Asia-pacific Viscosity Index (Vi) Improvers Market Forecast 2022-2030

Asia-pacific Viscosity Index (Vi) Improvers Market Forecast 2022-2030

KEY FINDINGS

The Asia-Pacific viscosity index (VI) improvers market is predicted to register a CAGR of 3.13% during the forecasting period of 2022 to 2030. The market growth of the region is driven by key factors such as the rising domestic automobile production, the rapidly developing automotive sector, as well as the increasing demand for improved and high-performance lubricants.

MARKET INSIGHTS

The Asia-Pacific viscosity index (VI) improvers market growth evaluation constitutes the assessment of Indonesia, Vietnam, India, Australia & New Zealand, Thailand, South Korea, China, Japan, and Rest of Asia-Pacific. India is the second-largest lubricant consumer across the Asia-Pacific as well as the third-largest globally, following the United States and China. The nation accounts for approximately 7% of the global lubricants market’s demand. Moreover, the Indian industry space comprises 20 organized players, including Gulf Oil, Castrol, Veedol, Shell, Valvoline, and others.

In contrast, the automotive industry in South Korea is declining, with a steady depreciation in domestic consumption, production, and exports amid the worldwide economic slowdown. This factor significantly intensifies labor strikes as well as competition. Compared to 2018, domestic automobile manufacturing and demand plummeted by 0.8% and 0.3%, respectively, in the first quarter of 2019. Hence, with negative growth in South Korea’s automotive industry, the need for viscosity index improvers is anticipated to record moderate growth, as well. As a result, these aspects are set to influence the Asia-Pacific viscosity index (VI) improvers market growth during the forecasting years.

COMPETITIVE INSIGHTS

The top players operating in the market are Asian Oil Company, Jilin Xingyun Chemical Co Ltd, Shanghai Minglan Chemical Co Ltd, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments