Rising demand for oil & gas production and growing demand from automobile & cosmetic industries are factors to drive the demand for the global low viscosity poly alpha olefin market in the forecast period 2024-2028.
According to TechSci Research report, “Low Viscosity Poly Alpha Olefin Market - By Region, Competition, Forecast and Opportunities, 2018-2028”, The global low viscosity poly alpha olefin market is projected to grow at a significant rate in the forecast period 2024-2028. Low-viscosity poly alpha olefin is one of the most conventional & major synthetic base oil utilized as industrial and automotive lubricant. Due to their characteristics, it is used as raw material to prepare cosmetic and personal hygiene products like soaps, lotions, color cosmetics, hair care products, creams, and antiperspirants. Hence, rising demand for cosmetic and personal hygiene products is expected to propel the demand for low-viscosity poly alpha olefin in the market.
Adverse effect on humans and fluctuation of raw material prices are the primary factors hindering the growth of the low-viscosity poly alpha olefin market. As low-viscosity poly alpha olefin is manufactured by crude oil or petroleum by-product, any adverse impact on crude will directly impact the low-viscosity poly alpha olefin market. Any hindrance in the supply chain, sanctions on the nation, and foreign relations will also impact the price of petroleum and low-viscosity poly alpha-olefin. Apart from these, it creates irritation to the eyes, nose, and sensitive skin when exposed to the product and needs proper precaution while working. Therefore, the abovementioned factor is expected to obstruct the low-viscosity poly alpha olefin market share in the forecasted period.
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Global Low Viscosity Poly Alpha Olefin Market is segmented based on type and application.
Based on type, the market is divided into viscosity less than 5 cSt and viscosity 5-10 cSt. As per estimates, the viscosity less than 5 cSt segment will experience the highest market share during the forecast period. The lower viscosity helps in faster and smoother flow from storage container. This in turn requires less energy to transmission lubrication throughout the engine, thereby making the lubricant and oil more operational. Therefore, viscosity less than 5 cSt type low viscosity poly alpha olefin is expected to dominate the segment.
Based on application, the market is divided into aerosol, adhesives/sealants, refining/oil & gas production, lubricant & grease manufacturers, metal working, cosmetics, mining, and others. The lubricant & grease are expected to hold the largest market share and maintain their dominance in the projected period. Owing to the primary application of the low viscosity poly alpha olefin as lubricant & grease used in the automobile and industrial machine, the rising demand for automotive and industrial machines is expected to propel the demand for low-viscosity poly alpha olefin in the market. Therefore, the lubricant & grease segment is expected to dominate the market.
Major companies operating in global low viscosity poly alpha olefin market are:
- 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.
In June 2022, INEOS Oligomers USA LLC announced to set up a mega low viscosity poly alpha olefin plant in the USA. This facility has a production capacity of 120,000 tons per annum of Low Viscosity Poly alpha olefin (LV PAO) units. It positions the company as the leading merchant supplier of LV PAO in the industry, with the highest production capacity in LV PAO.
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“Growing demand for low-viscosity poly alpha olefin from end-user industries for aerosol, adhesives/sealants, refining/oil & gas production, lubricant & grease manufacturers, metal working, cosmetics, mining, and others is expected to propel the demand for low viscosity poly alpha olefin market. Moreover, growing government and private institutional infra projects like dams, high-rise buildings, and others that need heavy-duty engines are expected to propel the demand for the low-viscosity poly alpha olefin market. Similarly, the rising application of Low Viscosity Poly Alpha Olefin in the cosmetics application and marketers’ efforts such as R&D, merger & acquisition are pushing the product demand and creating favorable conditions for global low viscosity poly alpha olefin market growth till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Low Viscosity Poly Alpha Olefin Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Type (Viscosity Less than 5 cSt, Viscosity 5-10 cSt), By Application (Aerosol, Adhesives/Sealants, Refining/Oil & Gas Production, Lubricant & Grease Manufacturers, Metal Working, Cosmetics, Mining and Others), By Company and By Region, has evaluated the future growth potential of global low viscosity poly alpha olefin market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global low viscosity poly alpha olefin market.”
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The Poly Alpha Olefin Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the poly alpha olefin (pao) market include INEOS, ExxonMobil Chemical, Chevron Phillips Chemical, Chemtura, Idemitsu Kosan, Naco, Shenyang HCPAO,S.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Poly Alpha Olefin (PAO) Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/poly-alpha-olefin-pao-market/download-sampleMarket DynamicsIncreasing stringent emission regulations and growing demand for lower and lower lubricant viscosity grades for engine and transmission oils drives the global poly alpha olefin (PAO) market.
Polyalphaolefin is increasingly being used as synthetic base oil used in industrial and automotive lubricants.
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.
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.
