ALBANY, N.Y., Sept. 15, 2020 /PRNewswire/ -- Transparency Market Research, New York: Automobile sales are increasing around the world, though a long lull was observed during the COVID-19 lockdown implementations by governments of various countries. As the lockdown is being relaxed in numerous parts of the globe, the automobile sales are surging as individuals now prefer traveling in their personal vehicles rather than public transport to avoid virus contraction. Therefore, this aspect may invite prominent growth prospects for the viscosity index improvers market for automotive.
The analysts at Transparency Market Research (TMR) prognosticate the global viscosity index improvers market for automotive to record a CAGR of ~4 percent through the forecast period of 2019-2027. The global viscosity index improvers market for automotive was valued at ~US$ 2.3 bn in 2018 and may reach a value of US$ 3.3 bn by the end of 2027.
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As the sales of vehicles increase, the demand for lubricants also increases. The properties of lubricants such as the reduction in friction between two surfaces and the prevention of wear and tear are important factors leading to the growth of the lubricants. Viscosity index improvers are used in lubricants for reducing viscosity change with temperature and also to ramp up the operating efficiency. Therefore, these factors bring tremendous growth prospects for the viscosity index improvers market for automotive.
Viscosity Index Improvers Market for Automotive: From Analysts' Perspective
The TMR analysts appreciate the manufacturers for using novel initiatives and techniques to improve the revenue. One such instance is the development of oil additives that prevent the hardening of wax particles in motor oil in extremely cold regions. The manufacturers are also gathering field performance data to innovate novel combinations in copolymers.
The advent of electric vehicles has prompted the manufacturers in the viscosity index improvers market for automotive to focus on developing additives that cater to the EV segment according to the analysts. The players in the viscosity index improvers market for automotive are also increasing research and development activities in the context of electric vehicles (EVs).
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Viscosity Index Improvers Market for Automotive: Prominent Revelations
- The engine oil segment held a massive share of the viscosity index improvers market for automotive in 2018 and is stated to maintain the same share between 2019 and 2027
- The olefin copolymer segment held a major share of the viscosity index improvers market for automotive in 2018
- Asia Pacific may invite considerable growth during the forecast period of 2019-2027
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Viscosity Index Improvers Market for Automotive: Growth Opportunities
The properties of viscosity index improvers may prove to be a boon for the viscosity index improvers market for automotive through the forecast period of 2019-2027.
- Rising disposable income across various countries is leading to an increase in automobile sales, thus bringing exponential growth opportunities for the viscosity index improvers market for automotive
- The characteristics of the viscosity index improvers market for automotive to maintain the viscosity of lubricants at any temperature level may invite great growth opportunities
- The increasing popularity of electric vehicles may also bring substantial growth
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Viscosity Index Improvers Market for Automotive: Competitive Landscape
Varied multinational players help in increasing the growth rate of the viscosity index improvers market for automotive. Escalating investments are also bringing tremendous growth prospects for the viscosity index improvers market for automotive.
Furthermore, activities like mergers, collaborations, partnerships, and joint ventures are adding extra stars of growth. Some well-entrenched players in the viscosity index improvers market for automotive are BASF Corporation, Afton Chemical Corporation, ARLANXEO, and Evonik Industries.
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Global Viscosity Index Improvers Market for Automotive: Segmentation
- Olefin Copolymers
- Others (including Styrene Isoprene Copolymers, Styrene-Butadiene Copolymers, and Hydrogenated Star Polyisoprene)
- Engine Oil (Passenger Car Motor Oil (PCMO) and Commercial Vehicle Motor Oil (CVMO)
- Gear Oil (Automatic Transmission (AMT), Manual Transmission (MT), and Axel Oil)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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