The global viscosity index improvers market is prognosticated to witness a positive growth curve in forthcoming years, reports Transparency Market Research (TMR). The market’s competitive landscape features a veritable pool of established market players. The vendors in the market are expected to capitalize on opportunities offered by emerging industries such as the booming automotive sector, the marine industry, and manufacturing processes.
Vendors in the global viscosity index improvers market are expected to focus on research and development for improving their product portfolio, launching novel and innovative products. Technological advances in viscosity index improvers are expected to open up growth opportunities in for vendors in the market.
Key vendors operating in the global viscosity index improvers market include The Lubrizol Corporation, Chevron Oronite Company LLC, Evonik Industries, Nanjing Runyou Chemical industry Additive Co., Ltd., and Sanyo Chemical Industries. According to TMR analysts, the viscosity index improvers market was estimated to be worth US$ 3.02 Bn in 2017. Over the forecast period of 2018 to 2026, the market is projected to expand at a 4% CAGR.
Among the type segments, the demand for olefin copolymer is expected to remain high over the forecast duration. This could be attributed to the segment already accounting for a 45% share of the overall market in 2017. In the same year, Asia Pacific held more than 35% of the global share in the global viscosity index improvers market. The high sales of automobiles in the region could play a key role in the strengthening of this regional market, bolstered by the rapidly growing automotive industry in countries like China and India.
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