NEW YORK, June 1, 2016 /PRNewswire/ --
According to market research "Global Pour Point Depressant Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Chemistry (Poly Alkyl Methacrylates, Ethylene Co-Vinyl-Acetate, Styrene Esters, Poly Alpha Olefin, Phthalic Acid Esters, Others) by End-User (Lubricant Industry, Oil and Gas Industry)" by P&S Market Research, the global pour point depressant market was valued at $1,374.2 million in 2015, and it is expected to grow at a CAGR of 2.7% during 2016 - 2022.
The factors driving the growth of the global market include growth in automotive industry, high demand in emerging economies, technological advancements, and increasing adoption of these chemicals across oil & gas and lubricant industries. The growth of the global pour point depressant market is largely driven by high demand for pour point depressant in transportation sector. The developing economies of Asia-Pacific and Latin America, such as India, China and Brazil offer ample growth opportunities for the manufacturers of pour point depressants.
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Based on chemistry, the poly alkyl methacrylates segment held the largest share in the global pour point depressant market in 2015. The segment dominated the global market, due to the high demand for poly alkyl methacrylates based pour point depressant in automotive, marine, aviation, and oil and gas industries. The poly alpha olefin segment is anticipated to witness the highest growth during the forecast period, in terms of volume as well as value.
In 2015, Asia-Pacific held the largest share (41.3% in terms of value) in the global pour point depressant market with a market size of $567.0 million. The region is also anticipated to be the fastest growing market for pour point depressant, growing at a CAGR of 3.8% during the forecast period. The major reasons behind the growth of the pour point depressant market in the region include rapid industrialization in developing economies, such as China and India, and high growth in automotive industry.
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Among the various end-users of pour point depressants, the lubricant industry held the largest share in the global market in 2015. The high consumption of pour point depressant in lubricant industry is attributed to the technological advancements and increasing demand for high quality lubricants, and growing research and development activities.
Some of the major players operating in the global pour point depressant market include Akzo Nobel N.V., Afton Chemical Corporation, BASF SE, Chevron Corporation, Clariant AG, Croda International Plc, Evonik Industries AG, Innospec, Messina Inc., The Lubrizol Corporation, Sanyo Chemical Industries Ltd.
GLOBAL POUR POINT DEPRESSANT MARKET SEGMENTATION
- Poly Alkyl Methacrylates
- Ethylene Co-Vinyl-Acetate
- Styrene Esters
- Poly Alpha Olefin
- Phthalic Acid Esters
- Lubricant Industry
- Oil and Gas Industry
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