“Browse 45 Market Data Tables and 42 Figures spread over 154 Pages, along with an in-depth TOC on the Global Viscosity Index (VI) Improvers Market Forecast 2022-2030.”
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Viscosity index is used for the measurement of changes in the viscosity of a fluid with respect to temperature. In this regard, the greater the viscosity index, the lesser is the relative change in viscosity with temperature. The major applications of viscosity index improvers entail different grades of engine oils, automatic transmission fluids, power steering fluids, gear oils, greases, as well as various hydraulic fluids.
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Increasing Demand for High-Performance Engine Oils to Fuel Global Market Growth
The usage of viscosity index improvers has enabled the development of multi-grade engine oils, thus exhibiting minimal temperature dependency. Aligning with this, as per the recent ILSAC passenger car motor oil specification G5, viscosity index improvers are pivotal since they reduce temperature dependency. Viscosity impacts a number of critical factors, including energy consumption and wears, in addition to tolerance to contamination. As a result, the growing demand for high-performance engine oils is expected to drive the demand for viscosity index improvers over the forecasting years.
Industrial is the Fastest-Growing Application
The industrial segment encompasses the applications of viscosity index improvers in terms of heavy equipment lubricants used in different industries, such as construction, oil & gas, mining, agriculture, and others. Lubricants prevent premature failure as well as a decline in the performance of construction equipment, typically subjected to extremely harsh operating conditions involving moisture, heat, and dirt. They also perform myriad functions in order to safeguard construction equipment from bearing failures, lower resistance of diesel fuel to water, the short lifespan of engine oil, and rusting of ropes, cables, and draglines.
Asia-Pacific Held the Highest Revenue Share in 2021
The Asia-Pacific is a key region for the global viscosity improvers (VI) index market, progressing with the fastest CAGR and capturing the highest revenue share during the forecast years. The market growth of the region is primarily attributed to the surging production of automobiles as well as the increasing need for high-performance lubricants. Moreover, the sale and manufacturing levels of vehicles are anticipated to increase in countries such as Japan and China, thus providing the Asia-Pacific viscosity improvers (VI) index market with lucrative growth opportunities.
The global viscosity index (VI) improvers market is partly consolidated, with the presence of major international players like The Lubrizol Corporation, Afton Chemical, Infineum International Limited, and others. Overall, the degree of competition across the global viscosity index (VI) improvers market is anticipated to remain intense.
The top companies operating in the market are BRB International BV, BASF SE, Exxon Mobil Corporation, etc.
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