Viscosity Index Improvers Market

Growing advancements in the automotive sector to boost the market growth

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.

The Global Viscosity Index Improvers Market Industry is poised for substantial growth, with projections indicating a market size of 0.17 USD Billion in 2024 and an anticipated increase to 0.35 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 6.85% from 2025 to 2035, reflecting the increasing demand for high-performance lubricants across various sectors. Factors such as technological advancements, regulatory compliance, and the expansion of the automotive sector contribute to this positive outlook. The market's evolution is indicative of broader trends in sustainability and performance optimization, positioning viscosity index improvers as essential components in modern lubricant formulations.

The expansion of the automotive sector plays a crucial role in shaping the Global Viscosity Index Improvers Market Industry. As the automotive industry continues to evolve, there is a growing emphasis on fuel efficiency and performance. Viscosity index improvers are vital in formulating engine oils that meet the demands of modern vehicles, particularly those with advanced engine technologies. This sector's growth is expected to propel the market, with estimates suggesting a rise to 0.35 USD Billion by 2035. The increasing production of vehicles globally, coupled with the demand for high-quality lubricants, positions viscosity index improvers as a key component in automotive applications.

Rising awareness of lubricant performance among consumers and industries significantly impacts the Global Viscosity Index Improvers Market Industry. As end-users become more informed about the benefits of high-quality lubricants, the demand for products containing viscosity index improvers is likely to increase. This awareness is driven by the need for improved equipment longevity, reduced maintenance costs, and enhanced operational efficiency. Consequently, manufacturers are responding by developing advanced formulations that incorporate these additives. The market's growth trajectory is expected to reflect this trend, with a compound annual growth rate of 6.85% anticipated from 2025 to 2035, highlighting the importance of consumer education in driving industry expansion.

The Global Viscosity Index Improvers Market Industry experiences a notable surge in demand for high-performance lubricants across various sectors, including automotive and industrial applications. This demand is driven by the need for enhanced engine efficiency and reduced emissions. As consumers and manufacturers alike prioritize sustainability, the incorporation of viscosity index improvers becomes essential. In 2024, the market is projected to reach 0.17 USD Billion, reflecting a growing recognition of the role these additives play in optimizing lubricant performance. This trend is expected to continue, with the market potentially expanding to 0.35 USD Billion by 2035, indicating a robust growth trajectory.

The Global Viscosity Index Improvers Market Industry is significantly influenced by stringent regulatory compliance and environmental standards. Governments worldwide are implementing regulations aimed at reducing emissions and promoting the use of eco-friendly lubricants. This regulatory landscape compels manufacturers to adopt viscosity index improvers that meet these standards, thereby enhancing the performance and sustainability of their products. As a result, the market is expected to witness a steady increase in demand, with projections indicating a market size of 0.17 USD Billion in 2024. This trend underscores the importance of compliance in driving innovation and growth within the industry.

Technological advancements in the formulation of viscosity index improvers significantly influence the Global Viscosity Index Improvers Market Industry. Innovations in polymer chemistry and additive manufacturing enable the development of more effective and environmentally friendly products. These advancements not only enhance the performance of lubricants but also align with regulatory requirements for reduced environmental impact. As a result, manufacturers are increasingly investing in research and development to create superior viscosity index improvers. This focus on innovation is likely to contribute to a compound annual growth rate of 6.85% from 2025 to 2035, further solidifying the industry's position in the global market.

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, Market Research Future 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.