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MARKET OUTLOOK 

Europe’s viscosity index improvers market is expected to record growth with a CAGR of 2.75% during the projected years between 2022 and 2028. France, Germany, the United Kingdom, Russia, Spain, Italy, and Rest of Europe together form the market in this region.

With an average yearly turnover of close to $20 billion, the aerospace industry in Italy ranks fourth in the European region and seventh in the world. The nation is also a large manufacturer of high-tech integrated systems. The growth prospects of the aerospace industry have been significantly affected in recent times, owing to the spread of the pandemic. Data from the Italian Aerospace Industry Federation (AIAD) indicates that aerospace manufacturing firms are concentrated in various areas in the country, including Lombardy, Piedmont, Puglia, Lazio, Umbria, and Campania. 

Currently, Italy is focusing on replacing nearly 200 Boeing 757 and 767 aircraft, owing to safety concerns. Such plans have opened up growth opportunities for manufacturers like Boeing and Airbus. Considering the bright future prospects, Boeing is planning to introduce a new plane; whereas, Airbus is developing an upgraded version of A321, and a bigger model of its A330neo. 

This, in turn, is expected to increase the consumption of lubricants, and consequently aid the growth of the viscosity index improvers market in the near future. Further, the nation is recovering from the pandemic after-effects, and the government is also planning to strategize industrial manufacturing. These factors are also expected to influence the growth of the studied market in the projected period.

COMPETITIVE OUTLOOK

The leading competitors in the viscosity index improvers market include BPT Chemical Co Ltd, Chevron Oronite Company LLC, Asian Oil Company, Croda International Plc, Jilin Xingyun Chemical Co Ltd, BASF SE, Afton Chemical Corporation, and Lubrizol Corporation.