The use of sophisticated machinery has risen across several industries due to global industrialization's rapid pace and rising industrial automation.ĭemand for industrial lubricants, drilling fluids, metalworking fluids, quenching oils, and other lubricants has increased due to increasing lubrication operations for better performance and longer machine life, which has also increased demand for viscosity improvers. In addition, manufacturers of industrial lubricants should see an increase in demand for viscosity index improvers. With the growing demand for lubricants, sales of viscosity index improvers have increased compelling future market insights to revise its forecast with a higher value. With consistent growth in demand for lubricants across the globe post-COVID-19 owing to the nimble recovery of industries and the growing automotive industry. They are often employed as additives in lubricants to maintain their viscosity. Viscosity index improvers find a variety of applications in increasing the viscosity of lubricant oils. While comparison to H1, 2021, the market is expected to increase by 40 BPS in H1 -2022. The market's potential for expansion varies still greatly from region to region, mostly depending on how active the local manufacturing sector is.Īccording to FMI analysis, the variation between the BPS values observed in the viscosity index improvers market in H1, 2022 - Outlook over H1, 2022 Projected reflects the addition of 30 units. The market has been significantly influenced by factors such as industrialization, the rise of value-added manufacturing, other macroeconomic factors, and demographic changes. How The Market Progressed Till June 2022?įMI provides a half yearly comparison, analytical data, and key market developments for the market for viscosity index improvers. Increasing demand for high-performance lubricants, as well as rapid industrial growth in China, India, and other developing countries, is expected to drive the viscosity index improver market over the forecast period.Ĭonsidering this, FMI has forecasted the global Viscosity Index Improvers sales to reach a valuation of US$ 4,699.3 Million in 2029. The demand for viscosity index improvers is expected to rise during the forecast period due to increased demand from a variety of applications. The global business is anticipated to witness a considerable CAGR of 2.9% during the period of 20.Ĭollective Value Share: Top 3 Countries (2022E) Viscosity Index Improvers Market Snapshot (2022 to 2029)įuture Market Insights (FMI) has forecasted the Viscosity Index Improvers market to grow with a year-on-year growth of 2.5% in 2022 reaching a value of about US$ 3,836.5 Million by 2022 end.
0 Comments
Leave a Reply. |