Lubricant Viscosity Index Improvers Market was valued at USD 3.2 Billion in 2022 and is projected to reach USD 5.1 Billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030.
The global lubricant viscosity index improvers market is experiencing a significant expansion driven by the increasing demand for high performance lubricants in automotive industrial and manufacturing sectors. As of 2024 the market is valued at approximately USD 2.5 billion and is projected to grow at a compound annual growth rate CAGR of around 5.5% over the next 5 to 10 years. The surge in demand for fuel efficient vehicles advancements in lubricant technologies and rising industrial production are major contributors to this growth. Additionally the growing awareness about energy conservation and sustainability is pushing the adoption of high viscosity index lubricants particularly in regions such as North America Europe and the Asia Pacific.
Key industry advancements such as the development of synthetic lubricants coupled with innovations in viscosity index improvers VII are reshaping the market landscape. Viscosity index improvers enhance the performance of lubricants by enabling them to maintain a stable viscosity across a wide range of temperatures thereby improving the efficiency and longevity of engines and machinery. The ongoing trend of using bio based and eco friendly lubricants also drives the need for advanced VII formulations that meet stringent environmental regulations.
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Technological Advancements: Continuous improvements in VII technologies such as the development of high performance polymers and additives are essential to meeting the demands of modern engines and machinery. Innovations aimed at increasing fuel efficiency reducing emissions and improving equipment longevity are crucial drivers for market growth.
Growing Automotive Industry: The automotive sector is a key end user of viscosity index improvers. With the increasing focus on fuel efficiency and reduced emissions OEMs original equipment manufacturers are turning to high VI lubricants to enhance engine performance and reduce operational costs.
Industrialization and Manufacturing Growth: As industrialization and manufacturing activities expand globally the demand for advanced lubricants used in machinery and industrial equipment is rising. This in turn boosts the demand for high quality viscosity index improvers.
Sustainability and Eco friendly Trends: The market is witnessing a shift towards bio based lubricants which require specialized viscosity index improvers. Increasing environmental regulations that mandate the use of eco friendly lubricants are driving the adoption of sustainable VII technologies.
Cost of Synthetic Additives: The high cost of synthetic viscosity index improvers as compared to traditional additives may limit their adoption in price sensitive markets especially in developing regions.
Supply Chain and Raw Material Challenges: The market is affected by fluctuations in the prices and availability of raw materials for VII production. Supply chain disruptions geopolitical instability and regulatory constraints can impact the smooth flow of manufacturing.
Strict Regulatory Compliance: Stringent environmental regulations governing lubricant composition and performance can increase the complexity and cost of formulation. Meeting the regulatory standards for eco friendly products is challenging for manufacturers.
Innovation in Bio based Viscosity Index Improvers: There is a growing opportunity to develop bio based viscosity index improvers that meet both performance and environmental standards. This would appeal to a broad range of consumers looking for greener alternatives.
Emerging Markets: Rapid industrialization in Asia Pacific Latin America and the Middle East presents significant growth opportunities for the viscosity index improvers market. These regions are seeing an increasing demand for high performance lubricants in various industrial applications.
Collaborations and Strategic Partnerships: Collaborations between lubricant manufacturers technology providers and research institutions are creating new opportunities for product innovation and market expansion. Strategic alliances are key to accelerating the development of advanced viscosity index improvers.
Automotive Lubricants: The automotive sector is one of the largest consumers of viscosity index improvers. The shift toward high efficiency engines longer oil change intervals and stricter emissions standards is driving the demand for high VI automotive lubricants.
Industrial Lubricants: Industrial machinery including engines turbines and compressors requires lubricants that can perform under varying temperature and pressure conditions. Viscosity index improvers are critical in ensuring that these lubricants maintain optimal viscosity under different operating conditions.
Aerospace Lubricants: Aerospace applications require lubricants that can function efficiently under extreme conditions. High performance viscosity index improvers play a crucial role in meeting the demands of aviation engines and equipment.
Marine Lubricants: The marine sector also relies on viscosity index improvers for lubricants used in ships and offshore equipment. These lubricants are required to perform under varying environmental conditions making VIs crucial for ensuring reliability and performance.
OEMs Original Equipment Manufacturers: OEMs are a significant segment of the market as they rely heavily on high performance lubricants for their vehicles and machinery. The need for high VI lubricants to enhance engine and equipment efficiency is strong among OEMs.
Aftermarket: The aftermarket segment is growing as vehicle and equipment owners increasingly seek lubricants that offer superior performance and longevity. This includes DIY consumers as well as fleet operators looking to optimize operational costs.
North America: North America holds a dominant share of the market due to the presence of major automotive manufacturers a strong industrial base and rigorous fuel efficiency regulations. The U.S. remains a key driver of growth in this region.
Europe: Europe is another key market driven by strict emission standards the demand for high performance lubricants and advancements in automotive technologies. The region also sees significant interest in bio based lubricants.
Asia Pacific: Asia Pacific is experiencing rapid industrialization and an expanding automotive market. China and India are major contributors to the growth of the viscosity index improvers market in this region.
Latin America and Middle East: The growing automotive and industrial sectors in Latin America and the Middle East are creating new opportunities for viscosity index improvers. Increasing manufacturing activities are propelling market expansion.
Chevron Oronite: Chevron Oronite is a leading player in the lubricant additives market offering a range of high performance viscosity index improvers designed to enhance the performance of automotive and industrial lubricants.
Lubrizol Corporation: Lubrizol is a prominent company specializing in additives for lubricants and fuels. Their innovative viscosity index improvers play a critical role in improving the efficiency and performance of lubricants.
Infineum: Infineum is a global leader in lubricant additives offering advanced viscosity index improvers that improve the thermal and oxidative stability of lubricants.
BASF: BASF is a key supplier of high performance lubricant additives including viscosity index improvers. The company focuses on sustainable solutions and the development of eco friendly lubricant technologies.
ExxonMobil Chemical: ExxonMobil provides a wide range of lubricant additives including high performance viscosity index improvers for use in automotive industrial and marine applications.
Bio based Viscosity Index Improvers: The increasing demand for environmentally friendly products is driving innovation in bio based VII solutions. These offer similar performance to synthetic VIs while reducing environmental impact.
Smart Lubrication Systems: The integration of smart technologies such as sensors and IoT based monitoring systems into lubricants and viscosity index improvers is gaining traction. These systems help optimize lubricant performance and reduce maintenance costs.
Low Viscosity Engine Oils: With the rise of fuel efficient vehicles low viscosity engine oils are becoming more popular. This trend has led to the development of advanced VII formulations that help maintain engine protection while offering improved fuel economy.
Supply Chain Disruptions: The global supply chain has been affected by several factors such as geopolitical instability and raw material shortages. Companies need to diversify their supply chains and invest in local production facilities to minimize disruptions.
Rising Raw Material Costs: The rising cost of raw materials including base oils and synthetic additives could affect the pricing of viscosity index improvers. Manufacturers can explore alternative sources for raw materials or adopt more efficient manufacturing processes to mitigate cost pressures.
Regulatory Hurdles: Adhering to strict environmental regulations is a challenge for many manufacturers. Compliance with evolving regulations can be managed through strategic investments in R&D to create products that meet or exceed regulatory standards.
The lubricant viscosity index improvers market is poised for steady growth driven by technological advancements increasing industrialization and rising demand for high performance lubricants. As the automotive and industrial sectors evolve the market will continue to see increased adoption of advanced viscosity index improvers especially in emerging markets. Sustainability trends regulatory compliance and innovation in bio based products will shape the market's future with companies striving to develop cost effective and high performance solutions.
North America Europe and Asia Pacific are leading regions in the market with North America being the largest due to the presence of major automotive and industrial sectors.
The key applications include automotive industrial aerospace and marine lubricants where viscosity index improvers enhance performance across varying temperature conditions.
Challenges include supply chain disruptions raw material cost fluctuations regulatory hurdles and the increasing demand for eco friendly products.
Key players include Chevron Oronite Lubrizol Corporation Infineum BASF and ExxonMobil Chemical.
The market is expected to grow steadily over the next decade driven by advancements in lubricant technologies increasing demand for high performance products and a growing focus on sustainability.
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Lubrizol
Oronite
Infineum
Afton
BASF
Evonik
Sanyo Chemical
Shengyang Greatwall
Nanjing Runyou
Xingyun Chemical
Shanghai High-Lube Additives
YASHIKE LAI EN
BPT Chemical
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Lubricant Viscosity Index Improvers Market
Automotive Lubricants
Industrial Lubricants
Others
Based on Types the Market is categorized into Below types that held the largest Lubricant Viscosity Index Improvers market share In 2023.
Olefin Copolymer VI Improver (OCP)
Polymethacrylate Viscosity Index Improver (PMA)
Others(Such as PIB
SEBS)
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Lubricant Viscosity Index Improvers Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Lubricant Viscosity Index Improvers Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Lubricant Viscosity Index Improvers Market, By Type
6. Global Lubricant Viscosity Index Improvers Market, By Application
7. Global Lubricant Viscosity Index Improvers Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Lubricant Viscosity Index Improvers Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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