Industry 4.0 to Assist Viscosity Index Improvers Market Growth
The global market of lubricant additives has been growing at a steady pace and viscosity index improvers hold a noteworthy revenue portion in it. Banking on sustained consumption recorded by automotive and industrial lubricants sectors, viscosity index improvers (VIIs) have been witnessing modest traction. Substantial demand for two-wheeler lubricants, automotive lubricants, industrial lubricants and hydraulic fluid and process oil to create lucrative growth opportunities for viscosity index improvers. While the market will progress at a gradual pace, there are strong chances that the onset of Industry 4.0 will translate into notable demand for high-performance lubricants thereby viscosity index improvers. This Future Market Insights (FMI) report offers in-depth analysis of how the market growth will unfold over the course of forecast period, 2019 – 2029
Key Growth Influencers - Viscosity Index Improvers Market
Rising Demand for High-quality Lubricants
The consumption of viscosity index improvers is directly proportional to the production of lubricants. The lubricants industry is expected to grow at a higher rate as dynamics of lubrication technology are advancing at an increased intensity as a result of industrial growth. Technological advancements and shifting focus towards higher fuel economy are driving the demand for lubricants from the automotive industry.
Emerging economies such as India, China, and Indonesia are driving the growth of the manufacturing sector, thus, bolstering demand for industrial lubricants. Stringent environmental as well as governmental regulatory standards are propelling the demand for high-quality lubricants. For instance, in India, deterioration in air quality has resulted in tightening of emissions limits, which is further driving the demand for high–performance lubricants. Thus, the growing demand for high-quality lubricants is directly as well as indirectly positively influencing the growth of the viscosity index improvers market.
Increasing Consumption of Engine Oils
Engine oil is the most widely used automotive lubricant across the globe, as it is used to lubricate internal combustion engines. Initially, only monograde engine oils, which operate only in a particular temperature range, were classified under SAE Viscosity Grades. However, the usage of viscosity index improvers has enabled the development of multi-grade engine oils that show reduced temperature dependency.
According to the recent ILSAC passenger car motor oil specification G5, viscosity index improvers are crucial as they reduce temperature dependency. Viscosity affects a number of important factors, including energy consumption, wear, and tolerance to contamination. Thus, the increasing demand for high-performance engine oils is anticipated to drive the demand for viscosity index improvers during the forecast period.
Expanding Two-wheeler Fleet
Road infrastructure in developing and under-developed regions is still in a primitive stage as compared to developed countries. To fulfill their need for mobility and overcome high selling prices and tax rates of four wheelers, consumers opt for motorcycles, subsequently bolstering demand for two-wheeler lubricants. Today, two-wheeler engines require more quantity of high-quality engine oils as compared to four wheelers, and the oils used in two-wheelers break down more easily at high temperatures.
Furthermore, the fleet of two wheelers has increased considerably. It is estimated that by 2020-end, nearly 60 Mn units of two wheelers will be sold across the world. This is anticipated to create lucrative growth opportunities for market players in the viscosity index improvers market.
Viscosity Index Improvers Market Structure Analysis
- The viscosity index improvers market is moderately consolidated with prominent players accounting for significant market shares.
- Most of the leading market players are emphasizing on strengthening their market foothold through strategic establishment of joint ventures with local or regional players. Most of the market players are channelizing their efforts on continuous product innovation to meet the changing market needs.
- For instance, to increase its market presence in China, Infenium International Limited formed a joint venture with SINOPEC, a prominent global as well as regional player, under the name Shanghai High-Lube Additives Co. Ltd.
- Most of the market players are investing on the expansion of their R&D centers and facilities to accelerate product innovation. Through process R&D and product innovation in advanced manufacturing, players have improved their response time for customized solution requirements.
- Recently, Chevron Oronite Company LLC introduced a new product PARATONE® 8935E, an enhanced ethylene olefin co-polymer (OCP), designed for passenger car motor oil applications.
- Some of the prominent players in the viscosity index improvers market are Lanxess AG, The Lubrizol Corporation, Evonik Industries AG, Afton Chemical Corporation, Chevron Oronite LLC, and Infenium International Limited.
OCP and PMA Continue to Witness Significant Traction
Poly methyl acrylate (PMA) and ethylene propylene copolymer (OCP) will remain the preferred product choices, accounting for a collective revenue share of over 3/5th of global market value. While the former would maintain its hegemony throughout the period of projection, the latter is set to exhibit a significant growth rate.
North America Leading the Way, East Asian Market Buckling
North America continues to lead the viscosity index improvers market, whereas East Asia and South Asia are likely to be showcasing rapid CAGRs over 2019 – 2029. Sales of viscosity index improvers in the U.S. alone will cross US$ 1 Bn mark by the end of forecast period. On the other hand, market in China and India is reflecting worthwhile prospects owing to the blooming automotive industry. Leading manufacturers of viscosity index improvers are also eyeing windows of opportunity in ASEAN countries, as they represent a thriving automotive aftermarket.
* This data is only a representation. Actual data may vary and will be available in report.
R&D a Must for Regulatory Compliance
Raw materials such as monomers and copolymers used in the production of viscosity index improvers are extracted from refinery operations and petrochemical feedstock. Volatility in crude oil prices is restraining the production of petrochemical feedstock, resulting in high costs of these raw materials. Volatility in pricing of starting materials is leading to reduced profit margins for players in the market. Various environmental organizations, including the U.S. EPA (Environmental Protection Agency) have instituted regulations regarding reduced usage of lubricant and lubricant additives. Manufacturers thus maintain their focus on R&D so as to develop viscosity index improvers in compliance with regulatory framework.
PMA continues to account for over a third of market share
Demand for OCP to witness a higher CAGR
Vehicle lubricants to remain top application area
Industrial lubricants emerging attractive, with over 25% market share
How Growth will Unfold
Although viscosity index improvers continue to find maximum application in automotive lubricants, their adoption for vehicle lubrication purposes will eventually face a gradual decline during the latter half of the forecast period. This potential slowdown could be attributed to the advent of electric vehicles (EVs). However, the expansion of industrial space and increasing frequency of re-lubrication activities warrant that the demand for viscosity index improvers for high-performance industrial lubrication applications will sustain in the long run.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Viscosity Index Improvers Market Analysis 2019 - 2029
The newest market report published by FMI on the global viscosity index improvers market comprises of the global industry analysis for 2014-2018 & opportunity assessment for 2019-2029, and delivers complete analysis of the most crucial market dynamics. Through inclusive analysis of the historical as well as current growth parameters of the viscosity index improvers market, the growth projections of the market are obtained with great precision.
Viscosity Index Improvers Market Taxonomy
The global viscosity index improvers market is classified in detail to cover every single aspect of the market and deliver complete market intelligence to the reader.
- Polymethacrylate (PMA)
- Ethylene Propylene Copolymer (OCP)
- Hydrostyrene Diene Copolymer (HSD)
- Polyisobutylene (PIB)
- Vehicle Lubricants
- Industrial Lubricants
- Transmission Fluids
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
- Emerging Countries
The report starts through the executive summary of the viscosity index improvers market, which includes a brief analysis of the key findings and statistics of the market. Furthermore, in this section, analyst has mentioned crux of the market by including overall market approach, target geographies, and differentiating strategies.
Readers can find the definition and a detailed taxonomy of the viscosity index improvers market in this chapter, which will help them understand the basic information about the viscosity index improvers market. Apart from it, readers will find classification of lubricant additives in this chapter.
This chapter of the viscosity index improvers market report describes key market trends that are expected to significantly impact market growth during the forecast period. A comprehensive analysis of the industry trends are provided in this section.
This section includes factors that have emerged crucial for the success of key market participants in the global viscosity index improvers market.
This section explains the global market volume analysis and forecast for the viscosity index improvers market in the forecast period of 2019-2029.
This section of the report delivers detailed pricing analysis of the viscosity index improvers market at the regional level for the current year as well as forecast year.
This section highlights the global market value analysis and forecast for the viscosity index improvers market in the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical viscosity index improvers market, along with an opportunity analysis of the future.
Based on product type, the viscosity index improvers market is segmented into Polymethacrylate, Ethylene Propylene Copolymer, Hydrostyrene Diene Copolymer, Polyisobutylene, and Others. In this chapter, readers can find information about the annual growth of each segment, market share, and attractiveness analysis based on product type.
This chapter provides details about the viscosity index improvers market based on its application areas, and has been classified as follows- vehicle lubricants, industrial lubricants, and transmission fluids. In this chapter, readers can understand the market value share analysis of above mentioned segments with their absolute $ opportunity over the forecast period.
This chapter explains how the viscosity index improvers market will grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
This chapter includes a detailed analysis of the growth of the North America viscosity index improvers market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, impact analysis of market dynamics, and market growth according to various segments and countries in North America.
This chapter provides the growth scenario of the viscosity index improvers market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Important growth prospects of the viscosity index improvers market based on its end users in several countries, such as Germany, France, Italy, the U.K., Spain, BENELUX, Russia and Rest of Europe, are included in this chapter.
In this chapter, readers can find the growth prospects of the viscosity index improvers market in India, ASEAN, and Rest of South Asia with the impact of market dynamics over the forecast period.
This chapter highlights the growth of the viscosity index improvers market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the viscosity index improvers market in East Asia.
In this chapter, readers can find detailed information about the growth parameters of Australia and New Zealand viscosity index improver markets during the forecast period of 2019-2029.
This chapter provides information about how the viscosity index improvers market will grow in prominent countries in the MEA region, such as GCC Countries, South Africa, Turkey, and Rest of MEA, during the stipulated time period.
This section gives the detailed analysis of how the viscosity index improvers market will grow in emerging countries in China, India, and Mexico along with their PESTLE analysis.
In this chapter, readers can find detailed information about the industry structure. Furthermore, readers can find a comprehensive list of all the prominent stakeholders in the viscosity index improvers market. In the TOC segment, the team has mentioned key players in the viscosity index improvers market.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the viscosity index improvers market report.
This chapter helps readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the viscosity index improvers market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Procurement Heads
- Sales Executives
- Raw Material Suppliers
- Industry Experts
- End Users
- Current market dynamics and challenges
- Yesteryear trends
- Market characteristics
- Market performance and growth quadrants
- Competition structure and market structure
- Strategic growth initiatives
- Near-term and long-term market growth prospects
- Market segment splits and authenticity
- Opinions on market projections and validity of assumptions
- Industry Publications
- Industry Associations
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits
Viscosity Index Improvers Market Reports - Table of Contents
3. Key Market Trends
4. Key Success Factors
5. Global Viscosity Index Improver Market Volume (Consumption) Projections
6. Global Viscosity Index Improvers Market - Pricing Analysis
7. Global Viscosity Index Improvers Market Demand (in Value or Size in US$ Mn) Analysis 2014-2018 and Forecast, 2019-2029
22. Assumptions and Acronyms Used
23. Research Methodology