Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The Low Viscosity Poly Alpha Olefin market is poised for remarkable growth up to the year 2028
As a widely used synthetic base oil in both industrial and automotive lubricants, low-viscosity poly alpha olefin offers exceptional properties, including low volatility, excellent performance in low-temperature conditions, and enhanced oxidative stability compared to mineral oil base stocks.
Its diverse range of properties makes it a sought-after product in various industries, including aerosol, adhesives/sealants, refining/oil & gas production, lubricant & grease manufacturing, metalworking, cosmetics, mining, and others. With the increasing demand for vehicles such as cars, buses, and airplanes, which require low-viscosity poly alpha olefin-based lubricants and engine oils, the market is set to experience substantial growth.
Additionally, government initiatives and policies aimed at developing transportation infrastructure are expected to further boost 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.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in global low-viscosity poly alpha olefin market.
- INEOS Group Holdings S.A.
- Exxonmobil Chemical International Services Limited
- Chevron Phillips Chemical Company LLC
- Shanghai Matex Chemicals Co., Ltd.
- Dowpol Chemical International Corporation
- RB Products Holding, L.L.C.
Market Dynamics
Drivers
- Rising demand for refining/oil & gas production
- Growing demand from automobile industries
- Rising demand of cosmetic product
Market Trends & Developments
- Intense investment for ongoing R&D
- Product launch
- Merger and Acquisition
Challenges
- Adverse effect on humans
- Fluctuation of raw material price
Report Scope:
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
For more information about this report visit https://www.researchandmarkets.com/r/qjg65o
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