United States Viscosity Index (Vi) Improvers Market Forecast 2022-2028
The United States viscosity index (VI) improvers market is anticipated to grow with a CAGR of 2.74% over the estimated period. The country’s market growth is propelled by the increasing demand for automotive and industrial lubricants as well as the augmenting automobile industry. While the base year considered for the studied market is 2021, the forecasting years are from 2022 to 2028.
The United States’ automotive industry is one of the largest application avenues for viscosity index improvers. However, despite the continued growth of the automotive industry over the last decade, the sector has exhibited a sharp deterioration since the beginning of 2019. The plummet is attributed to several factors, such as the trade war between the United States and China, in addition to the COVID-19 pandemic.
Furthermore, in the first nine months of 2020, the overall automobile manufacturing in the United States recorded a strong decline of approximately 25.1% year-on-year over the same period in 2019, reaching around 6.24 million vehicles from 8.33 million vehicles in January-April 2019. The manufacturing decline on account of the virus’ outbreak has significantly impacted the country’s automotive industry, thus indirectly affecting the demand for viscosity index improvers. As a result, these factors are set to facilitate the United States viscosity index (VI) improvers market growth during the forecasted years.
Leading companies operating in the market are Exxon Mobil Corporation, The Lubrizol Corporation, Afton Chemical, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook