According to the research report titled ‘GLOBAL VISCOSITY INDEX IMPROVERS MARKET 2022-2028’, available with MarketStudyReport, global viscosity index improvers market is expected to expand at 3.01% CAGR during 2022-2028.

The soaring demand for lubricants, and increased production of automobiles in Europe & Asia Pacific regions are the major factors propelling the growth of global viscosity index improvers market.

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Besides, the robust expansion of industries in Middle East & Africa region is creating lucrative prospects for the enterprises in this line of work.

Despite the optimistic standpoint, the dearly cost of the product, and longer drain intervals needed for high-grade lubricants are likely to impede the industry development in the forthcoming years.

Based on product type, the market is categorized into polyisobutylene, polymethacrylate, olefin copolymer, and others. In terms of end-user ambit, the business landscape is segmented into automotive (heavy-duty vehicles, passenger vehicles, others), industrial, and others.

Speaking of the geographical landscape, Asia Pacific viscosity index improvers market is poised to account for an optimum revenue share during the assessment timeframe, attributed to the speedy growth of the base oil sector, rapid industrialization, and the rising population facilitating urbanization in the region.

In addition to this, the presence of numerous companies who are introducing novel products with advanced characteristics, and expansion of major end-use industries like textiles, food processing, chemicals, metalworking, etc. are further augmenting the regional market outlook.

The established names who are defining the competitive scope of worldwide viscosity index improvers industry include Jinzhou Kangtai Lubricant Additives Co., Ltd., Afton Chemical Corporation, Sanyo Chemical Industries Ltd., Chevron Oronite Company LLC, Jilin Xingyun Chemical Co., Ltd., Asian Oil Company, Shanghai Minglan Chemical Co., Ltd., BRB International B.V., Infineum International Limited, BASF SE, Croda International plc, BPT Chemical Co., Ltd., Evonik Industries AG, Lubrizol Corporation, Exxon Mobil Corporation, and Eni S.p.A among others.