The market for pour point depressants is expected to grow at a CAGR of less than 5% globally. Major factor driving the market studied is the growing demand for high quality fuels and lubricants, along with increasing industrialization. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- Refining of opportunity crude or heavy crude is expected to create new opportunities for the market to grow.
- The automotive industry is expected to dominate the end-user industry segment of the global pour point depressants market as it offers excellent high weather resistance and ability to control wax formation in lubricants at extremely low temperatures.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand for High Quality Fuels and Lubricants
- Increasing consumer awareness regarding vehicle maintenance along with rising demand for oil additives in end-user industries such as aerospace & automotive is anticipated to create surge for the product.
- Also, growing demand for lubricants & high-quality fuels and large-scale industrialization is expected to accelerate the demand for pour point depressants market.
- Furthermore, the low manufacturing costs of the product will further boost the growth of the market.
- Pour point depressants exhibits properties of resisting high temperatures and control wax formation in lubricants at lower temperatures. The ability of a lubricant to flow under low temperature conditions is crucial for optimum performance of engines and equipment. Therefore, the product has significant demand and increasing opportunities from end-user industries like oil and gas, aviation and automotive thereby promoting market growth.
- Global automotive sales in 2019 surpassed over 91 million vehicles which creates tremendous growth opportunities for the product. Rising consumer awareness for maintenance of vehicles and increasing usage of fuel additives in several end user industries will further stimulate market growth.
Asia Pacific Region to Dominate the Market
- One of the key factors that has been rapid economic development and presence of large-scale vehicle manufacturing units and increasing consumption with rise in income levels of the masses.
- The application of pour point depressants in various end-user industries in the region is also boosting up the growth of the market, especially in China and other Asian countries. Pour point depressants is custom made as per the base oils. Similar applications may require different pour point depressants with regard to different product specifications.
- China holds the largest car production industry in the region as well globally. The country is anticipated to witness steady growth owing to increasing technological advancements allowing automotive manufacturers to advance the product innovation in pour point depressant products which is anticipated to surge the demand for lubricant additives for automotive in the region.
- Increasing oil extraction & production activities on account of increasing demand for crude oil derivatives like gasoline and diesel shall drive the product demand. Pour point depressants are set to witness extensive usage in oil & gas production machineries owing to their ability to pump oil effectively without having any severe change on the resultant product, thereby boosting the product demand in the region.
- China styrene esters pour point depressants demand for oil extraction purposes is projected to witness significant gains during the period. Exploration and production activities requires technologically advanced drilling equipment to attain optimum oil recovery. It has inclined major oil & gas companies to incorporate wax formation inhibitors in several drilling equipment thereby swelling the market growth.
The Global Pour Point Depressants Market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Afton Chemical, Evonik Industries AG, The Lubrizol Corporation, Clariant and Croda International Plc and among others.
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