Viscosity Index Improvers Market Size was valued at USD 0.15 billion in 2022. The Viscosity Index Improvers industry is projected to grow from USD 0.16 Billion in 2023 to USD 0.27 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.80% during the forecast period (2024 - 2032). Rising electric vehicle (EV) adoption and expanding potential markets in emerging economies are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As a result of increasing environmental concerns and technological advancements, consumers have shifted their demand from gasoline-powered vehicles to electric hybrid vehicles. In numerous nations, e-vehicle manufacturing facilities are being constructed. According to the European Automobile Manufacturing Association, electric vehicle manufacturing in the EU grew to 11% in 2020 from 3% in 2019. As reported by the International Energy Agency, the number of global electric car registrations increased by 41% in 2020, with China and Europe being the largest markets for electric vehicles. Such advancements are anticipated to boost the market CAGR during the forecast period.
Recent years have witnessed a previously unnoticed rise in lubricant demand due to rapid industrialization and urbanization. Lubricants are essential to the operation of apparatus, equipment, and engines. They reduce friction between any two moving elements to reduce power or energy loss and improve overall operational efficiency. They also prevent equipment wear and strain due to friction, reducing maintenance costs. Almost every component in an automobile, from the engine to the transmission to the differential gearbox, requires lubricants for efficient operation. These characteristics have caused a significant increase in lubricant demand. Increasing demand for automobiles worldwide, particularly in developing economies, propels these nations' sales. Rising disposable income, improved living standards, and simple access to financing have significantly increased the demand for automobiles in developing nations. Lubricants are essential for the correct operation of automobiles; consequently, the market for automotive viscosity index improvers is growing in tandem with the sales of automobiles. Thus, such factors are driving the Viscosity Index Improvers market revenue.
January 2024: EVONIK is going to release a new phosphate methacrylate with an enhanced performance called VISIOMER® HEMA-P 100.
Based on type, the Viscosity Index Improvers Market segmentation includes polymethacrylate, olefin copolymer, and polyisobutylene. The olefin copolymer segment dominated the market in 2022. Due to industrial and automotive applications, viscosity Index Improvers based on Olefin Copolymers are in higher demand on the international market. Over the forecast period, the global market for Olefin Copolymer-based Viscosity Index Improvers is anticipated to expand due to increased demand for lubricants from end-user industries such as the automotive and construction sectors. The Olefin Copolymer-based Viscosity Index Improvers market will be driven by technological progress and product innovation.
Figure 1: Viscosity Index Improvers Market, by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on End-User, the Viscosity Index Improvers Market segmentation includes manufacturing, food processing, mining, construction, and power generation. The manufacturing category generated the most income. During operation, the engine temperature of an automobile fluctuates dramatically. Automobile lubricants control engine friction and wear, shield the engine from rust, cool the pistons, and shield the engine oil in the sump from combustion vapors. When engine oil/lubricant included in an automobile engine is exposed to extreme temperature swings, typically between 40 and 100°C, it begins to thin, leading to engine oil/lubricant evaporation, resulting in engine damage or knocking out due to high friction between internal engine parts.x
In March 2023, ABB completed the Marunda 2.0 oil blending plant extension project, which doubled output despite tripling it within three years during pandemic challenges.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Viscosity Index improvers market area will dominate this market in 2022. The automotive industry has consistently expanded. Increased sales of commercial vehicles, specifically light trucks and pick-up trucks used for short-distance trade and logistics, are anticipated to increase the demand for automotive lubricants in the country. Future growth in the automotive industry will increase the demand for viscosity index improvers over the forecast period.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: VISCOSITY INDEX IMPROVERS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Viscosity Index Improvers market accounted for the second-largest market share in 2022. REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) closely monitors and provides guidelines to maintain high environmental and human health protection against chemical hazards in the European lubricating oil market. Due to the introduction of stringent environmental regulations in the EU and the European market's rising demand for lubricants, the market will likely perform moderately in the coming years. Moreover, the German Viscosity Index Improvers market held the largest market share, and the UK Viscosity Index Improvers market was the fastest-growing market in the European region
The Asia-Pacific Viscosity Index Improvers Market is projected to grow at the fastest CAGR from 2023 to 2032. The Asia-Pacific region is a lucrative market for the lubricating industry due to the rapid economic development in emerging nations and the increase in disposable income. The region's high consumption of lubricating oil is primarily attributable to the expansion of industrial production and commerce and the rise in the number of automobiles. Increasing investments in India's industrial sector also contribute to the region's growing demand for lubricating oil. In addition, government regulations and policies promoting environmental sustainability are impacting the market for lubricating oil additives, which is likely to increase demand over the forecast period. Moreover, China’s Viscosity Index Improvers market held the largest market share, and the Indian Viscosity Index Improvers market was the fastest-growing market in the Asia-Pacific region.
Leading market players have shifted their focus to emerging regions to meet the rising demand for viscosity index improvers. Market players are also adopting various strategic activities to expand their global footprint, with key market developments including introducing new products, conducting research and development, and merging and acquiring.
Players in the global Viscosity Index Improvers industry manufacture locally to cut transportation costs. Major players in the Viscosity Index Improvers market include Evonik Industries, Lubrizol Corporation, Chevron Oronite Company LLC, Afton Chemical Corporation, Infineum International Limite, Sanyo Chemical Industries, Ltd., Nanjing Runyou Chemical industry Additive Co., Ltd., Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd., Jilin Xingyun Chemical, Shanghai High-Lube Additives, Bariyan Oil & Lubricants Pvt. Ltd., BPT Chemicals Co, Ltd, Brad-Chem Ltd, Chetas Biochem, Croda Lubricants, and Innov Oil.
The Oil Additives Team at Evonik offers an extensive selection of viscosity index improvers for affordable blending of high-performance driveline lubricants with superior thickening effectiveness. VISCOPLEX® solutions enable optimal energy efficiency, reduced torque loss, lower operating temperatures, and long-lasting component life. Functionalized variants permit the extension of fluid service life.
Companies such as Afton provide a variety of polymer-based viscosity index improvers that are effective in various mineral oil lubricant applications. Afton offers a variety of liquid and solid Olefin Copolymer (OCP) viscosity index improvers. These OCP VIIs are oil-soluble and compatible with a variety of lubricant formulations. Additionally, the company provides numerous Polymethacrylate (PMA)-based viscosity index improvers (VII) that can be utilized in various industrial and automotive lubricant formulations. Afton's HiTEC Viscosity Index Improvers can be utilized in various non-lubricant applications.
Evonik Oil Additives CIS partnered with ADCO to improve energy efficiency and productivity in construction, agricultural, mining and manufacturing equipment lubricants throughout Russia and neighboring countries.
Lubrizol Advanced Materials Inc., inventor and world's largest CPVC compound manufacturer and Prince Pipes and Fittings Ltd. signed a FlowGuard® CPVC Processor agreement to manufacture and sell Prince FlowGuard® Plus CPVC (Chlorinated polyvinyl chloride) pipes & fittings in India; starting September Prince Pipes & Fittings will sell FlowGuard Plus products across India.
November 2022 Evonik's Oil Additives business division restructured its product distribution in Greece, naming Brenntag Bulgaria EOOD as its new distribution partner.
August 2022 Evonik's Oil Additives division restructured its products' distribution structure in CIS countries, announcing ADCO as its new distribution partner. The lubricant additives company develops formulation solutions and base oil technologies that increase energy productivity and effectiveness of industrial lubricants for construction, agricultural, mining, and manufacturing equipment.
In February 2024, Chevron achieved record-breaking oil-equivalent production of 3.1 million barrels per day — up 14% in the United States.
In July 2023, Chevron Phillips Chemical announced that it would expand its VII production capacity to meet the growing demand for VIIs in automotive and industrial applications.
Viscosity Index Improvers Market Segmentation
Viscosity Index Improvers Type Outlook
Viscosity Index Improvers End-User Outlook
Viscosity Index Improvers Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.15 billion |
| Market Size 2023 | USD 0.16 billion |
| Market Size 2032 | USD 0.27 billion |
| Compound Annual Growth Rate (CAGR) | 6.80% (2023-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Evonik Industries, Lubrizol Corporation, Chevron Oronite Company LLC, Afton Chemical Corporation, Infineum International Limite, Sanyo Chemical Industries, Ltd., Nanjing Runyou Chemical industry Additive Co., Ltd., Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd., Jilin Xingyun Chemical, Shanghai High-Lube Additives, Bariyan Oil & Lubricants Pvt. Ltd., BPT Chemicals Co, Ltd, Brad-Chem Ltd, Chetas Biochem, Croda Lubricants, and Innov Oil |
| Key Market Opportunities | Growing Petroleum cost |
| Key Market Dynamics | Increase demand in the automotive sector Growing demand for E-vehicles Technological Advancements |
Viscosity Index Improvers Market Highlights:
Frequently Asked Questions (FAQ) :
The Viscosity Index Improvers Market size was valued at USD 0.15 Billion in 2022.
The global market is projected to grow at a CAGR of 6.80% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Evonik Industries, Lubrizol Corporation, Chevron Oronite Company LLC, Afton Chemical Corporation, Infineum International Limite, Sanyo Chemical Industries, Ltd., Nanjing Runyou Chemical Industry Additive Co., Ltd., Shenyang Great Wall Lubricating Oil Manufacturing Co., Ltd., Jilin Xingyun Chemical, Shanghai High-Lube Additives, Bariyan Oil & Lubricants Pvt. Ltd., BPT Chemicals Co, Ltd, Brad-Chem Ltd, Chetas Biochem, Croda Lubricants, and Innov Oil.
The Olefin Copolymer category dominated the market in 2022.
Manufacturing had the largest share in the global market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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