Low Viscosity Poly Alpha Olefin Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type, By Application, By Region and Competition

Description

Low Viscosity Poly Alpha Olefin market is anticipated to increase at an impressive rate through 2028. Poly alpha olefin is a synthetic chemical compound used to produce different synthetic lubricants that can be used as a lubricant, oil, and other products. Low-viscosity poly alpha olefin is one of the most conventional & significant synthetic base oil utilized as industrial and automotive lubricants. It has low volatility, excellent low-temperature performance properties, and enhanced oxidative stability compared to mineral oil base stocks.

Due to its different properties, it is demanded by different end-user industries such as aerosol, adhesives/sealants, refining/oil & gas production, lubricant & grease manufacturers, metal working, cosmetics, mining, and other industries. Growing demand for vehicles such as cars, buses, and airplanes, where low-viscosity poly alpha olefin-based lubricant & engine oil is needed, will propel the low-viscosity poly alpha olefin market. Apart from these, government policies and initiatives to push the transportation infrastructure are expected to drive the demand for low-viscosity poly alpha olefin in the forecasted period.

Growing Demand from Automobile Industries is Driving the Market Growth

Growing people's awareness of pollution created by vehicles and developing advanced and powerful engines require innovative and advanced lubrication & oil solution. Creating modern engines and transmissions is impossible without advanced lubricant additive chemicals and appropriate lubricant composition. Low viscosity poly alpha olefin exhibits excellent performance, such as low-temperature fluidity, enhanced thermal & oxidative stability, low volatility, and higher viscosity index that impact the engine performance, such as minimizing oil consumption, better energy efficiency, and others. In developing countries and economies, around 45,772,571 units of vehicles were produced in the year 2021, which is 8% more in number compared to 2020. The low-viscosity poly alpha olefin products are the primary base material for synthetic lubricants and oils used in passenger car engines, heavy-duty diesel engines, transmissions, and gearboxes. Hence, the growing demand for vehicles is expected to propel the low-viscosity poly alpha olefin market in the forecasted period.

Rising Demand from Industrial Application to Propel the Market Growth

Low-viscosity poly alpha olefin lubricants were primarily created and utilized for applications where petroleum products' performance was unsatisfactory such as at extremely high and low temperatures, under extreme survival conditions; however, now application areas have certainly increased. They were also employed in situations where unique characteristics, like long life, increased equipment efficiency, or non-flammability, were required for the smooth functioning of the machine. Low-viscosity poly alpha olefin lubricants are helpful when firms need to reduce costs in areas like machine dependability, oil life, energy consumption, biodegradability, and safety. Currently, different manufacturing units are growing around to satisfy the need & demands of the growing population. The manufacturing sector makes up roughly 16% of the world's GDP and 14% of all employees, as it is gaining significant demand worldwide. Hence, the demand for low-viscosity poly alpha olefin that helps machinery function smoothly is expected to grow. Therefore, the increasing demand for industrial applications is expected to directly influence Low Viscosity Poly Alpha Olefin market growth in the forecasted period.

Increasing Demand from Emerging Economies is Driving the Market Growth

Growing lubrication technologies in gear transmission systems are being driven by operating regulations and performance standards that are getting more stringent. Improved gear lubrication techniques and lubricant compositions are required to fulfill the industrial demands of increasing load capacity, speed, temperature, and performance expectations in various powertrain applications, including automotive, aviation, and marine. Companies are intensively increasing their R&D to develop innovative products and patent them. These steps led firms to enjoy the first mover advantage, the same way as Gillette enjoyed, and became the market leader.

Recent Developments

ExxonMobil Chemical Patents Inc filed a patent for the product made from low-viscosity poly alpha olefin based on 1-decene and 1-dodecane that will expire in 2026. The PAO comprises a 1-decene and 1-dodecane mixture with low viscosity and excellent cold temperature properties using a promoter system comprising alcohol.

Market Segmentation

Global Low Viscosity Poly alpha olefin market is segmented based on type and application. Based on type, the market is divided into Viscosity of Less than 5 cSt and Viscosity 5-10 cSt. Based on application, the market is divided into aerosol, adhesives/sealants, refining/oil & gas production, lubricant & grease manufacturers, metal working, cosmetics, mining, and others.

Market Players

INEOS Group Holdings S.A., Exxonmobil Chemical International Services Limited, Chevron Phillips Chemical Company LLC, Shanghai Matex Chemicals Co., Ltd., Dowpol Chemical International Corporation, and RB Products Holding, L.L.C. are the key players operating in the global low viscosity poly alpha olefin market.

Report Scope

In this report, the global Low Viscosity Poly alpha olefin market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

Global Low Viscosity Poly alpha olefin Market, By Type:

Viscosity Less than 5 cSt
Viscosity 5-10 cSt

Global Low Viscosity Poly alpha olefin Market, By Application:

Aerosol
Adhesives/Sealants
Refining/Oil & Gas Production
Lubricant & Grease Manufacturers
Metal Working
Cosmetics
Mining
Others

Global Low Viscosity Poly alpha olefin Market, By Region:

North America
- United States
- Canada
- Mexico

Europe
- Germany
- France
- United Kingdom
- Spain
- Italy

Asia-Pacific
- China
- India
- Malaysia
- Australia
- Japan

South America
- Brazil
- Argentina
- Colombia

Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
- Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global low-viscosity poly alpha olefin market.

Available Customizations

With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Low Viscosity Poly Alpha Olefin Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type, By Application, By Region and Competition

Description

Table of Contents

Growing Demand from Automobile Industries is Driving the Market Growth

Rising Demand from Industrial Application to Propel the Market Growth

Increasing Demand from Emerging Economies is Driving the Market Growth

Recent Developments

Market Segmentation

Market Players

Report Scope

Global Low Viscosity Poly alpha olefin Market, By Type:

Global Low Viscosity Poly alpha olefin Market, By Application:

Global Low Viscosity Poly alpha olefin Market, By Region:

Competitive Landscape

Available Customizations

Company Information

Table of Contents

1. Type Overview

2. Research Methodology

3. Executive Summary

4. Global Low Viscosity Poly alpha olefin Market Outlook

5. North America Low Viscosity Poly alpha olefin Market Outlook

6. Europe Low Viscosity Poly alpha olefin Market Outlook

7. Asia-Pacific Low Viscosity Poly alpha olefin Market Outlook

8. South America Low Viscosity Poly alpha olefin Market Outlook

9. Middle East and Africa Low Viscosity Poly alpha olefin Market Outlook

10. Market Dynamics

11. Market Trends & Developments

12. Global Low Viscosity Poly alpha olefin Market: SWOT Analysis

13. Porter's Five Forces Analysis

14. Competitive Landscape

15. Strategic Recommendations