Polyolesters Market Estimated to Expand at a Double-Digit CAGR through 2023

The global polyolesters market is dominated by players such as Ecogreen Oleochemicals, Emery Oleochemicals, Kuala Lumpur Kepong Berhad, Custom Synthesis LLC, Lumar Quimica, NOF Corporation, Dowpol Corporation, Oleon NV, Croda International Plc, and A&A Fratelli Parodi Spa. The steady growth of the biobased lubricants and lubricant additives market is likely to enable steady entry of new players in the global polyolesters market for biobased lubricants and lubricant additives. The regulatory framework governing the use of lubricants and other fluids in industrial operations is likely to remain a key determinant factor for the global polyolesters market for biobased lubricants and lubricant additives, as rule changes often necessitate large-scale changes in the operating dynamics of a company.

The moderately consolidated global polyolesters market for biobased lubricants and lubricant additives was dominated by the top four players in 2014. While the dominance of global giants is likely to continue unabated in the coming years, relatively small regional players are also likely to play a key role in the development of the global polyolesters market for lubricants and lubricant additives, as multinational players often lack the distribution infrastructure to exploit the opportunity in smaller regional markets.

According to Transparency Market Research (TMR), the global polyolesters market for biobased lubricants and lubricant additives is expected to exhibit a solid 6.7% CAGR from 2015 and 2023. The market’s valuation is likely to rise from US$412.9 mn to US$735.9 mn in that period.

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Europe Likely to Remain Leading Regional Contributor

Regionally, the global polyolesters market for biobased lubricants and lubricant additives is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Europe is likely to remain the leading contributor to the global polyolesters market due to the strong government support to environmental initiatives in the region. The polyolesters market for biobased lubricants and lubricant additives is also likely to exhibit strong growth in North America, for the same reason.

Nevertheless, emerging economies in Asia Pacific and the Middle East are likely to emerge as key regional players in the global polyolesters market for biobased lubricants and lubricant additives. The market is hamstrung to some degree in emerging regions by the lack of strong government support to the use of environmentally viable industrial products, but the booming industrial landscape in the region is likely to lead to steady demand from the global polyolesters market for biobased lubricants and lubricant additives market in the coming years.

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Rising Demand from Aviation Sector Crucial for Polyolesters Market

Key application segments of the global polyolesters market for biobased lubricants and lubricant additives include automotive lubricants, aviation oil, compressor oil, metalworking oil, refrigerant oil, and biodegradable and fire-resistant hydraulic fluids. Steady growth of the aviation sector is likely to account for a major part of the growth of the global polyolesters market for biobased lubricants and lubricant additives in the coming years. The dominance of North America in the global aviation sector is thus likely to drive the polyolesters market for biobased lubricants and lubricant additives in the region in the coming years.

On the other hand, the high prices of biobased lubricants and additives have hamstrung the growth of the global polyolesters market for biobased lubricants and lubricant additives. The market is most likely to suffer from this restraint in developing regions, where conventional lubricants are still used on a large scale and consistent government efforts to change the scenario are lacking.

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This release was published on openPR.