Poly Alpha Olefin (PAO) Market Overview:
The polyolefin is a 100% synthetic chemical compound derived from the polymerization of an alpha-olefin. It is a type of organic olefin used in the production of certain synthetic lubricants as a base.
Poly Alpha Olefin (PAO) Market size is poised to reach USD 3980 Million by the end of 2022 from USD 3740 Million in 2017 and this market witnessed a growth rate of 1.09% during the forecast period 2018-2022.
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Poly Alpha Olefin (PAO) Market Growth Drivers and Restraints:
The growth of the global poly alpha olefin (PAO) market is due to growth in the automotive industry and increased offshore drilling activity. Macroeconomic factors, such as growth in the economy, population and employment, rising disposable income and the rapid rate of urbanization, as well as industrialization, are also driving the world market. The benefits of poly-alpha-olefins, including good loading capacity, high thermal stability and wear protection, will guide the global market over the forecast period. Value chain integration, increased automation, the rapid pace of technological breakthroughs and increased investment in the automotive industry are some of the factors influencing the global polyolefin market.
The volatility of prices of essential raw materials should remain a major challenge for industry players. The increase in oil production in the countries should ensure the continuous supply of raw material for the production of alpha olefins.
In the past, extensive research has been conducted on the development of alpha-olefin manufacturing technologies, which are also underway, which in turn will help in the opportunities for polyolefin industry over the forecast period.
The main end users of this market are industry and automotive. Grease, compressor oil, motor oil, gear oil, etc., are the major applications of PAO. Of these, the motor oil segment is expected to represent relatively high share of market revenue, followed by the gear oil segment over the forecast period.
Poly Alpha Olefin (PAO) Market Geographic Analysis:
Depending on geographic area, the global poly alpha olefin market is segmented into seven regions: North America, Western Europe, Eastern Europe, Japan, Asia-Pacific with the exception of Japan, Latin America, and Middle East and Africa. Among the regions, Western Europe accounts for a relatively high proportion of the world market in terms of value, due to a relatively high share of revenues in the global automotive market. North America is followed by Western Europe in the global market due to the strong demand for passenger cars in the region.
Key Players in Poly Alpha Olefin (PAO) Market are:
Among the players in the global polyolefin market are Shell Chemical Ltd., Mitsui Chemicals Inc., Idemitsu Kosan Co., Ltd., Lubricon Industries, Shanghai Fox Chemical Technology Co., Ltd., NACO Corporation, Chemtura Corporation., INEOS Oligomers, Tulstar Products, Inc., ExxonMobil and Chevron Phillips Chemical Company LLC.
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