Global Viscosity Index Improvers Market forAutomotive: Key Highlights
· Theglobal viscosity index improvers market for automotive wasvalued at ~US$ 2.3 Bn in 2018 and is anticipatedto rise at a CAGR of ~4% during the forecast period.
· Theolefin copolymer segment accounted for a major share of the viscosity indeximprovers market for automotive in 2018, due to the growingconsumption of engine oil across the globe. Investments in electric vehiclesare increasing at a healthy pace.
· Theengine oil segment held a prominent share of the viscosity index improversmarket for automotive in 2018. The high demand for engine oil fromthe aftersales market, along with high consumption of lubricants in automobilesis expected to boost the demand for engine oils in future.
· Themarket in Asia Pacific is likely to expand at a substantial pace in the nearfuture, due to the increase in automotive sales, along with rise in the demandfor automotive lubricants in the region.
Key Drivers of Viscosity Index Improvers Market forAutomotive
· Increasingautomobile sales across the globe, especially in developing countries, arelikely to drive the demand for viscosity index improvers in the automotivesector. The automotive industry is one of the major consumers of lubricants;moreover, increasing purchasing power and rising disposable income indeveloping nations such as China and India are creating huge demand forautomobiles. This is resulting in increased demand for lubricants in theindustry, which, in turn, is likely to propel the demand for viscosity indeximprovers in the automotive industry.
· Therising demand for lubricants is also another key driver of the viscosity indeximprovers market for automotive. Lubricants prevent wear & tear ofequipment and parts by reducing friction between two surfaces. Moreover, theyincrease the operating efficiency of an equipment by reducing unnecessaryenergy loss due to friction. Lubricants in automobiles have to work over a widerange of temperatures, which can drastically impact their viscosity andlubricating capabilities, resulting in lower effectiveness and efficiency.However, viscosity index improvers reduce this viscosity change withtemperature, thereby enhancing lubricant performance across differenttemperatures.
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Asia Pacific a Prominent Viscosity Index ImproversMarket for Automotive
· AsiaPacific was the dominant region of the global viscosity index improvers marketfor automotive in 2018. It led the global viscosity index improversmarket for automotive in 2018, primarily due to the rise in thedemand for automobiles. The viscosity index improvers market for automotive inthe region is expected to rise at a rapid pace during the forecast period.
· Risingdisposable income and easy finance options in Asia Pacific, especially indeveloping economies, are driving the demand for automobiles, and, in turn,viscosity index improvers in the automotive space.
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Global Viscosity Index Improvers Market forAutomotive – Key Developments
· In October2018, Chevron Oronite Company LLC hosted an event to mark the beginning ofthe construction of a wholly-owned additive manufacturing plant in Ningbo, aseaport city in northeast Zhejiang Province, China. The facility is scheduledto open as a blending and shipping facility, and late undergo a phasedexpansion into component manufacturing as the demand for lubricant additivesgrows. The location of the manufacturing facility is a part of the NingboEconomic and Technical Development Zone (NETD) near the Ningbo Port, which oneof the largest ports in the world taking into account annual cargo throughput.
· In September2018, Afton Chemical announced the completion of the Phase II expansion ofits chemical additive manufacturing facility in Jurong Island, Singapore. Atotal investment of SGD 222 Mn went into this expansion phase, which broughtthe total investment in Singapore to SGD 380 Mn. With theexpansion of the facility, the company would now have the full capability toproduce the core engine oil additives that it needs for the Asia Pacificregion.
· In July2018, Afton Chemical announced the completion of the acquisition ofAditivos Mexicanos, S.A. de C.V. (AMSA), a petroleum additives manufacturing,sales, and distribution company based in Mexico City, Mexico. The acquisitionwould help the company bring new value-added solutions to its customers inMexico and around the world. The acquisition of AMSA complements and expandsthe company’s footprint in Latin America, which includes subsidiaries inBrazil, Mexico, Argentina, and Venezuela.
· In May2018, JXTG Nippon Oil & Energy Corporation (JXTG) and SanyoChemical Industries, Ltd (SCI) announced plans to expand their existing ENBplants in the U.S. from 40,000 tons per year to 46,000tons per year, which would deliver an additional 15% productioncapacity by 2020.
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Global Viscosity Index Improvers Market forAutomotive – Competition Landscape
· Theglobal viscosity index improvers market for automotive is led by multinationalplayers operating across the globe.
· Highcapital investments and numerous of technological collaborations are some ofthe key features of the viscosity index improvers market for automotive. Brandvalue plays a major role in the market, giving a competitive edge toestablished players over others.
· Prominentplayers active in the viscosity index improvers market for automotiveinclude Evonik Industries,The Lubrizol Corporation, ChevronOronite Company LLC, Afton Chemical Corporation, Infineum InternationalLimited, Sanyo Chemical Industries, Ltd., Prasol Chemicals Pvt. Ltd, NanjingRunyou Chemical industry Additive Co., Ltd., Mitsui Chemicals, Inc, BASFCorporation, BPT Chemicals, Jilin Xingyun Chemical Co., Ltd, ARLANXEO, andShenyang Great Wall Lubricating Oil Manufacturing Co., Ltd.
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