Poly Alpha Olefin (PAO) Market Worth About USD 1.58 billion By 2025
Global Poly Alpha Olefin (PAO) Market size is anticipated to reach USD 1.58 billion by 2025. Poly alpha olefin (PAO) is a synthetic chemical compound derived by polymerizing an alpha-olefin. It is manufactured by the catalytic polymerization of linear alpha olefins. The factors that propel the growth of the poly alpha olefin industry include increasing demand for automotive and low viscosity base oils, improvement in the financial conditions of the population in the emerging economies and increasing demand for modern manufacturing equipment. Moreover, factors like ease in handling and rising benefits of the product are likely to contribute greatly to the market growth.
On
the other hand, there are factors that may hamper the growth of the market
including high cost of raw material and labor. Poly alpha olefin (PAO) market
is anticipated to expand at a significant CAGR of 3.5% in the upcoming period
as the scope, product types, and its applications are increasing across the
globe. Poly alpha olefin (PAO) industry could be explored by product type,
application, end user, and geography. The market could be explored by product
type as High Viscosity PAO, Low Viscosity PAO, and Medium Viscosity PAO.
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The
key applications that could be explored in the poly alpha olefin market include
Hydraulic Fluids, Industrial Oils, Lubricants, Compressor Oil, Greases, Gear
Oil, Engine Oil, and Others (Liquid Chillers). The “Engine oil” segment led the
poly alpha olefin (PAO) industry in 2015 and is anticipated to maintain its
dominance by 2025. The key factors that may be attributed to the growth of
market include exceptional capacity to lubricate at both ends of the
temperature spectrum, rapid flow at cold temperatures, resistance to oil
consumption, and easy viscosity breakdown, sludging, and oxidation at high
temperature.
The
poly alpha olefin (PAO) market could be explored based on end user as
Industrial, and Automobile (Passenger cars, Heavy Motor Vehicle and Light Motor
Vehicle). The “Automobile” segment led the market of poly alpha olefin in 2016
and is anticipated to maintain its dominance by 2025. The key factor that may
be attributed to the growth of market includes high demand.
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Europe
accounted for the major market share of poly alpha olefin (PAO) in 2016 and
will continue to lead in the forecast period. The factors that could be
attributed to the growth include regulatory support for biodegradable products
such as The White Swan Scheme and The Blue Angel Scheme, and high technological
advancements across the region. Europe is likely to be followed by North
America.
Some
of the key players that fuel the growth of the poly alpha olefin (PAO) industry
comprise ExxonMobil, Chevron Phillips Chemical Company LLC, Chemtura
Corporation, Shanghai Fox Chemical Technology Co., Ltd., Idemitsu Kosan Co.,
Ltd., INEOS Oligomers, Tulstar Products, Inc, NACO Corporation, Lubricon
Industries, Shell Chemical Ltd. And Mitsui Chemicals, Inc. The leading
companies are taking up partnerships, mergers and acquisitions, and joint
ventures in order to boost the inorganic growth of the industry.
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