Lubricant viscosity modifier is an additive used to adjust the viscosity of lubricants. It can improve the fluidity and viscosity temperature performance of lubricating oil, ensuring stable lubrication effect under various working conditions.
Overview of Market Development
The global lubricant viscosity modifier market is maintaining slow but steady growth. In terms of market size, according to our research data, the estimated global lubricant viscosity modifier market size in 2024 is $2286 million, an increase of 2.70% compared to 2023, and is expected to continue to increase to $2611 million by 2029. The CAGR for 2024-2029 is estimated to be 2.69%. In terms of regional pattern, the Asia Pacific region is the largest revenue market, with Europe and North America also occupying important positions.
In addition, from the perspective of development trends, with the continuous progress of industrial technology and the implementation of environmental protection policies, the lubricant viscosity modifier market will develop towards a green and environmentally friendly direction, and technological innovation and industrial upgrading will become the main driving forces for market growth.
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the global lubricant viscosity modifier market is relatively high. Data shows that the total revenue of the lubricant viscosity modifier market for the top 3 companies in 2023 was $1037 million, with a total revenue share of nearly 50%. The top three companies were Chevron Oronite, Lubrizol, and LANXESS. In 2023, these three companies accounted for 20.36%, 15.36%, and 10.85% of the global lubricant viscosity modifier market revenue, respectively.
Global Lubricant Viscosity Modifier Market Revenue Forecast and Competition Pattern Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, the mainstream products in the global lubricant viscosity modifier market currently include polymethylmethacrylate (PMA), polyisobutene (PIB), and olefin copolymer (OCP). Among them, the segmented type of OCP dominates the market, with an expected production share of 79.46% in 2024.
Global Lubricant Viscosity Modifier Production Volume and Proportion by Type Forecast in 2024
|
Types
|
Production Volume (K Tons)
|
Proportion
|
|
OCP
|
593.5
|
79.46%
|
|
PMA
|
83.1
|
11.13%
|
|
PIB
|
46.4
|
6.38%
|
|
Others
|
22.6
|
3.04%
|
Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Lubricant Viscosity Modifier Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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