Low Viscosity Poly Alpha Olefin Market to be Dominated by Lubricant & Grease Manufacturers Segment Through 2028
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, 2018-2028F”, 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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New York – 10017
Tel: +1-646-360-1656