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MARKET OUTLOOK 

Based on a study by Triton Market Research, the viscosity index improvers market in the Asia-Pacific is expected to rise with a CAGR of 3.24% over the forecast years from 2022 to 2028. India, South Korea, China, Japan, Australia & New Zealand, ASEAN countries, and Rest of Asia-Pacific together shape the market in this region.

Japan is the fifth-largest lubricant consumer in the world. In the past two years, the growth in the industry has slowed down, primarily because of a drastic drop in the production and sale of motor vehicles, along with a stagnant industrial output and sluggish rise in domestic demand. However, with the increasing investment by the government in the automotive, energy, and construction sectors, the demand for lubricants, and, in turn, for viscosity index improvers, is expected to rise in the forthcoming years.

The automotive industry in Japan is among the largest and renowned automotive industries around the globe. This is mainly due to the large investment made in this sector. The Japanese auto industry manufactures the third-largest number of vehicles, globally. It manufactured nearly 972,8528 vehicles in 2018. In addition, the nation is home to some of the major automobile producers, such as Yamaha, Kawasaki, Honda, Toyota, Suzuki, Nissan, etc. The production and sales of vehicles are anticipated to rise in the forecast period. This will positively influence the demand for viscosity index improvers, in turn, offering growth avenues to the market. 

COMPETITIVE OUTLOOK

The leading players in the viscosity index improvers market include Afton Chemical Corporation, Asian Oil Company, BASF SE, Jilin Xingyun Chemical Co Ltd, BRB International BV, ENI SpA, Sanyo Chemical Industries Ltd, and Croda International Plc.