Le Lézard
Classified in: Transportation, Covid-19 virus
Subject: SVY

Escalating Automobile Sales Unlocking Novel Growth Prospects, Asia Pacific to be Crowned as Prominent Growth Generating Region for Global Viscosity Index Improvers Market for Automotive across Assessment Period of 2019-2027: TMR


- Viscosity index improvers are mainly used for controlling the frequent changes in temperature across a range of vehicles, thus laying a red carpet of growth for the viscosity index improvers market for automotive

- The global viscosity index improvers market for automotive is extrapolated to expand at a CAGR of ~4 percent between 2019 and 2027

ALBANY, N.Y., Sept. 15, 2020 /PRNewswire/ -- Transparency Market Research, New York: Automobile sales are increasing around the world, though a long lull was observed during the COVID-19 lockdown implementations by governments of various countries. As the lockdown is being relaxed in numerous parts of the globe, the automobile sales are surging as individuals now prefer traveling in their personal vehicles rather than public transport to avoid virus contraction. Therefore, this aspect may invite prominent growth prospects for the viscosity index improvers market for automotive.

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The analysts at Transparency Market Research (TMR) prognosticate the global viscosity index improvers market for automotive to record a CAGR of ~4 percent through the forecast period of 2019-2027. The global viscosity index improvers market for automotive was valued at ~US$ 2.3 bn in 2018 and may reach a value of US$ 3.3 bn by the end of 2027.

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As the sales of vehicles increase, the demand for lubricants also increases. The properties of lubricants such as the reduction in friction between two surfaces and the prevention of wear and tear are important factors leading to the growth of the lubricants. Viscosity index improvers are used in lubricants for reducing viscosity change with temperature and also to ramp up the operating efficiency. Therefore, these factors bring tremendous growth prospects for the viscosity index improvers market for automotive.

Viscosity Index Improvers Market for Automotive: From Analysts' Perspective

The TMR analysts appreciate the manufacturers for using novel initiatives and techniques to improve the revenue. One such instance is the development of oil additives that prevent the hardening of wax particles in motor oil in extremely cold regions. The manufacturers are also gathering field performance data to innovate novel combinations in copolymers.

The advent of electric vehicles has prompted the manufacturers in the viscosity index improvers market for automotive to focus on developing additives that cater to the EV segment according to the analysts. The players in the viscosity index improvers market for automotive are also increasing research and development activities in the context of electric vehicles (EVs).

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Viscosity Index Improvers Market for Automotive: Prominent Revelations

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Viscosity Index Improvers Market for Automotive: Growth Opportunities

The properties of viscosity index improvers may prove to be a boon for the viscosity index improvers market for automotive through the forecast period of 2019-2027.

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Viscosity Index Improvers Market for Automotive: Competitive Landscape

Varied multinational players help in increasing the growth rate of the viscosity index improvers market for automotive. Escalating investments are also bringing tremendous growth prospects for the viscosity index improvers market for automotive.

Furthermore, activities like mergers, collaborations, partnerships, and joint ventures are adding extra stars of growth. Some well-entrenched players in the viscosity index improvers market for automotive are BASF Corporation, Afton Chemical Corporation, ARLANXEO, and Evonik Industries.

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Global Viscosity Index Improvers Market for Automotive: Segmentation

By Type

By Application

By Region

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Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,

Naphthenic Base Oil Market - The global naphthenic base oil market depicts a highly consolidated competitive landscape. A handful of large-scale vendors hold majority of the shares in this market, thus forming a great developmental divide between themselves and other small-scale players. Most manufacturers are pouring large amounts of money to carry out extensive research and development mainly for improving their products. Expanding product portfolios and forming partnerships with other firms are two most prominent strategies utilized by most players operating in the global naphthenic base oil market to strengthen their presence. Calumet Specialty Products Partners L.P., Ergon LLC, Royal Dutch Shell Plc., Nynas AB, and Chevron Corporation are the chief businesses operating in this market.

Lubricant Additives Market - The global lubricant additive market is projected to grow at a CAGR of nearly 2% between 2019 and 2027. Technological advancement and changing government regulations for emissions is likely to impact the growth for lubricant additives market. Lubricant additives are a combination of various chemicals that are mixed with the base oil to enhance the performance of lubricants. Apart from extending the life of lubricants, they perform functions such as preventing engine wear, reducing friction, stabilizing oxidation, and cleaning engines. Global lubricant additives market to greatly benefit from the dynamic automotive sector. As manufacturers work towards meeting various emission standards, their demand for lubricants additives is expected to rise during the forecast period.

Viscosity Reducing Agents Market - Viscosity reducing agents have attracted groundswell of interest among industry players committed to produce and delivery crude oil cost-effectively. Worldwide, the application areas in the viscosity reducing agents market have been evolving at rapid pace due to the production of new oil and gas resources. In recent years, need the use of viscosity reducing agents for extracting heavy and extra-heavy oil resources has gathered steam in various developing and developed regions of the world. Viscosity reducing agents play crucial role in exploiting, transporting, and refining processes in crude oil production and application.

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About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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