The increasing demand for lubricants from various industries is driving pour point depressants market growth. The automotive industry is witnessing a high requirement for both fuel efficient and high-performance vehicles, the sales of which are set to soar with the improving standard of living. The rise in automobile production will directly stimulate the lubricant industry. The ability of pour point depressants to control the wax formation in lubricants will create high product demand from the lubricant industry, further fueling the pour point depressants market share.
U.S. EVA Pour Point Depressants Market Size, 2019 & 2025, (Kilo Tons)
The automotive industry has been flourishing with the consistent research and development programs undertaken to improve fuel efficiency of the vehicles and thereby also control the carbon emissions. The rise of technologies like the dual-clutch transmission (DCT) for smooth gear changes and improved fuel economy is reshaping the dynamics of the industry. The unique performance need of this transmission-type addresses the requirement of high-quality lubricants, further augmenting the demand for pour point depressants. DCT is expected to become an integral part of automobiles across Europe in the upcoming years, thereby providing an opportunity for the players in pour point depressants market to expand their reach in automotive lubricants sector.
Poly alpha olefins (PAO) pour point depressants market size, highly influenced by the lubricant industry, is expected to exceed USD 90 million by the end of 2025. PAO offers properties like high viscosity index and good flow properties along with lower volatility and is also non-toxic which makes it an ideal ingredient of gear oils, engine oils, compressor oils, bearing oils, and high temperature grease. Hence the wide use of PAO in the automotive lubricants will garner immense momentum, transforming pour point depressants industry outlook during the forecast period.
Apart from the lubricant industry, the pour point depressants are also an integral part of the crude oil industry. They are added to various oil & gas equipment during the exploration and production process of crude oil for improving the fluidity at low temperature. Pour point depressants achieve this by preventing the formation of waxy crystalline clusters during the process. The rising demand of crude oil as a primary source of fuel has led to the requirement for new drilling and production technologies, thus bringing more investments in the crude oil Industry which is further likely to boost pour point depressants share over the forecast timespan.
Additionally, pour point depressants also play an important role in the aviation industry. They are added to jet fuels as additives to prevent formation of ice crystals during high altitude flying. The ability of pour point depressants to enhance fuel flow and lubricity helps to avoid serious in-flight accidents. The increasing consumer base for air transportation due to rise in business and tourism activities will help propel pour point depressants market share from the aviation sector.
North America is witnessing a shift from high performance vehicles to lightweight and fuel-efficient counterparts, owing to the rising environmental concerns. This may increase the consumption of poly alkyl methacrylates (PAMA) products known to provide better fuel efficiency along with good performance. Also, the increasing standard of living in the region will raise automobile sales, further boosting the market growth. As per a regional analysis of pour point depressants market, North America PAMA pour point depressants industry size is slated to register a growth rate of over 3% during 2019-2025.
China pour point depressants market size may exceed USD 95 million by 2025, owing to its rapid growth in the oil & gas industry. As one of the most populated countries in the world, the Chinese government is striving to increase the domestic production of oil and gas to meet the rising local demand,. This will boost the refining, exploration, and production activities in the country, further helping to foster pour point depressants market outlook in the region.
The high growth in passenger vehicle production across the globe will primarily drive the pour point depressants market trends. Its wide usage in aviation and crude oil industries will also promote market growth. Some of the major manufacturers of pour point depressants products include Clariant, Chevron, Lehmann & Voss, Croda, Lubrizol, and Sanyo Chemicals. According to a research report by Global Market Insights, Inc., pour point depressants market size may reach USD 935 million by 2025.