Global Poly Alpha Olefin (PAO) Market size is anticipated to reach USD 1.58 billion by 2025. Poly alpha olefin (PAO) is a synthetic chemical compound derived by polymerizing an alpha-olefin. It is manufactured by the catalytic polymerization of linear alpha olefins.
Top Companies:
Some of the key players that fuel the growth of the poly alpha olefin (PAO) industry comprise ExxonMobil, Chevron Phillips Chemical Company LLC, Chemtura Corporation, Shanghai Fox Chemical Technology Co., Ltd., Idemitsu Kosan Co., Ltd., INEOS Oligomers, Tulstar Products, Inc, NACO Corporation, Lubricon Industries, Shell Chemical Ltd. And Mitsui Chemicals, Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Growth Drivers:
The factors that propel the growth of the poly alpha olefin industry include increasing demand for automotive and low viscosity base oils, improvement in the financial conditions of the population in the emerging economies and increasing demand for modern manufacturing equipment. Moreover, factors like ease in handling and rising benefits of the product are likely to contribute greatly to the market growth.
On the other hand, there are factors that may hamper the growth of the market including high cost of raw material and labor. Poly alpha olefin (PAO) market is anticipated to expand at a significant CAGR of 3.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Poly alpha olefin (PAO) industry could be explored by product type, application, end user, and geography. The market could be explored by product type as High Viscosity PAO, Low Viscosity PAO, and Medium Viscosity PAO.
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Application Outlook:
The key applications that could be explored in the poly alpha olefin market include Hydraulic Fluids, Industrial Oils, Lubricants, Compressor Oil, Greases, Gear Oil, Engine Oil, and Others (Liquid Chillers). The “Engine oil” segment led the poly alpha olefin (PAO) industry in 2015 and is anticipated to maintain its dominance by 2025. The key factors that may be attributed to the growth of market include exceptional capacity to lubricate at both ends of the temperature spectrum, rapid flow at cold temperatures, resistance to oil consumption, and easy viscosity breakdown, sludging, and oxidation at high temperature.
End-user Outlook:
The poly alpha olefin (PAO) market could be explored based on end user as Industrial, and Automobile (Passenger cars, Heavy Motor Vehicle and Light Motor Vehicle). The “Automobile” segment led the market of poly alpha olefin in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may be attributed to the growth of market includes high demand.
Regional Outlook:
Europe accounted for the major market share of poly alpha olefin (PAO) in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include regulatory support for biodegradable products such as The White Swan Scheme and The Blue Angel Scheme, and high technological advancements across the region. Europe is likely to be followed by North America.
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