The global lubricant viscosity improvers market is likely to reach about 1.2m metric tons by 2019, according to research.
High demand for vehicles and new energy and emission control measures by various countries has led to advanced lubricant formulations which require viscosity improvers.
According to Technavio Research, the Asia-Pacific region dominates the viscosity improvers market with a 2.37% global growth rate expected for the period 2014-2019.
With the use of additives in the manufacturing and finishing of various automobile parts and lubricants, the transportation sector, in particular the automobile segment, is consuming a major portion of the global viscosity additives produced for use in engine oils.
Sriram Mohan, chemicals and materials lead analyst for Technavio Research, says, "....consumers are opting for multi-grade oils, owing to their favorable properties like cold weather protection of the engine and better mileage performance.”
According to Lube Report, the research firm found that olefin copolymer is the largest chemical class of viscosity improvers, accounting for around 75% of total viscosity improvers market consumption.