Viscosity Index Improvers Market growing at a CAGR of 4.7% from 2025 to 2033

The global viscosity index improvers market size was estimated at USD 2,847.6 million in 2024 and is projected to reach USD 4,282.7 million by 2033, growing at a CAGR of 4.7% from 2025 to 2033. The viscosity modifiers and viscosity index improvers are same.

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The viscosity modifiers (also known as viscosity index improvers) are key polymeric additives used to enhance the temperature-dependent behavior of lubricants and oils, ensuring consistent performance across varying thermal conditions. The market growth is primarily driven by the expanding automotive and industrial lubricant sectors, where the demand for high-performance, fuel-efficient, and low-viscosity lubricants continues to rise.

Increasing production of passenger and commercial vehicles, coupled with stricter emission norms, has accelerated the adoption of viscosity index improvers in engine oils, transmission fluids, and hydraulic lubricants.

Another major growth driver is the increasing emphasis on fuel efficiency and emission reduction. Modern engine designs operate under higher temperatures and pressures, requiring lubricants that maintain optimal viscosity and film strength. Viscosity index improvers help achieve better energy efficiency by reducing frictional losses, improving cold-start performance, and extending oil drain intervals. The development of advanced hydrogenated styrene-diene and polymethacrylate-based VIIs is enabling the formulation of next-generation lubricants with superior shear stability and oxidation resistance. Additionally, the growing adoption of synthetic and semi-synthetic lubricants in both automotive and industrial sectors is further strengthening market demand for high-quality viscosity modifiers.

Furthermore, the rapid emergence of electric and hybrid vehicles presents new opportunities for viscosity index improver manufacturers. Electric vehicle (EV) drivetrains and e-transmissions require specialized lubricants with controlled thermal and rheological properties, creating demand for tailor-made VIIs compatible with low-viscosity fluids. The increasing industrial automation and expansion of heavy machinery, construction, and marine sectors also support lubricant consumption, reinforcing the market’s long-term growth outlook. Overall, ongoing product innovation, evolving engine technologies, and the global shift toward sustainability are expected to drive steady expansion in the viscosity index improvers market through 2033.

Market Concentration & Characteristics

The viscosity index improvers (VII) market is moderately consolidated, with a few global chemical and lubricant additive manufacturers dominating overall supply. Major players such as Lubrizol Corporation, Infineum International, Afton Chemical Corporation, and BASF SE hold significant market shares due to their strong product portfolios, global distribution networks, and long-standing relationships with lubricant formulators and OEMs. These companies invest heavily in R&D to develop advanced polymer chemistries, such as hydrogenated styrene-diene copolymers (HSDs) and polymethacrylates (PMAs), that offer superior shear stability and thermal performance for high-end lubricants. Entry barriers are relatively high, given the capital-intensive production process, the need for technical expertise in polymer synthesis, and stringent quality and performance validation standards required by end users.

At the same time, the market is witnessing a gradual shift toward regional diversification and strategic partnerships. Emerging Asian producers, particularly in China, India, and South Korea, are expanding capacity to cater to growing domestic lubricant demand, leading to increased competition at the regional level. However, the formulation of OEM-approved lubricant additives remains largely controlled by established multinational companies that possess proprietary technologies and testing capabilities. This dynamic results in a moderately concentrated but technologically differentiated market, where innovation, long-term supply contracts, and customized formulation capabilities are the key competitive advantages.

Viscosity Index Improvers Market Report Scope