< Key Hightlight >

MARKET OUTLOOK

Triton Market Research’s report on the global viscosity index improvers market estimates this industry to develop with a CAGR of 3.01% in the forecasting period from 2022 to 2028.

The rise in the demand for lubricants is the major driving factor of this market. Along with this, the rise in automotive production in the regions of Europe and the Asia-Pacific is also contributing significantly to market growth. On the contrary, the longer drain intervals needed for high-grade lubricants and cost constraints are hindering the market’s development. However, the opportunities for industrial growth in the middle east and Africa create an overall positive outlook for the viscosity index improvers market.

REGIONAL OUTLOOK

The global market for viscosity index improvers covers the regions of North America, the Middle East and Africa, Latin America, the Asia-Pacific, and Europe.

The market in the Asia-Pacific is expected to witness the fastest growth in the coming period. Factors such as the high growth in the base oil market, rapid rate of industrialization, and the burgeoning population & consequent urbanization, along with high growth in major end-user industries such as chemicals, textiles, metalworking, and food processing, can be attributed to the growth of this industry. Further, the region presents a number of lucrative opportunities to companies that innovate, develop niche applications, and introduce novel products with enhanced characteristics.  

COMPETITIVE OUTLOOK

Afton Chemical Corporation, Chevron Oronite Company LLC, Shanghai Minglan Chemical Co Ltd, Infineum International Limited, Croda International Plc, Evonik Industries AG, Exxon Mobil Corporation, ENI SpA, Lubrizol Corporation, BPT Chemical Co Ltd, BASF SE, BRB International BV, Asian Oil Company, Jilin Xingyun Chemical Co Ltd, Sanyo Chemical Industries Ltd, and Jinzhou Kangtai Lubricant Additives Co Ltd are some of the established names present in the viscosity index improvers market.

Founded in 1870, Exxon Mobil Corporation is a globally renowned, integrated oil & gas company. It is engaged in the exploration and production of natural gas and crude oil; manufacturing of petroleum products; and the transportation and sale of natural gas, crude oil, and petroleum products. The company is also engaged in manufacturing and marketing commodity petrochemicals, which include polypropylene plastics, polyethylene, aromatics, olefins, and a wide range of specialty products. Exxon Mobil markets its products under brand names like Exxon, Esso, Mobil, and Mobil 1. The company has a business presence across North America, Europe, the Middle East, Africa, Latin America, and the Asia-Pacific, with a strong workforce of more than 72,000 employees.