Global pour point depressants market is anticipated to cross US $935 million by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The pour point depressants are fuel additives used by various lubricant-based industries due to their supreme temperature resistance and minimal maintenance expenses, making it ideal for use in harsh conditions. Growing use of these additives for servicing and maintenance of automotive is reported to be the prime driving factor for the growth of pour point depressant market. Another parameter acting as a propeller for the market growth is the advancement in technology which has encouraged makers to introduce innovative products.
According to the study, the increasing demand of pour point depressant in various industries such as aviation, automotive, marine, industrial, and oil & gas has driven the worldwide pour point depressant market to exceed US $670 million in 2018. The accounted reason for growth is the need for improved overall performance of engine, which is achieved by addition of pour point depressant, as it prevents wax crystal formation while increasing the fuel efficiency. The product demand is projected to bolster owing to its ability to optimize the oil viscosity in cold weather conditions for smooth operations.
Based on the lubricant application, polyalkylmethacrylates market in North America is anticipated to witness around 4% gains by 2025. The product is used to cope with the low temperature issues that alter the composition of lubricants. The regional market growth is credited to the growing automotive industry and increasing adoption of superior fuel additives for better vehicle efficiency.
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Additionally, ethylene co vinyl acetate Europe market, owing to its application in oil & gas industry, is claimed to have crossed US $20 million in 2018. The product is used as an additive in drilling & extraction equipment to prevent wax formation, which might damage the engine. The pour point depressants enable extraction of oil below its pour point without causing harm to the finished product. The expansion of exploration & production activities in oil & gas industry is cited to boost the growth of pour point depressants market.
The key players of the pour point depressants market are undertaking R&D initiatives to come up with innovations and focussing on enhancing the production capacity to meet the needs of the consumers. The major contenders profiled in the report include Sanyo Chemical Industries, Thermax Limited, Chevron Phillips Chemicals, INEOS Capital Limited, The Lubrizol Corporation, and Lehmann & Voss & Co. KG.