North America Viscosity Index (Vi) Improvers Market Forecast 2022-2030

North America Viscosity Index (Vi) Improvers Market Forecast 2022-2030

KEY FINDINGS

The North America viscosity index (VI) improvers market is projected to grow with a CAGR of 2.58% across the forecasting years of 2022 to 2030. The regional market’s growth is mainly fueled by the rise in commercial vehicle sales, in addition to the increasing demand for automotive and industrial lubricants.

MARKET INSIGHTS

The North America viscosity index (VI) improvers market growth assessment entails the analysis of Canada and the United States. Canada is the second-largest consumer of lubricants across North America, in addition to being the fifth-largest automobile producer globally. The country produces approximately two million cars as well as light trucks per year, holding an eminent share in terms of automotive vehicle production.

On the other hand, the automotive industry in Canada has integrated with the North American Free Trade Agreement (NAFTA) in order to push its manufacturing activities. This aspect is anticipated to positively influence the automotive industry over the upcoming years, thus augmenting the consumption of viscosity modifiers within the country’s automotive sector. A significant increase in the export and production of chemicals and pharmaceuticals, combined with a rise in manufacturing output, is set to further fuel the demand for lubricant additives, such as viscosity index improvers. Therefore, these factors are estimated to propel market growth during the forecast period.

COMPETITIVE INSIGHTS

Some of the leading firms operating in the market are Afton Chemical Corporation, Chevron Oronite, The Lubrizol Corporation, 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