Technavio, a leading provider of market research reports, has released its latest study on Lubricant Viscosity Grade Improvers Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. In the lubricant industry, additives enhance the flow properties of engine oils, minimizing wear and friction. Previously, large polymer molecules were employed, yet their shortcomings included rapid breakdown and subsequent loss of performance. Innovation significantly benefits the lubricant market by providing superior engine protection and extended product lifespan.
The global lubricant viscosity grade improvers market size is estimated to grow by USD 452.7 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 2.09% during the forecast period. However, fluctuation in crude oil prices poses a challenge. Some of the key industry leaders include American Hitech Petroleum and Chemicals Inc., Asian Oil Co., BASF SE, BPT Chemicals Co. Ltd., CHETAS BIOCHEM, Chevron Corp., Croda International Plc, Eni SpA, Evonik Industries AG, Goodway Chemicals Pvt. Ltd., Innov Oil Pte Ltd., Jinzhou Kangtai Lubricant Additives Co. Ltd., Lanxess AG, Mitsui Chemicals Inc., NewMarket Corp., PETRONAS Chemicals Group Berhad, Sanyo Chemical Industries Ltd., Shanghai Minglan Chemical Co. Ltd., Shell plc, and The Lubrizol Corp..
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Major Findings
In India, the government allocated nearly USD 292.9 million in March 2021 to enhance transport infrastructure and an additional USD 8.8 billion over six years to improve healthcare systems. These substantial investments in infrastructure are expected to boost demand for construction machinery in APAC, driving market growth during the forecast period
The global lubricating oil thickener market faces significant challenges due to the fluctuation in crude oil prices, as the variable cost of raw materials like polyalkyl methacrylates and olefin copolymers is directly affected by these price changes. Since petroleum and natural gas derivatives are key components in lubricants, their prices are influenced by crude oil price volatility, which is driven by a systemic demand-supply imbalance in the crude oil industry.
The unpredictability in raw material costs, especially those derived from petroleum, can adversely impact production costs and profit margins, thereby hindering market growth. This volatility in crude oil prices creates an unstable environment for the production and pricing of lubricant viscosity grade improvers.
The Lubricant Viscosity Grade Improvers Market encompasses businesses specializing in the production of chemicals that enhance the viscosity properties of lubricants. This market segment falls under the broader category of commodity chemicals, which also includes industrial and basic chemicals such as plastics, synthetic fibers, and paints. Technavio estimates the market size based on the combined revenue generated by these manufacturers. Key growth drivers for the Lubricant Viscosity Grade Improvers Market include the increasing demand for high-performance lubricants in various industries, particularly in automotive and manufacturing sectors, where improved viscosity leads to enhanced efficiency and productivity.
The Lubricant Viscosity Grade Improvers Market is experiencing significant growth, fueled by the Increasing demand from end-user industries. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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In the Lubricant Viscosity Grade Improvers Market, businesses seek solutions to enhance the performance and efficiency of their lubricants. Grade improvers play a crucial role in modifying the viscosity of lubricants to meet specific industrial requirements. By utilizing advanced technologies and innovative formulations, market participants strive to deliver high-performance viscosity improvers that ensure optimal lubricant functionality and extended equipment life.
In the dynamic and evolving energy sector, the demand for lubricant viscosity grade improvers continues to expand, particularly in the automotive industry and industrial sectors. These improvers play a crucial role in enhancing the performance of various types of lubricants, including engine oils, transmission fluids, braking fluids, and industrial lubricants. The automotive industry's growth is fueled by advancements in technology, leading to the production of high-performance automobiles that require superior lubricants. Quenching oils, metalworking fluids, and drilling fluids also benefit from the use of viscosity grade improvers, ensuring optimal machinery performance and operating temperatures. Viscosity index improvers (VIIs) are essential additives that contribute to the improved viscosity and overall performance of lubricants. Olefin copolymer, a common type of VIIs, is widely used in engine lubricants and industrial lubricants due to its ability to maintain consistent viscosity under varying temperatures. The expanding potential markets for lubricant viscosity grade improvers include the automotive, industrial, and energy sectors. As machinery and automobile output continue to increase, the demand for high-quality lubricants and their associated improvers will continue to grow.
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