The Asia Pacific Pour Point Depressant Market would witness market growth of 4.4% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 3,095.06 hundred tonnes, showcasing a growth of 19.3% (2020-2023).
Styrene esters emerge as significant by-products within the market, playing a crucial role in enhancing the performance and efficiency of these additives. As pour point depressants, they function by modifying the crystallization behavior of waxy components in hydrocarbon fluids, effectively lowering the pour point and improving flow properties at lower temperatures. This attribute is particularly valuable in various industries, including oil and gas, automotive, and lubricants, where the viscosity and flow characteristics of fluids are critical for operational efficiency. Therefore, the China market consumed 256.79 hundred tonnes of Styrene esters in 2023.
The China market dominated the Asia Pacific Pour Point Depressant Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $302.2 Million by 2031. The Japan market is registering a CAGR of 3.7% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 5.1% during (2024 - 2031).
These depressants are used in storage tanks, pipelines, and transportation vessels to prevent wax deposition and flow restrictions during the storage and transportation of petroleum products. By maintaining the fluidity of petroleum fluids at low temperatures, these depressants ensure the reliable and efficient storage, handling, and transportation of crude oil, refined products, and petrochemicals.
Also, in marine and offshore operations, these depressants are employed in fuels and lubricants to prevent wax buildup and flow restrictions, ensuring smooth operation of vessels and offshore equipment in cold environments. Expansion of the marine industry translates into higher demand for the these depressants.
With the expansion of the automotive sector in India, there will be a corresponding rise in the demand for lubricants, including engine oils, transmission fluids, and hydraulic fluids. As per the National Investment Promotion and Facilitation Agency, India's automotive industry is worth more than $222 Bn and contributes 35% to Manufacturing GDP. The automobile industry produced 22.93 Mn vehicles, including passenger, commercial, three-wheelers, two-wheelers, and quadricycles, from April 2021 to March 2022. Likewise, China's marine fleet, which includes tankers, container ships, fishing vessels, commercial vessels, and bulk carriers, is among the largest and fastest growing in the world. According to the State Council of the People's Republic of China, the marine economy in China continued to post stable growth in the first nine months of 2023. The country's gross marine product grew 5.8 percent yearly to 7.2 trillion yuan (about 1 trillion U.S. dollars) in the first three quarters. Therefore, the expansion of the marine industry and the high production of automobiles in the region drive the market's growth.
Free Valuable Insights: The Global Pour Point Depressant Market is Predict to reach USD 2.8 Billion by 2031, at a CAGR of 4.3%
Based on Product, the market is segmented into Ethylene Co Vinyl Acetate, Poly Alkyl Methacrylates, Styrene Esters, and Poly Alpha Olefin. Based on End-use, the market is segmented into Oil & Gas, Automotive, Aerospace, Marine, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Product (Volume, Hundred Tonnes, USD Billion, 2020-31)
By End-use (Volume, Hundred Tonnes, USD Billion, 2020-31)
By Country (Volume, Hundred Tonnes, USD Billion, 2020-31)
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