The North America Polyalphaolefin Market would witness market growth of 2.8% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 1425.5 hundred Tonnes, showcasing a growth of 2.0% (2019-2022).
PAOs play a vital role in the marine industry, where they lubricate propulsion systems, stern tubes, and thrusters, operating in harsh marine environments characterized by high moisture, saltwater exposure, and extreme temperature differentials. Additionally, in renewable energy applications, such as wind turbines and solar panels, PAOs contribute to efficient energy generation by reducing frictional losses and ensuring optimal performance and longevity of mechanical components.
Furthermore, PAOs are used in metalworking fluids such as cutting oils, coolants, and lubricants for machining, grinding, and forming operations. They offer superior lubricity, cooling properties, chip evacuation, improving tool life, surface finish, and dimensional accuracy in metal fabrication processes across automotive, aerospace, and precision engineering industries.
The rise in renewable energy in Mexico represents a paradigm change toward a future in energy that is more robust and sustainable. As per the data released in 2023 by the International Trade Administration, Mexico aims to produce 35 percent of its electricity from clean energy sources by 2024, including power regeneration from renewable and non-renewable sources such as nuclear and efficient cogeneration. Therefore, the growing renewable energy and expansion of the region’s medical device sector are driving the market’s growth.
The US market dominated the North America Polyalphaolefin Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $550.5 Million by 2030. The Canada market is experiencing a CAGR of 3.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 3.8% during (2023 - 2030).
Free Valuable Insights: The Polyalphaolefin Market is Predict to reach $2.5 Billion by 2030, at a CAGR of 3.0%
Based on Type, the market is segmented into High Viscosity, Medium Viscosity, and Low Viscosity. Based on Application, the market is segmented into Engine Oil, Gear Oil, Compressor Oil, Grease, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Type (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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