Viscosity modifiers (VMs) are polymers that are key ingredients in many lubricating oils. They help lubricant blenders achieve desired rheological properties, such as reducing the tendency of a lubricant’s viscosity to change when subjected to temperature fluctuations to protect equipment at temperature extremes. Among the materials that are generally used for viscosity index improvers include polymethacrylates (PMA), polyisobutylene (PIB), radial polyisoprene and olefin co-polymers (OCP). PMA polymers viscosity modifiers provide very good viscosity index increase, are shear stable and have excellent low temperature fluidity which is important for automatic transmission, gear oils and multi-viscosity hydraulic fluids. Functionalized PMAs with amine dispersants boost a lubricant’s oxidation and cleanliness performance. Polyisobutylene is a mixed butene as raw material, structurally speaking, it is a copolymer of isobutylene and n-butene. It has a low molecular weight and is a viscous liquid. It is mainly used as a lubricant viscosity regulator. Olefin copolymer (OCP) viscosity modifiers are oil-soluble copolymers comprising ethylene and propylene and may contain a third monomer, a nonconjugated diene, as well. From a user\'s perspective, OCPs are marketed as either solids, liquid concentrates, or viscous liquids.
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Global Lubricant Viscosity Modifiers Market Analysis
According to our research, the Global Lubricant Viscosity Modifier market has a total production value of 1824.29 M USD back in 2015, and increased to 2040.80 M USD in 2019. We made a series of functional calculation and deduced the past 5 year’s data with scientific model. Finally, we made the prediction that the value of Lubricant Viscosity Modifier markets can be2411.00 M USD by 2026. The CAGR of Lubricant Viscosity Modifier is 3.10% from 2020 to 2026.
Lubricant Viscosity Modifier sale companies are mainly from North America and Europe; the industry concentrate rate is relatively high. The top three companies are Chevron Oronite, Lubrizol and LANXESS with the revenue market share of 20.15%, 15.50% and 10.87% in 2019.
Asia Pacific was the largest revenue market with a market share of 38.55% in 2015 and 42.68% in 2019, an increase of 4.13%. In 2019, the Europe market share was 24.59%, ranking second. In addition, the North America Lubricant Viscosity Modifier market is expected to be the growing market.
Development of economy, increase downstream demand, technology innovation progress in these areas will promote the Lubricant Viscosity Modifier market.
Global Lubricant Viscosity Modifiers Business Environment Analysis
In the past few years, the price of lubricant viscosity modifiers has fallen, and we expect that the price will drop slightly in the next few years. However, improvements in energy, transportation costs, employee salaries and equipment depreciation will play an important role in increasing the cost of lubricant viscosity modifiers. At the same time, the company is working on technological innovation, equipment upgrades and process improvements to reduce costs and improve quality. With the grabbing of market share in emerging regions, competition in the lubricant viscosity modifier industry will become more intense. Due to low labor and production costs, many lubricant viscosity modifiers are produced in the Asia-Pacific region and exported to the world. Produce lubricant viscosity modifiers of different functional types in the Asia-Pacific region and supply them globally. These various functional modifiers have been tested and formulated according to different OEM and industry standards in multiple regions. Although the research and development cost of regulator formulations is high, due to the low labor and production costs in the region, the Asia-Pacific region plays a vital role in producing different functional types of regulators suitable for various purposes.
Lubricant viscosity modifier improvers improve the viscosity-temperature characteristics of the lubricant, making the oil’s viscosity more stable as its temperature changes. Lubricant viscosity modifier improvers are commonly used in multigame engine oils, gear oils, automatic transmission fluids, power-steering fluids, greases and some hydraulic fluids. Therefore, growing demand for automotive industry and industrial lubricant has driven the growth of global lubricant viscosity modifier improvers market. After the financial crisis, various countries adopted active economic revitalization policies to stimulate economic recovery, and maintained stable and rapid economic growth as the main goal of macroeconomic regulation. The infrastructure has stimulated the demand for construction machinery and promoted the development of the downstream lubricant viscosity modifier market.
The quality of the lubricant viscosity modifier is directly related to the quality and performance of the lubricating oil and the normal operation and economic benefits of the end user’s production equipment. Therefore, users of lubricant viscosity modifiers, especially large lubricant companies, should choose lubricant viscosity modifier suppliers. All have strict evaluation conditions, mainly through comprehensive inspection and evaluation in terms of enterprise scale, brand image, credit rating, quality management, product development, testing and inspection, production technology, and guaranteeing supply capabilities. Once entered into their procurement system, both parties tend to establish A long-term and stable cooperative relationship to ensure the stability of its equipment maintenance. Lubricating oil companies pay more attention to the quality requirements of viscosity modifiers than price factors. Therefore, for companies that are new to this industry, they have higher customer development costs.
The lubricant viscosity modifier industry is also a capital-intensive industry, and its R&D, production and sales have obvious capital barriers. On the one hand, production equipment and facilities require large-scale capital investment, and in the process of new product development, the company needs to invest large amounts of money for bench tests, driving tests, product API certification, etc.; on the other hand, companies need a certain production, a certain amount of safety reserves are usually reserved for main raw materials. Therefore, lubricant viscosity modifier manufacturers need more funds for turnover, which constitutes a capital barrier to enter the industry.
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