Rockville, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global polyalphaolefins market is projected to advance at a CAGR of 2.1% through 2033, as per data released by Fact.MR, a provider of market research and competitive intelligence. Worldwide sales of polyalphaolefins are set to reach a market value of US$ 4.7 billion by the end of 2033.
Demand for polyalphaolefins is set to grow on account of increasing incidence of engine wear & tear and incessant requirements for hydrolytic and thermal stability in industrial operations. The rising count of offshore drilling activities has resulted in an increased emphasis on environmental protection by numerous regulatory bodies. A noticeable shift towards various high-grade lubricants instead of traditional mineral oils in nations such as Brazil and India is estimated to contribute to market growth.
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Report Attributes | Details |
| Historical Data | 2023 - 2032 |
| Value Projection (2032) | US$ 4.7 Billion |
| Growth Rate (2022-2032) | 2.1 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from Market Study
- The global polyalphaolefins market has been forecasted to expand at a CAGR of 2.1% from 2023 to 2033.
- Sales of polyalphaolefins in Canada are estimated to progress at a CAGR of 1.9% through 2033.
- The valuation of the global industry is anticipated to reach US$ 4.7 billion by the end of 2033.
- Demand for polyalphaolefins in in Japan is projected to advance at a CAGR of 1.6% during the forecast period from 2023 to 2033.
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Competitive Landscape
Key suppliers of polyalphaolefins are actively indulging in various inorganic marketing moves, including partnerships, capacity expansion, acquisitions, investments, and new developments. They are taking initiatives to amplify their geographical presence while working effectively for supply chain management. Manufacturers are involved in R&D activities to meet the safety regulations that are incorporated for quality control.
For instance,
- INEOS, in June 2019, entered into an MoU (Memorandum of Understanding) with Saudi Aramco and Total for the construction of a 400,000-tonne LAO (liner alpha olefin) plant and associated facility for world-scale polyalphaolefins (PAO) in Saudi Arabia.
Key Companies Profiled
- Chevron Phillips Chemical Company LLC
- TULSTAR PRODUCTS INC.
- Exxon Mobil Corporation
- Ineos Group Ltd.
- Lubricon Industries
- RB PRODUCTS, Inc.
- Shanghai NACO Lubrication Co., Ltd.
- Fuchs Petrolub SE
Winning Strategy
Key manufacturers of polyalphaolefins are incorporating various strategies; for instance, partnerships, agreements, and others, to drive market growth.
For instance,
- Axens, in September 2020, signed an agreement with a company named Baltic Chemical Plant LLC to supply its technology that is related to alpha-olefins production. This initiative is a part of the company’s project that is related to the construction of a gas chemical complex in the Gulf of Finland.
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Segmentation of Polyalphaolefins Industry Research
- By Type :
- Low Viscosity PAO
- Medium Viscosity PAO
- High Viscosity PAO
- Others
- By Application :
- Automotive Oils
- Industrial Oils
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global polyalphaolefins market for the period of 2023 to 2033.
The study divulges essential insights into the market on the basis of material type (self-cleaning, self-healing, self-assembling, others) and application (transportation, medical & healthcare, electronics, construction, military & security, energy, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
Isomerized Olefins Market: Isomerized olefins are synthetic hydrocarbon liquids produced by the polymerization of ethylene and alkenes. Isomerized olefins have found its use in various end-use industries, such as chemicals, oil, and gas industry, liquid fuels etc.
Elastomeric Polyolefins Market: Unlike other polymers, polyolefins are produced from olefins of a specific class. Elastomeric polyolefins are manufactured using a monomer, which, on forming multiple chains, becomes a polymer.
Chlorinated Polyolefins Market: The global chlorinated polyolefins market holds a valuation of US$ 3.2 billion in 2022 and with increasing consumption of chlorinated polyolefins in the packaging industry, the market is expected to grow at a CAGR of 4.6% by 2032.
High Viscosity Mixer Market: The global high viscosity mixer market will generate revenue of US$ 438.3 million in 2022 and is expected to progress at a healthy CAGR of 6.3% to reach a market size of US$ 805.8 million by the end of 2032.
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