Viscosity Index Improver Market to Signify Strong Growth by 2024-2031

Global viscosity index improver market is anticipated to grow at a considerable CAGR of 6.3% during the forecast period (2024-2031).This growth is supported by the growing usage of hydraulic fluid for lubricating heavy-load machinery. Manufacturers of industrial oils and greases are focusing on the automotive and metalworking industries as potential sources of income. This is because of their products' exceptional electrical resistance, corrosion resistance, and longevity. Increased machine usage as a result of this trend is driving up demand for viscosity improvers.

Furthermore, to improve vehicle performance and efficiency in light-duty sectors, manufacturers in the oil and lubricant industry are creating engine oils containing nanoparticles to lessen the damage caused by cold starts. To increase engine thermal oxidation stability, automakers are creating hydrogenated styrene-isoprene (HSD) copolymers. 

In March 2023, ABB completed its lube oil blending plant extension for Shell Indonesia. The Marunda Lubricants Oil Blending Plant (LOBP) is a project that employed leading technology and smart manufacturing concepts. Building upon a longstanding relationship between ABB and Shell Indonesia dating back to 2014, ABB delivered the plant extension project (Marunda 2.0) to double its production capacity.

In October 2022, LCY showcased thermoplastic elastomer portfolio with an advanced elastomer portfolio and C.A.R.E. expertise. The company demonstrated how it accelerates material science innovation for a sustainable future. With manufacturing bases in Taiwan, China, and the US, as well as a wide distribution network of warehousing facilities across Europe, LCY joins hands with customers globally to create the best-in-class material solutions with its in-depth knowledge in material functionality, proprietary hydrogenation process, customized quality products, and trusted local service support.

In July 2022, Chevron Phillips Chemical expanded the low-viscosity PAO unit in Belgium to address growing global demand. PAOs are specially designed chemicals made from alpha olefins. They are used in many synthetic products such as lubricants, greases, and fluids and have emerged as essential components in applications including automotive, industrial, cosmetics, technology, and military use.

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Market Coverage

•The market number available for – 2023-2031

•Base year- 2023

•Forecast period- 2024-2031

Segment Covered- 

•By Type

•By Application

Regions Covered-

•North America

•Europe

•Asia-Pacific

•Rest of the World

Competitive Landscape- Mitsui Chemicals Inc., Infineum International Ltd., Chevron Oronite Company LLC, BASF SE, and The Lubrizol Corp.,among others.

Viscosity Index Improver Market Report Segment

By Type

• Polymethacrylate (PMA)
• Ethylene propylene copolymer (OCP)
• Hydrostyrene Diene Copolymer (HSD)
• Polyisobutylene (PIB)
• Others

By Application

• Vehicle Lubricants
• Industrial Lubricants
• Transmission Fluids

A full Report of Viscosity Index Improver Market is Available @  https://www.omrglobal.com/industry-reports/viscosity-index-improver-market

Viscosity Index Improver Market Report Segment by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•Latin America

•Middle East and Africa 

Company Profiles

•Asian Oil Company

•Afton Chemical Corp.

•BASF SE

•BPT Chemicals

•Chevron Oronite Company LLC

•Croda International Plc

•Evonik Industries AG

•Jilin Xingyun Chemical Co., Ltd.

•Jinzhou Kangtai Lubricant Additives Co., Ltd.

•Lanxess AG

•Lubrizol Corporation

•Nanjing Runyou Chemical Industry Additive Co., Ltd.

•Petronas

•Sanyo Chemical Industries

•Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd.

•The Lubrizol Corp.

•Versalis SpA

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