Pour Point Depressants Market Size, Share, Demand and Trends by 2022-2028
The growth in the automotive industry has provided the global pour point depressants market a substantial push towards development. The growing oil trade and consumption across cold regions has triggered the demand for pour point depressants. Future Market Insights (FMI) has published a new research report on pour point depressants. The report has been titled “Pour Point Depressants Market: Global Industry Analysis 2013–2021 and Opportunity Assessment 2022–2028.”
According to the report, the global pour point
depressants market is expected to exhibit a CAGR of 3.2% from 2022 to 2028. The
market was worth US$ 1.97 Bn in 2022 and is projected to reach a valuation
of US$ 2.46 Bn by the end of 2028.
The exploding population will translate to a rise in
the demand in the automobile and industrial sectors. This tremendous rise in
demand will escalate the consumption of pour point depressants based products
across the globe.
In order to meet the increasing requirements of
consumers, companies operating in the global market are pulling up their socks
and are entering into mergers and acquisitions in order to expand their
consumer base and also facilitate product expansion.
In 2017, BASF PETRONAS Chemicals started a new plant
for the engineering of HR-PIB, an important intermediate used in the
manufacturing of high performance fuel and lubricant additives. The annual
capacity of the company’s plant in Gebeng, Kuantan, Malaysia is 50,000 MT.
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Automotive Industry to be the Biggest
Support System of the Global Market
The burgeoning urbanisation, industrialisation, and
economic growth across the globe is advancing the demand for automobiles in the
worldwide market. This in turn is accelerating the demand for pour point
depressants to be used in lubricants additives, which can hence withstand the
low temperatures in American and European countries. The growing disposable
income of people is compelling investors to invest more in the automotive
industry.
The ever increasing demand for vehicles has encouraged
automobile manufacturers to improve production output to accommodate growth,
thereby positively impelling lubricant additives sales in the global automotive
market. Consumers, at present, prefer premium quality lubricants, which will
enhance the performance of the engine and prevent any kind of engine related
issues. This is expected to further boost the demand for pour point depressants
in the lubricant industry.
Rules Governing Automotive Emissions to
Act as a Roadblock to Revenue Growth
Examining the effect of carbon emissions from
automobiles, several governments and regulatory bodies are enforcing strict
regulations on automobile manufacturers. Petrol- and diesel-based automobiles
are the core reasons behind air pollution as they emit a significant amount of
nitrogen oxide, carbon monoxide, and other pollutants into the air. Adding to
this, transportation is responsible for over half of nitrogen oxides and carbon
monoxides and nearly a quarter of the hydrocarbons released into the
atmosphere. As a result of such regulations, automobile manufacturers are
looking to manufacture CNG vehicles, causing a challenge for the market for
pour point depressants.
Competitive Landscape
Leading players operating in the pour point
depressants market are constantly upgrading their product portfolios. They have
adopted various organic and inorganic strategies such as partnerships, advanced
product launches, collaborations, price reduction, acquisitions and
establishment of new facilities to gain a competitive edge in the market. For
instance,
- In
September 2019, Clariant Oil Services launched a breakthrough WAXTREAT
SubZero pour point depressant technology for cold climatic regions. The
technology will help oil production companies to overcome the challenges
associated with the transportation of waxy crude oils.
- In
November 2021, Evonik announced Brenntag Bulgaria EOOD as its new
distribution partner in Greece.
- In
November 2019, Evonik expanded its production capabilities for
polyalkylmethacrylate based viscosity modifiers to meet the rapidly rising
demand.
The other companies operating in the global pour
point depressants market are Akzo Nobel N.V., Evonik Industries AG,
Clariant, Chevron Corporation, NewMarket Corp., Shengyang Greatwall Lubricant
Oil Co., Ltd., and Puyang Jiahua Chemical Co., Ltd., among others.
Pour Point Depressants Market by Category
By Chemical Compositions:
- Poly
Alkyl Methacrylate
- Styrene
Ester
- Alkyl
Aromatic Polymer
- Alkylated
Polystyrene
- Others
By Base Oil Additives:
- Group
I
- Group
II
- Group
III
By End Use Industry:
- Lubricants
- Industrial
- Automotive
- Marine
- Aviation
- Oil
& Gas
- Exploration
& Production
- Refining
By Region:
- North
America
- Latin
America
- Western
Europe
- Eastern
Europe
- South
East Asia
- Japan
- China
- MEA
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Pour Point Depressants Market
Background
4. Global Pour Point Depressants Market
Analysis 2013–2021 and Forecast 2022–2028
To be continued…!
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Full Report: https://www.futuremarketinsights.com/reports/pour-point-depressants-market
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