Pour Point Depressants Market surpassing a valuation of US$ 2.46 Bn by the end of 2028

Future Market Insights (FMI) has published a new research report on pour point depressants. The report has been titled "Pour Point Depressants Market: Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028." The growth in the automotive industry has provided the global pour point depressants market a substantial push towards development. The growing oil trade and consumption across cold regions has triggered the demand for pour point depressants.

According to the report, the global pour point depressants market is expected to exhibit a CAGR of 3.2% from 2022 to 2028. The market was worth US$ 1.97 Bn in 2022 and is projected to reach a valuation of US$ 2.46 Bn by the end of 2028.

The exploding population will translate to a rise in the demand in the automobile and industrial sectors. This tremendous rise in demand will escalate the consumption of pour point depressants based products across the globe.

In order to meet the increasing requirements of consumers, companies operating in the global market are pulling up their socks and are entering into mergers and acquisitions in order to expand their consumer base and also facilitate product expansion.

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In 2017, BASF PETRONAS Chemicals started a new plant for the engineering of HR-PIB, an important intermediate used in the manufacturing of high performance fuel and lubricant additives. The annual capacity of the company's plant in Gebeng, Kuantan, Malaysia is 50,000 MT.

Automotive Industry to be the Biggest Support System of the Global Market

The burgeoning urbanisation, industrialisation, and economic growth across the globe is advancing the demand for automobiles in the worldwide market. This in turn is accelerating the demand for pour point depressants to be used in lubricants additives, which can hence withstand the low temperatures in American and European countries. The growing disposable income of people is compelling investors to invest more in the automotive industry.

The ever increasing demand for vehicles has encouraged automobile manufacturers to improve production output to accommodate growth, thereby positively impelling lubricant additives sales in the global automotive market. Consumers, at present, prefer premium quality lubricants, which will enhance the performance of the engine and prevent any kind of engine related issues. This is expected to further boost the demand for pour point depressants in the lubricant industry.

Rules Governing Automotive Emissions to Act as a Roadblock to Revenue Growth

Examining the effect of carbon emissions from automobiles, several governments and regulatory bodies are enforcing strict regulations on automobile manufacturers. Petrol- and diesel-based automobiles are the core reasons behind air pollution as they emit a significant amount of nitrogen oxide, carbon monoxide, and other pollutants into the air. Adding to this, transportation is responsible for over half of nitrogen oxides and carbon monoxides and nearly a quarter of the hydrocarbons released into the atmosphere. As a result of such regulations, automobile manufacturers are looking to manufacture CNG vehicles, causing a challenge for the market for pour point depressants.

Competitive Landscape

Leading players operating in the pour point depressants market are constantly upgrading their product portfolios. They have adopted various organic and inorganic strategies such as partnerships, advanced product launches, collaborations, price reduction, acquisitions and establishment of new facilities to gain a competitive edge in the market. For instance,

- In September 2019, Clariant Oil Services launched a breakthrough WAXTREAT SubZero pour point depressant technology for cold climatic regions. The technology will help oil production companies to overcome the challenges associated with the transportation of waxy crude oils.
- In November 2021, Evonik announced Brenntag Bulgaria EOOD as its new distribution partner in Greece.
- In November 2019, Evonik expanded its production capabilities for polyalkylmethacrylate based viscosity modifiers to meet the rapidly rising demand.

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The other companies operating in the global pour point depressants market are Akzo Nobel N.V., Evonik Industries AG, Clariant, Chevron Corporation, NewMarket Corp., Shengyang Greatwall Lubricant Oil Co., Ltd., and Puyang Jiahua Chemical Co., Ltd., among others.

Pour Point Depressants Market by Category

By Chemical Compositions:

Poly Alkyl Methacrylate
Styrene Ester
Alkyl Aromatic Polymer
Alkylated Polystyrene
Others

By Base Oil Additives:

Group I
Group II
Group III

By End Use Industry:

Lubricants
Industrial
Automotive
Marine
Aviation
Oil & Gas
Exploration & Production
Refining

By Region:

North America
Latin America
Western Europe
Eastern Europe
South East Asia
Japan
China
MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.