The global market for lubricant viscosity improvers is expected to grow at a compound annual rate of 2 percent between 2015 and 2019, a market research firm projected, bogged down by rising demand for hybrid electric vehicles.
United Kingdom-based Technavio Research projected the global lubricant viscosity improvers market would reach about 1.2 million metric tons by 2019. The company noted that the Asia-Pacific region dominates the global market for viscosity improvers, owing to the spreading adoption of advanced engine technologies in the region. Much of Asia-Pacifics market growth comes from demand for lower exhaust emissions and more fuel-efficient vehicles, the company pointed out.
The growing awareness of energy efficiency is a key propelling factor of this markets growth, Sriram Mohan, chemicals and materials lead analyst for Technavio Research, said in a news release. Increased demand for automobiles and the implementation of new emission control measures globally has led to an increased adoption of viscosity improvers. Also, consumers are opting for multi-grade oils, owing to their favorable properties like cold weather protection of the engine and better mileage performance.
The company noted that the increased adoption of hybrid electric vehicles is expected to pose a challenge to the growth of the lubricant viscosity improver market during the forecast period, due to their requiring less maintenance.
The report covers viscosity improvers used in major lubricant categories such as passenger car motor oil, heavy-duty motor oil, hydraulic fluids and gear oils.
According to Technavio, the leading players in the market include Afton Chemical, Chevron Oronite, Lubrizol, Evonik and Infineum. The firm said other prominent vendors in the market include Amtecol, Croda, Jinzhou Kangtai and MidContinental Chemical.
The market is predicted to witness an increased influx of private providers and consolidations during the forecast period, the research firm stated. To survive in the intensely competitive environment, vendors are focusing on distinguishing their product and service offerings through a clear and unique value proposition.
The research firm found that olefin copolymer is the largest chemical class of viscosity improvers, accounting for around 75 percent of total market consumption. Olefin copolymer serves mainline lubricants with a broad range of performance and shear stability. Of late, the consumption of low viscosity grade oils has increased, owing to increased inclination toward fuel-efficient environments, Technavio noted.
The report is titled, Global Lubricant Viscosity Improvers Market 2015-2019.