Rising Demand in Chemicals Allied Industries to Be the Major Viscosity Reducing Agents Market Driver

Viscosity Reducing Agents Market
Viscosity Reducing Agents Market

Chemistry defines viscous as "water-like," hence a material's value in daily life would decrease as it becomes more viscous and requires more processing to be used in industry. These viscose-reducing substances have the ability to coat oil droplets with a thin layer of water. Additionally, they encourage the expulsion of water molecules from the oil droplets' surfaces, keeping them from becoming entangled and returning to the oil. This enables smoother, more effective movements by significantly increasing the lubricity of the lubricating movement between two parts.

Due to a rise in demand from nations like China and India, the Asia-Pacific region is anticipated to lead the market for viscosity reduction agents over the forecast period. During the projected period, the market is anticipated to be driven by the rising crude-oil consumption in nations like China and India. India, which has Asia's second-largest refinery after China, is the world's third-largest consumer of crude oil and petroleum products after China and the United States. With a 27% increase from the fiscal year 2018, the value of Indian petroleum imports is estimated to be over USD 112 billion in 2019. The market is anticipated to be driven by rising transportation sector demand as well as liquefied petroleum gas from apartment and office buildings.

The Global Viscosity Lowering Agents Market is anticipated to have slow growth in the near future due to the high dependence of these products on other sectors. The market for viscosity reduction agents is anticipated to increase significantly, especially in North America. This is due to a rise in demand from local producers of plastic additives. In addition, Asia Pacific is anticipated to rise quickly due to the booming chemical industries in developing nations like China and India.

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