Global Lubricant Viscosity Grade Improvers Market 2017-2021
About Lubricant Viscosity Grade Improvers
Viscosity grade improvers are polymers that are mixed with base oil to regulate the change of viscosity in the oil with the change in temperature. Shear stability and thickening capability are the most important parameters of a lubricant viscosity grade improver. They are made up of polymers such as olefin copolymers (OCPs), polymethacrylates (PMAs), and styrene block polymers.
Technavio’s analysts forecast the global lubricant viscosity grade improvers market to grow at a CAGR of 2.58% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global lubricant viscosity grade improvers market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Lubricant Viscosity Grade Improvers Market 2017-2021
Technavio recognizes the following companies as the key players in the global lubricant viscosity grade improvers market: Chevron Oronite, Evonik, Infineum, Lubrizol, and NewMarket.
Other Prominent Vendors in the market are: AMTECOL, Croda International, JINZHOU KANGTAI LUBRICANT ADDITIVES, LANXESS, MidContinental Chemical, Nanjing Runyou Chemical Industry Additive, Sanyo Chemical Industries, and Shenyang Great Wall Lubricating Oil Manufacturing.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growth in industrial gear oil market. Industrial gear oils are a segment of the industrial lubricant market where viscosity grade improvers are used. Although industrial gear oil market is niche, it is an attractive segment for investors. The demand for industrial gear oil is expected to grow at a CAGR of 2.05% during the forecast period. This growth is expected due to the remarkable expansion of the manufacturing and construction sectors, especially in APAC and Europe.”
According to the report, one of the major drivers for this market is Demand for lubricants with enhanced fuel economy. With every level of technology upgrade in this market, the demand for new lubricant with enhanced fuel economy also increases. Even the consumers who are planning to own a car in the near future or are currently owning a car, are demanding cars that are highly fuel efficient and cost effective. The reason behind the increase in life span of cars from eight years in 1995 to around 12 years in 2016 is their strong engine performance. The engine performance is heavily dependent on the type of lubricant used and its viscosity.
Further, the report states that one of the major factors hindering the growth of this market is Changes in oil prices. Crude oil prices are fluctuating from past many years and is expected to face similar ups and downs during the forecast period. The prices of crude oil depend on currency fluctuations. The price of crude oil is measured in US dollars. So, with every rise or fall in the price of crude oil, changes in various currencies against the US dollar are also measured, and the final cumulative price is calculated.
Chevron Oronite, Evonik, Infineum, Lubrizol, NewMarket, AMTECOL, Croda International, JINZHOU KANGTAI LUBRICANT ADDITIVES, LANXESS, MidContinental Chemical, Nanjing Runyou Chemical Industry Additive, Sanyo Chemical Industries, and Shenyang Great Wall Lubricating Oil Manufacturing.
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