Global Industry Analysts Predicts the World Polyalphaolefins Market to Reach $3.9 Billion by 2026

BY PR Newswire | ECONOMIC | 01/18/22 11:55 AM EST

SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ --?A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled?"Polyalphaolefins - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

World Polyalphaolefins Market

FACTS AT A GLANCE
Edition:?8;?Released:?January 2022
Executive Pool:?883
Companies:?28 - Players covered include Chevron Phillips Chemical Company; Croda International Plc; Exxon Mobil Corporation; Fuchs; Idemitsu Kosan Co.,Ltd; Ineos,; Lanxess; Labdhi Chemicals; Lubricon Industries; Lukoil Marine Lubricants DMCC; Mitsui Chemicals, Inc; Naco Corporation; Novvi, LLC; Rb Products, Inc; Royal Dutch Shell; Sasol; Tulstar Products Inc; and Others.
Coverage:?All major geographies and key segments
Segments:?Type (Low Viscosity PAO, Medium Viscosity PAO, High Viscosity PAO); Application (Automotive Oils, Industrial Oils)
Geographies:?World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific ; Latin America ; Middle East ; and Africa.

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ABSTRACT-

Global Polyalphaolefins Market to Reach US$3.9 Billion by the Year 2026
Polyalphaolefins, or PAO, is a 100% synthetic hydrocarbon that imitates the hydrocarbon structure present in mineral oils. Manufactured using a synthetic process, the chemical compound is extracted by polymerizing alpha-olefins. PAOs find application in the production of several synthetic products, encompassing fluids, lubricants and greases, and also serve as base liquids in wide temperature grades. They have gained importance as essential components in a wide range of applications and industries, owing to numerous performance benefits, including the stability of PAO molecule; outstanding abrasion (wear and tear) protective capabilities; efficient loading capacity and superior thermal abilities. The synthetic chemical process that is used for manufacturing PAO originates from ethylene, which is gain in manufactured by cracking either natural gas or crude oil. Polyalphaolefins were first developed during the 1930s, and were first used as commercial engine oils during the 1970s.

PAOs find use as base stock in the making of synthetic lubricants owing to a number of favorable characteristics. Their strength lies in their non-toxicity, high thermal oxidative stability, low volatility, superior low temperature flow ability, superior pour-point characteristics and compatibility with mineral oils, seals and paints (usually present in lube oil systems) due to the absence of nitrogen components, sulfur, waxy hydrocarbons, ring structures and double bonds. While the absence of these materials and structures provides a high-grade viscosity index of around 130 to 140 (higher than that of mineral oil) to this very non-polar base oil, their controlled structure without any lighter and smaller hydrocarbons (which tend to me more volatile in nature) provides low-volatility rates, and minimized hydrocarbon tailpipe emissions with a raised flash point. PAOs exhibit greater temperature resistance, about 320?F (160?C) in continuous service and 520?F (270?C) intermittent, as against mineral oil. Due to absence of wax content, delivers low-temperature of about -50?C to -60?C or -70?C.

Amid the COVID-19 crisis, the global market for Polyalphaolefins estimated at US$3.5 Billion in the year 2021, is projected to reach a revised size of US$3.9 Billion by 2026, growing at a CAGR of 2% over the analysis period. Low Viscosity PAO, one of the segments analyzed in the report, is projected to grow at a 1.9% CAGR to reach US$3.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Medium Viscosity Pao segment is readjusted to a revised 2.3% CAGR for the next 7-year period. This segment currently accounts for a 15% share of the global Polyalphaolefins market.

The U.S. Market is Estimated at $824.9 Million in 2021, While China is Forecast to Reach $369.5 Million by 2026
The Polyalphaolefins market in the U.S. is estimated at US$824.9 Million in the year 2021. The country currently accounts for a 23.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$369.5 Million by the year 2026 trailing a CAGR of 2.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR while Rest of European market (as defined in the study) will reach US$381.1 Million by the close of the analysis period.

The global poly alpha olefin (PAO) market is anticipated to register a positive growth over the coming years, mainly due to expansion of the automotive industry coupled with rising offshore drilling activities. The excellent characteristic properties of POAs make them an ideal choice for varied applications, which is adding to the growth of this market. Additional factors include growing population, economic growth, improving employment rates, escalating disposable income, and fast-paced industrialization and urbanization. High-level of automation, technological advancements and integration of value chain in the automotive industry, together with greater automotive related investments are expected to positively impact the demand for PAOs in the coming years. Further, the POA market is also expected to benefit as stringent environment protection mandates and tough regulations cause oil-based fluids to be replaced with synthetic ones in offshore drilling activities. The need to improve seal protection and drain intervals is leading to a rise in demand for metalworking fluids and industrial oils, thus driving growth in the PAOs market. Further, due to the chemical and physical characteristics of synthetic lubricants, those such as PAOs are increasingly replacing use of PAG, Esters and Group III equivalents. As an industrial sector, PAOs, is well-established and growing with different technologies having been patented by leading market participants. Additionally, the research and development front for this sector is strong with vibrant activity, adding to the growth of the market.

While there are several types of synthetic fluids being used, poly-alpha olefin (PAOs) are among the most widely used in lubricant formulations. Poly-alpha-olefin (poly-?-olefin or PAO) is a type of synthetic oil made from Group IV base stock. PAO is a non-polar polymer that is manufactured through polymerization of an alpha-olefin. The 100% synthetic chemical compound is designated at API Group IV. PAO is a type of olefin used as base to produce some other synthetic lubricants. An alpha-olefin or ?-olefin refers to an alkene in which C-C double bond begins at ?-carbon atom. Low molecular weight PAOs are considered suitable for use as synthetic lubricants, such as those used in the form of synthetic motor oils in vehicles owing to their ability to be used over a wide temperature range. Surging demand for synthetic lubricants, given their ability to provide lubrication in a better manner, is fueling demand for PAO. PAO is produced through linear alpha olefins' oligomerization. PAO demand continues to grow in manufacturing greases, gear/engine oils, and other lubricants.

High Viscosity PAO Segment to Reach $330.5 Million by 2026
In the global High Viscosity PAO segment, USA, Canada, Japan, China and Europe will drive the 1.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$241 Million in the year 2020 will reach a projected size of US$268.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$23.7 Million by the year 2026, while Latin America will expand at a 1.9% CAGR through the analysis period. More?

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