NEW YORK, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Pour point depressant market is expected to reach $1,902.3 million by 2023, the growth of the industry is mainly driven by its growing application in lubricants, automotive, and oil and gas industries.
PPDs are used to control wax formation in lubricants thus, lowering the pour point and improving low temperature flow performance of lubricants. It is used as an additive in various industries dealing with bulk oil and lubricants. It is used in a variety of streams and applications, including transport of crudes, middle distillates, heavy oils, waxy components, biodiesel, and others to overcome oil treatment challenges.
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On the basis of end user, the pour point depressant market is categorized into the lubricant, and oil and gas industries. The lubricant industry was the larger segment with more than 55.0% share in the global market in 2016 in terms of revenue. PPD is used in various types of lubricants including crankcase engine oils, automotive and power transmission fluids, automotive gear oils, tractor fluids, hydraulic fluids, and circulating oils. The increasing demand of the additive from the automobile sector is a key driver for the market growth.
On the basis of chemistry, the pour point depressant market for lubricant industry is segmented into polyalkyl-methacrylate (PAMA), styrene esters, and others. Others include oligomerized alkyl phenols, phthalic acid esters, and copolymers. PAMA was the largest chemistry with a share of more than 70.0% in the market in 2016 in terms of revenue. It is widely used to improve the low temperature viscometrics of various lubricating compositions. PAMA is considered most reliable for lubricant applications, owing to the molecular structure of the polymer and excellent flexibility in its chemical structure.
Similarly, the pour point depressant market for oil and gas industry, on the basis of chemistry, is segmented into ethylene co-vinyl-acetate (EVA), poly alpha olefin, and PAMA. EVA was the largest segment with a share of more than 45.0% in the market in 2016 in terms of revenue. EVA is considered the most promising chemistry for oil and gas applications as it has better wax inhibition properties in crude and refined oil.
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Asia-Pacific held the largest share of the global pour point depressant market during the historical period. The application of PPDs is gaining momentum in the lubricant, automotive, and oil and gas industries. The formation of ASEAN Economic Community will act as a positive catalyst for ASEAN’s lubricant market, as it had proposed the removal of tariffs on vehicles, which will create a direct impact on the demand of vehicles. This will also prompt lubricant manufacturers to expand and penetrate the emerging markets in ASEAN. This in turn will drive the growth of the market in the region.
Europe was the second largest region with a share of more than 20.0% in the global pour point depressant market in 2016 in terms of revenue, owing to the increasing refining capacity in the region.
Some of the major players operating in the pour point depressant industry are Afton Chemical Corporation, Chevron Corporation, Croda International Plc., The Lubrizol Corporation, Sanyo Chemical Industries Ltd., Innospec Inc., Clariant AG, Messina Incorporated, Akzo Nobel N.V., and Evonik Industries AG.
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