Key Market Overview:
Viscosity Reducing Agents Market was sized at USD 1.41 Billion in 2021, and the market is estimated to witness a growth of USD 2.27 Billion by 2030 at a CAGR of 5.5 % during the forecast period (2022-2030).
Viscosity-reducing agents, also known as viscosity reducers or viscosity modifying agents, are substances that are added to fluids to reduce their resistance to flow, or viscosity. The main types of viscosity-reducing agents are polymers, such as polyisobutylene and polymethacrylate. Such agents are used to improving the fluid’s ability to flow through pipelines or other types of equipment, making transportation much easier. For instance, in the oil and gas industry, viscosity-reducing agents are added to crude oil to reduce the viscosity and allow for easier pumping and transportation through pipelines. Moreover, viscosity-reducing agents are used in a wide range of industries, including oilfields, paint & coating, construction, and others. Furthermore, International Organization for Standardization (ISO) and the American Society for Testing and Materials (ASTM) provide standards for a wide range of products and materials, including viscosity-reducing agents used in lubricants and fuels. For instance- ISO 6743-13 specifies the requirements for anti-wear hydraulic fluids used in industrial applications, and ASTM D341 provides a standard method for calculating the viscosity-gravity constant and density of liquids.
Moreover, the global viscosity-reducing agents market is expected to grow during the forecast period due to increasing demand for fuel-efficient engines and machinery in various industries such as automotive, construction, and power generation.
Based on geography, Asia Pacific is dominating the market for viscosity-reducing agents due to rapid industrialization and urbanization in countries such as China and India. North America and Europe are expected to show significant growth in the market during the forecast period.
Market Dynamics:
Driver:
- The use of viscosity-reducing agents in lubricants and fuels improves the fuel efficiency of vehicles, which is a major driver of the market as it leads to reduced fuel consumption and lower emissions.
- An increase in the use of viscosity-reducing agents in various industries such as automotive, construction, and oil and gas are one of the key factors propelling the growth of the market.
Restraint:
Viscosity-reducing agents are not effective over a wide temperature range and the effectiveness of such agents decreases at high or low temperatures due to their chemical composition and physical properties. Thus, decreasing the demand for the agents in various applications which hinders the market growth.
Opportunity:
With the development of new technologies and formulations, the viscosity-reducing agents market is expected to grow during the forecast period. Additionally, the rising environmental concern among various end-use industries has a surge in inclination towards the usage of bio-based viscosity-reducing agents globally. This in turn has encouraged various market players to develop various bio-based viscosity-reducing agents in the market. Therefore, the confluence of the above-mentioned facts is likely to offer immense opportunities for the growth of the overall market in the forecast period.
Viscosity Reducing Agents Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 2.27 Billion |
| CAGR (2022-2030) | 5.45% |
| By Type | Polymers, Dispersants, Surfactants, Additives, and Others |
| By Application | Lubricants, Fuels, Oilfield, Paint and Coatings, and Others |
| By End-User | Automotive Industry, Oil & Gas Industry, Construction Industry, and Others. |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. |
| Key Players | Afton Chemical Corporation, Chevron Oronite Company LLC, Infineum International Ltd., Lanxess AG, Lubrizol Corporation, Total S.A., The Dow Chemical Company, ExxonMobil Chemical Company, BASF SE, Sinopec Limited.
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Market Segmentation:
By Type
Depending on the type, the market is segmented into polymers, surfactants, additives, and others. The polymer segment is considered to dominate the market with a share of approximately 35.12% of the market. Owing to the fact that the polymers are cost-effective, easy to handle, exhibit good stability, and are easily accessible in the market, making them ideal for various industrial processes. Furthermore, polymers are easily customized to meet the specific requirements of various applications such as lubricants, fuels, oilfields, and others. In addition to this, polymers are also compatible with various substances and have a good track record of performance in various applications.
By Application
The application segment is divided into lubricants, fuels, oilfields, paint and coatings, and others. The lubricants segment is considered to dominate the viscosity-reducing agents market with a share of approximately 28.21% of the market. Owing to the use of lubricants in a variety of industries including automotive, and power generation, which increases the demand for viscosity-reducing agents in the lubricants segment. Also, the rising demand for high-performance lubricants which results in increased efficiency and reduced wear and tear of equipment is increasing the segment growth.
Moreover, the fuel segment is considered to hold a share of nearly 20% of the market as these agents are used in fuels, such as diesel and gasoline, to reduce their viscosity and improve their flow properties.
By End-User:
The end-User segment is divided into the automotive industry, oil & gas industry, construction industry, and others. The oil & gas industry is one of the major end-users of viscosity-reducing agents and is anticipated to grow at a significant rate during the forecast period. Owing to the high-viscosity fluids, such as heavy crude oil.
Additionally, the automotive segment is also growing at a steady pace as viscosity-reducing agents are widely used in this segment to improve the performance of lubricants and fuels, which leads to better fuel efficiency and longer engine life.
Moreover, these agents are used in various industrial applications, such as machinery lubrication and hydraulic systems, to reduce friction and wear and improve equipment efficiency. Further, such agents are used in the marine industry to improve the performance of lubricants and fuels in ships and boats, which leads to better fuel efficiency and longer engine life.
By Region
By region, the market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. The Asia-Pacific region is dominating the viscosity-reducing agents market and is anticipated to witness a notable growth rate during the forecast period owing to rising demand from countries such as China and India. Moreover, many of the major manufacturers of these agents have their operations in the Asia-Pacific region, which makes the region a major hub for the production and distribution of viscosity-reducing agents.
Also, India is the third-largest consumer of crude oil and petroleum products followed by China and the U.S. The growing crude-oil consumption is expected to drive the market during the forecast period. However, other regions such as North America and Europe also hold a significant share of the market. As both regions have a high consumption of refined products such as gasoline and diesel which is driving the demand for viscosity-reducing agents.
Viscosity Reducing Agents Market Competitive Landscape:
The viscosity-reducing agents market is a highly competitive industry, with a large number of key market players operating. These players adopt various strategies such as collaborations, partnerships, agreements, and new product launches to increase their share in the market. The key players in the market include-
- Lanxess AG
- Chevron Oronite Company LLC
- Infineum International Ltd.
- Afton Chemical Corporation
- Lubrizol Corporation
- Total S.A.
- The Dow Chemical Company
- ExxonMobil Chemical Company
- BASF SE
- Sinopec Limited
Recent Developments:
- In February 2019, CSL Capital Management, L.P. (CSL Capital) transferred ownership of its viscosity/drag-reducing agent business to Liquid Power Specialty Products Inc. With this acquisition, Liquid Power Specialty Products Inc. acquired a high-quality production facility for viscosity/drag reducing agents as well as a newly assembled team to enhance its ability to serve customers on a global scale.
- In September 2019, Transneft established a new factory that produces viscosity/drag-reducing agents in the Alabuga Special Economic Zone in the Republic of Tatarstan. The facility has a current capacity of producing three thousand tons per year, with plans to expand to ten thousand tons per year. The firm’s goal is to manufacture 600 tons of these agents to meet their demand for drag-reducing agents.
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