The global poly alpha olefin (PAO) market size is estimated to reach $6185 million by 2028, growing at a CAGR of 8.27% over the forecast period. Rapid surge in poly alpha olefin industry is credited to the robust growth automotive industry in North America and Asia pacific region. The key factor responsible for the robust market growth is rising consciousness among industry players with the use of the PAO (poly alpha olefin) fluids for the maintenance purposes, this allows in enhancing operational time and improves efficiency of industrial processes. Globally, poly alpha olefin market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of poly alpha olefin (PAO) fluids.
Increasing demand from heavy-duty vehicles that increasingly utilized for farming & building activities coupled with rising population levels across the globe are expected to foster market demand in the near future. Rise in the number of manufacturers that are incorporating the cost-effective solutions into their mass-market models is expected to pave a way for future market developments.
Increasing application of poly alpha olefin fluid in the automotive industry is attributed to its unique properties. Some of these properties include high pressure additives, high load carrying capacity, broad temperature range, high mechanical strength, resistance against temperature changes, resistance against erosion, long lubrication intervals, high melting point, and water resistance. Such properties enhance overall performance of the system. Growing demand from transportation sector and rising import & export activities across the globe are expected to fuel market growth over the forecast period.
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The poly alpha olefin industry is broadly categorized into four major segments based on the application type such as gear oil, engine oil, compressor oil, and grease. Gear oil segment is growing rapidly in the poly alpha olefin (PAO) market with substantial revenue generation in the last few years. Growing popularity of engine oil segment is attributed to the booming automotive sector in Asia Pacific region and increasing vehicle sales each years.
The poly alpha olefin industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in automotive sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the poly alpha olefin market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rapid industrialization, growing vehicle production, increasing personal disposable income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the poly alpha olefin (PAO) industry are Chevron Phillips Chemical Company LLC, Exxon Mobil Corp., Tulstar Products, Inc., INEOS Oligomers Corp., Chemtura Corp., NACO Corp., Shanghai Fox Chemical Technology Co., Ltd., Lubri-con Industries Ltd., Idemitsu Kosan Co., Ltd., Mitsui Chemicals, Inc., and Shell Chemical Ltd.
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