Demand for High-Quality Lubricants Drives Viscosity Index Improvers Market, Says FMI

VALLEY COTTAGE, N.Y. – The global market of lubricant additives is progressing at a moderate rate, to which viscosity index improvers contribute significantly. Until 2018, viscosity index improvers market has been growing steadily, yet onset of industry 4.0 accents increased demand for high-quality lubricants. Further, uptight regulatory norms are compelling various sectors to achieve fuel efficiency and sustainability.

However, volatility in prices of raw materials of viscosity index improvers is hindering market growth. In addition, various international organizations, including the U.S. EPA (Environmental Protection Agency) are enacting regulations regarding decreased consumption of lubricant and lubricant additives. As such, manufacturers are turning to consistent R&D activities to produce legally compliant viscosity index improvers.

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North America and East Asia are offer plethora of opportunities to manufacturers on back of growing automotive industry. In its new market study, FMI finds that global viscosity index improvers market is projected to grow at a steady CAGR of ~3% over forecast period (2019-2029), reaching ~US$ 4.7 Bn.

OCP Leads the Pack, PMA Follows Closely

Poly methyl acrylate (PMA) and ethylene propylene copolymer (OCP) continue to remain as the product of choice with over 60% of market share. While the former leads the market in terms of revenue, the latter is showcasing fastest growth rate. PMA and OCP aid in complementing shear and thermal stability of lubricants. FMI reveals that in North America and East Asia, PMA and OCP viscosity index improvers have generated maximum revenues. While South Asia is displaying rapid adoption of viscosity index improvers.

Preview Analysis of 2019 Analysis and Review of Viscosity Index Improvers Market by Product – Polymethacrylate (PMA), Ethylene Propylene Copolymer (OCP), Hydrostyrene Diene Copolymer (HSD), and Polyisobutylene (PIB) for 2019 – 2029:

Rising Application in Vehicle and Industrial Lubricants

Viscosity index improvers are majorly utilized in vehicle lubricants, particularly in engine oils, with the application category holding over 50% market share, finds FMI. However, adoption of viscosity index improvers in vehicle lubricants will slightly decline after a few years, probably due to advent of electric vehicles (EV), and slowdown in automotive space. 

Fast-paced industrialization and increased frequency of re-lubrication activities have led to escalated usage of viscosity index improvers in industrial lubricants. Further, driven by strict regulatory standards, demand for viscosity index improvers to ensure high-performance lubrication in industrial sector continues to increase modestly through 2029.

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Analysts at FMI remark that “Influenced by regulatory frameworks, automotive and non-automotive sectors are developing high-quality lubricants with desired viscosity, thereby fueling viscosity index improvers market. Further, manufacturers are replacing conventional synthetic products with bio-based iterations to achieve legal compliance.”

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