Pour Point Depressants Market Aims for US$ 2.46 Billion by 2028 with 3.2% CAGR

According to the report, the global pour point depressants market is expected to exhibit a CAGR of 3.2% from 2022 to 2028. The market was worth $1.97 billion in 2022 and is expected to be worth $2.46 billion by the end of 2028.

Future Market Insights (FMI) has released a new research report on pour point depressants. The study is titled “Pour Point Depressants Market: Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028.”The growth of the automotive industry has provided a considerable boost to the global pour point depressants market. Pour point depressants are in high demand because to rising oil commerce and use in cold climates.

The growing population will increase demand in the car and industrial sectors. This significant increase in demand will increase global use of pour point depressant-based goods.

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In order to meet the increasing requirements of consumers, companies operating in the global market are pulling up their socks and are entering into mergers and acquisitions in order to expand their consumer base and also facilitate product expansion.

In 2017, BASF PETRONAS Chemicals started a new plant for the engineering of HR-PIB, an important intermediate used in the manufacturing of high performance fuel and lubricant additives. The annual capacity of the company’s plant in Gebeng, Kuantan, Malaysia is 50,000 MT.

Automotive Industry to be the Biggest Support System of the Global Market

The burgeoning urbanisation, industrialisation, and economic growth across the globe is advancing the demand for automobiles in the worldwide market. This in turn is accelerating the demand for pour point depressants to be used in lubricants additives, which can hence withstand the low temperatures in American and European countries. The growing disposable income of people is compelling investors to invest more in the automotive industry.

The ever increasing demand for vehicles has encouraged automobile manufacturers to improve production output to accommodate growth, thereby positively impelling lubricant additives sales in the global automotive market. Consumers, at present, prefer premium quality lubricants, which will enhance the performance of the engine and prevent any kind of engine related issues. This is expected to further boost the demand for pour point depressants in the lubricant industry.

Rules Governing Automotive Emissions to Act as a Roadblock to Revenue Growth

Examining the effect of carbon emissions from automobiles, several governments and regulatory bodies are enforcing strict regulations on automobile manufacturers. Petrol- and diesel-based automobiles are the core reasons behind air pollution as they emit a significant amount of nitrogen oxide, carbon monoxide, and other pollutants into the air. Adding to this, transportation is responsible for over half of nitrogen oxides and carbon monoxides and nearly a quarter of the hydrocarbons released into the atmosphere. As a result of such regulations, automobile manufacturers are looking to manufacture CNG vehicles, causing a challenge for the market for pour point depressants.

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Competitive Landscape

Leading players operating in the pour point depressants market are constantly upgrading their product portfolios. They have adopted various organic and inorganic strategies such as partnerships, advanced product launches, collaborations, price reduction, acquisitions and establishment of new facilities to gain a competitive edge in the market. For instance,

• In September 2019, Clariant Oil Services launched a breakthrough WAXTREAT SubZero pour point depressant technology for cold climatic regions. The technology will help oil production companies to overcome the challenges associated with the transportation of waxy crude oils.
• In November 2021, Evonik announced Brenntag Bulgaria EOOD as its new distribution partner in Greece.
• In November 2019, Evonik expanded its production capabilities for polyalkylmethacrylate based viscosity modifiers to meet the rapidly rising demand.

The other companies operating in the global pour point depressants market are Akzo Nobel N.V., Evonik Industries AG, Clariant, Chevron Corporation, NewMarket Corp., Shengyang Greatwall Lubricant Oil Co., Ltd., and Puyang Jiahua Chemical Co., Ltd., among others.

Key Segmentation