< Key Hightlight >

MARKET OUTLOOK

Triton’s research report puts forth that the viscosity index improvers market in Latin America would exhibit a CAGR of 3.08% over the forecast years from 2022 to 2028. Mexico, Brazil, and Rest of Latin America together make the market in this region.

Chile is an emerging economy in Rest of Latin America. Nearly a third of the value added by the manufacturing sector is from the production of food, beverage, and tobacco products. The country has strengthened its position as one of the key players in the global food industry. The domestic food processing sector accounts for 25% of the economy, with annual sales worth $34 billion. Nestlé Chile SA, Agrosuper SA, CCU SA, Colún Ltda, Empresas Carozzi SA, and Agrícola Ariztía are some of the major food processing companies present here. 

Moreover, post-2018, the Chilean construction industry witnessed a resurgence, following many years of downfall. The increase in investments by international players, owing to the implementation of a new FDI policy, has been a major factor driving the industry’s growth. In 2019, construction projects worth nearly $25 million were at various stages of development. This, in turn, has led to an increase in the demand for lubricants, and, as a result, for viscosity index improvers. The growing demand is expected to fuel the development of the viscosity index improvers market in the coming period.

COMPETITIVE OUTLOOK

The eminent names in the viscosity index improvers market are Jilin Xingyun Chemical Co Ltd, Infineum International Limited, Evonik Industries AG, Lubrizol Corporation, Exxon Mobil Corporation, Asian Oil Company, Jinzhou Kangtai Lubricant Additives Co Ltd, and Croda International Plc.