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Viscosity index improvers are compounds such polyacrylates and butadiene that allows lubricants to remain viscous at high temperature and low temperatures. The viscosity index improvers contract their molecules in low temperature causing no impact to the viscosity, whereas they expand in high temperature, which increases the internal friction, causing it to flow slowly. When viscosity index is added to the oils, they increase the thickness of lubricants in high temperature, thus extending the lubricating effect on the machinery. Viscosity index improvers play a key role in the automobile industry. Large number of lubricant manufacturers relies on the viscosity index improver to reduce the maintenance cost for machineries. They are used in engine oils, gear oil, transmission fluids, and other hydraulic lubricants. The application of lubricants in automobiles and heavy machineries in various industries is expected to drive the market growth during the forecast period.
The lubricants industry is declining due to the COVID-19 outbreak. The worldwide lockdown has suspended the movement of automobiles, which results in the demand for engine oil. Engine oil plays a major role in supporting the market growth for lubricants, owing to its demand from the consumer vehicles. Transportation is the most effected industry due to suspended movements of automobiles. However, the use of heavy vehicles for distributing necessary goods is operational at low output. In the current situation, consumers are not utilizing their private vehicles, thus, the need to change the engine oil has decreased. However, the lubricant market is expected to grow notably post lockdown.
The global viscosity index improver market is expected to grow significantly during the forecast period. Surge in demand for automobile lubricants and industrial lubricants are expected to drive the market in the coming years. Almost all industries are using some kind of lubricants to increase the efficiency of the machinery. Increase in industrialization in developing countries is expected to boost the market growth in the coming years. Technological advancements are expected to boost the industrial growth at a faster pace leading toward higher fuel economy, thus, driving the demand in the automotive industry. Engine oil is the most widely used lubricant in automobiles. Recent study proves that the use of viscosity improvers in engine oil is crucial as it reduces the temperature dependency. However, the long draining intervals of the oil and introduction of electric vehicles are expected to hamper the growth in the forthcoming years.
The engine oil used in the automobiles is still the top contributors to the market. The rapid growth of automobiles sector is expected to boost the growth of global lubricants market. Technological advancements also play a crucial role in boosting the growth of the automotive industry, as result; the use of lubricants in heavy machineries has increased. The two-wheeler industry is expected to grow vigorously, which is anticipated to generate lucrative opportunities for viscosity index improver market. Rise in demand for high-quality lubricants in various industries is expected to boost the market growth.
The viscosity index improvers play an important role as an intermediate in lubricants in the automotive industry. However, the draining interval of oil is more, thus restraining the viscosity index improver’s market growth. Ongoing technological advancements have improved the engine oil drain interval from 25,000 miles to 50,000 miles. This rise in draining interval of engine oil is expected to reduce the demand for lubricants, which, in turn, reduces the demand for viscosity index improvers. Moreover, the introduction of electric automobiles has affected the demand for lubricants. Moreover, rise in electric engines to support the environment-friendly automobiles is expected to hinder the market growth of lubricants.
Region wise, the viscosity index improvers are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the major market share, as the region is primary hub for automotive manufacturing. Furthermore, surge in demand for automobiles in the emerging economies such as China and India is expected to boost the market growth in the region.
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