecast period. Thus, extending engine oil drain interval is expected to be a restraint of the viscosity index improvers market in the next few years.

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Improvement in fuel economy is projected to provide lucrative opportunities for new and advanced technologies for viscosity index improvers. Increasing efforts are being made to enhance performance of viscosity index improvers for formulating lubricants that can improve fuel economy and reduce engine deposits. This would create lucrative opportunities for the viscosity index improvers market.

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roshan khachane Joined: May 16th, 2018