“Global Polyalphaolefin Market to reach a market value of USD 2.5 Billion by 2030 growing at a CAGR of 3.0%”
The Global Polyalphaolefin Market size is expected to reach $2.5 billion by 2030, rising at a market growth of 3.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 4821.1 hundred Tonnes, experiencing a growth of 2.2% (2019-2022).
The growing EV industry in Europe presents opportunities for the market. The shift towards electric vehicles may change lubricant requirements and market dynamics. Consequently, the Europe region will generate a revenue of USD 715.6 million by 2022. As consumers demand better fuel economy and longer engine life, automotive manufacturers and oil companies increasingly turn to PAO-based lubricants to meet these requirements.
As industrialization accelerates, there is a parallel increase in the demand for lubricants and functional fluids across various industrial sectors such as automotive, manufacturing, construction, and machinery. As industries seek lubricants and fluids capable of withstanding these challenging operating conditions, the demand for PAOs as premium base oils increases.
Additionally, Synthetic lubricants formulated with PAOs offer superior performance to conventional mineral-based lubricants. PAOs exhibit excellent thermal stability, oxidation resistance, viscosity index, and lubricating properties, making them well-suited for use in demanding operating conditions across various automotive, manufacturing, aerospace, and marine industries. Hence, the increasing global demand for synthetic lubricants propels the market’s growth.
However, The production of PAOs requires specific raw materials, primarily alpha olefins, which are derived from petrochemical sources. The cost of alpha olefins accounts for a significant portion of the overall production costs of PAOs. Thus, high production costs and price fluctuations are impeding the growth of the market.
Based on application, the market is divided into gear oil, engine oil, compressor oil, grease, and others. In 2022, the engine oil segment garnered the 50.52 % revenue share in the market. PAO-based engine oils offer several advantages. PAOs have excellent viscosity-temperature characteristics and maintain their viscosity across various temperatures. These properties make PAO-based engine oils highly desirable for modern high-performance engines, including those in luxury cars and high-performance vehicles.
On the basis of type, the market is segmented into high viscosity, medium viscosity, and low viscosity. The medium viscosity segment recorded a 29.46 % revenue share in the market in 2022. Moreover, medium viscosity PAO is commonly used in automotive lubricants, such as engine oils and transmission fluids. With the automotive industry's growth, particularly in emerging markets, the demand for medium viscosity PAO to meet the requirements of modern engines and transmissions is increasing.
Free Valuable Insights: Global Polyalphaolefin Market size to reach USD 2.5 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 26.63 % revenue share in the market. The Asia Pacific region is a hub for industrialization and manufacturing activities across various sectors, including machinery, electronics, chemicals, and construction. High-performance lubricants like PAO are becoming increasingly necessary to maintain the durability and smooth operation of machinery and equipment as the region’s industrial operations continue to increase and modernize.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.9 Billion |
| Market size forecast in 2030 | USD 2.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 3.0% from 2023 to 2030 |
| Number of Pages | 268 |
| Number of Table | 550 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A. (INEOS Oligomers), Mitsui Chemicals, Inc., Exxon Mobil Corporation, Shell plc (Shell Chemical Ltd.), Tulstar Products, Inc., Shanghai NACO Lubrication Co., Ltd, Lubricon Industries Canada Limited, Idemitsu Kosan Co., Ltd., Lanxess AG |
By Type (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Hundred Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $2.5 billion by 2030.
Increasing Consumer Awareness Of Health Benefits are driving the Market in coming years, however, High production cost of polyalphaolefin restraints the growth of the Market.
Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A. (INEOS Oligomers), Mitsui Chemicals, Inc., Exxon Mobil Corporation, Shell plc (Shell Chemical Ltd.), Tulstar Products, Inc., Shanghai NACO Lubrication Co., Ltd, Lubricon Industries Canada Limited, Idemitsu Kosan Co., Ltd., Lanxess AG
In the year 2022, the market attained a volume of 4821.1 hundred Tonnes, experiencing a growth of 2.2% (2019-2022).
The High Viscosity segment is leading the Market by Type in 2022 there by, achieving a market value of $1.4 Billion by 2030.
The Europe region dominated the Market by Region in 2022 there by, achieving a market value of $879.1 Million by 2030, growing at a CAGR of 2.7 % during the forecast period.
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