Wilmington, Delaware, United States, May 26, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – By 2022, the global market for pour point depressants reached US$ 1.8 billion. By 2031, pour point depressants will contribute US$ 2.7 billion to the market.
Viscosity is usually reduced with PPD treatments to increase production, which increases revenue. Eliminating or minimizing the chances of crude oil solidifying in the production system, therefore preventing the possibility of the entire plant being shut down because of a solidification.
As crude oil derivatives like gasoline and diesel are in high demand, oil extraction, and production are expected to increase, driving product demand. Oil & gas production machinery will use pour point depressants extensively as they pump oil effectively without affecting the end product in any significant way, thus increasing demand for the product in the region.
Cold-climate car manufacturers and end users use pour point depressants to facilitate the movement of lubricating oils within their engines. Pour point depressants have experienced significant growth in recent years as crude oil consumption and production have increased.
The demand for premium base oils with pour point depressants has grown as a result of a growing trend toward a low carbon footprint, increased fuel efficiency, and improved budgeting.
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Key Findings of Market Report
- According to estimates, oil and gas are likely to be the largest end-use segment in 2023. The segment is expected to grow at a CAGR of 4.9% over the forecast period.
- A high proportion of crude oil contains n-aliphatic hydrocarbon chains that crystallize at low temperatures and is expected to grow in high demand in coming years.
- The oil & gas segment is expected to hold 45.7% of the market by 2031, in coming years.
- Lubricants will hold 61.1% of the market share since they are used extensively by 61.1% of the population by 2031.
- Ethylene-co-vinyl acetate (EVA) has better performance in lowering pour points of oil. According to the forecast, the market will grow at a CAGR of 4.7%.
Global Pour Point Depressant Market: Growth Drivers
- Automobile lubricants like crankcase engine oils, gear oils, transmission fluids, and automatic and power transmission fluids are driving the pour point depressants market. The market for pour point depressants is expected to grow as semi-urban areas become more affordable, luxury vehicles become more advanced, and high-quality sedans that are equipped with powerful lubricants become more popular.
- Increased awareness among consumers about vehicle care, along with increased demand for oil additives in sectors such as automotive and aerospace is expected to boost the product’s sales. By adopting dual-clutch technology, various opportunities will be enhanced, which will, in turn, facilitate market growth for pour point depressants during the forecast period.
- With the growing use of lubricant additives such as pour point depressants to improve engine and component operational efficiency demand is expected to rise. According to the forecast, pour point depressants are expected to play a major role in aviation and marine transportation operations to maintain thereby growing demand for PPD in the market.
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Global Pour Point Depressant: Regional Landscape
- According to the estimates, Asia Pacific held 26.90% of the global market in 2022. The market is projected to generate revenue of 28.70% of the market by 2031.
- As oil & gas applications grow in countries such as China, India, and Japan, the market in the region is expected to grow at a CAGR of 5.3%.
- Due to rapid industrialization and increased vehicle production, India and China will see an increase in pour point depressants demand.
- In the United States, the government and other private companies are exploring new oil & gas reserves due to the growing demand for quality fuels and lubricants.
- Sales of pour point depressants are boosted by the presence of diverse industries across the United Kingdom.
Global Pour Point Depressant Market: Key Players
Several companies dominate the global pour point depressant market. A combined 40% to 50% share of pour point depressants was held by the top players in 2022. For the companies in the industry to strengthen their presence and foothold in the global market, they apply technological innovations, expand via acquisitions, restructure and invest financially, and merge.
- In January 2022, BASF SE announced its plans to build a new plant to manufacture hexamethylene diamine (HMD) in Chalampé, France. Upon completion of the new plant, BASF will be able to produce 260,000 metric tons of HMD every year. Production is expected to begin in 2024. It anticipated that BASF would begin producing polyamide 6.6 in Freiburg, Germany in 2022.
- In February 2023, LyondellBasell announced that it has renewed its license with PetroChina Jilin Petrochemical Co. for the use of LyondellBasell’s polyethylene technology in Jilin City, China. In addition to a 100 000 tpy autoclave, LyondellBasell will also be licensing their Lupotech high-pressure process technology for a 300 000 tpy tubular line. A high percentage of LDPE polymers will be produced by both production trains, as well as ethylene vinyl acetate copolymers (EVA).
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Global Pour Point Depressant Market: Segmentation
Type
- Ethylene-co-vinyl Acetate (EVA)
- Polyalphaolefin (PAO)
- Polyalkyl Methacrylate (PAMA)
- Styrene Butadiene Copolymer
- Ethylene-styrene Copolymer
- Others
Application
- Lubricants
- Engine Oil
- Gear Oil
- Transmission Fluid
- Hydraulic Fluid
- Biodegradable Fluids
- Others
- Crude Oil
- Extraction
- Transportation
End-Use
- Oil & Gas
- Automotive
- Industrial
- Marine
- Aerospace
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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