Global Polymethacrylate Market in VII and PPD 2016-2020: Energy Efficiency Plays a Vital Role / Constant Need for Technological Upgrade / Increased Use of High Performing Base Stocks - Research and Markets
The global polymethacrylate market in VII and PPD to grow at a CAGR of 2.51% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global polymethacrylate market in VII and PPD for 2016-2020. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the five prominent vendors operating in the market. The report also includes a discussion of the key vendors operating in this market.
VIIs are polymer components that are added to lubricants to prevent rapid viscosity fluctuations with a change in temperature. The three classes of VIIs are olefin copolymers, polymethacrylate, and styrenics. Most of the PCMOs and top grade HDMOs use VIIs in their formulations.
One significant trend that is being observed, particularly among individuals belonging to the Generation Y, is their care for the environment. A survey suggests that this section of individuals is questioning the economics of owning a car due to the former's incompatibility with their beliefs.
According to the report, there has been an increase in the global demand for automobiles in the recent years, especially from the developing countries, owing to the increasing per capita income and economic development. The global automobile market is expected to grow during the forecast period, thereby becoming a key driver for the consumption of lubricants.
Further, the report states that constant need for technological upgrade will be a challenge for the market. Rapid technological advancements in the manufacture of machinery and automobiles are increasing the need for environment-friendly and high-performance lubricants and lubricant additives. Therefore, lubricant manufacturers need to constantly upgrade their production capabilities and product portfolio to match the revised requirements. Although this results in the emergence of value-added products, it severely affects the profit margins of the lubricant manufacturers.
The vendors not only incur the additional costs of revised formulations but also of the capital costs associated with the technology and infrastructural upgrade. Noncompliance with the revised requirements often invites regulatory attention and also leads to a decline in market shares.