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MARKET OUTLOOK

Triton’s report on the viscosity index improvers market in the Middle East and Africa has estimated the industry to grow with a CAGR of 3.14% over the forecasted period 2022-2028. South Africa, the United Arab Emirates, Saudi Arabia, Turkey, and Rest of Middle East & Africa constitute the market in this region.

The automotive sector is the largest manufacturing sector in South Africa, and showed significant growth in 2017. However, in recent years, there has been a decline in the number of new vehicle sales. This has led to a considerable decline in the usage of automotive lubricants. Nevertheless, the need for lubricants in this industry is expected to gain traction in the forthcoming years. 

In addition, major car manufacturers, such as Volkswagen, Ford, Toyota, Nissan, and Mercedes Benz SA, are present in the country. Many of these automobile manufacturers have expanded production and export from their operations in recent years, leveraging the benefits offered by the government’s Automotive Production and Development Plan (APDP). 

For instance, BAIC, a China-based car manufacturer, announced its plans to invest $826 million in its assembly plant in South Africa. Owing to the growing usage of lubricants in multiple applications in the automotive industry, the market for viscosity index improvers in the country is estimated to record growth over the forecast period. 

COMPETITIVE OUTLOOK

Infineum International Limited, Afton Chemical Corporation, ENI SpA, Evonik Industries AG, BASF SE, Jilin Xingyun Chemical Co Ltd, Shanghai Minglan Chemical Co Ltd, and Chevron Oronite Company LLC are some of the prominent companies present in the viscosity index improvers market.