Global Polyalphaolefin Market Size, Share & Trends Analysis Report By Type (High Viscosity, Medium Viscosity, and Low Viscosity), By Application (Engine Oil, Gear Oil, Compressor Oil, Grease, and Others), By Regional Outlook and Forecast, 2023 - 2030
The Global Polyalphaolefin Market size is expected to reach $2.5 billion by 2030, rising at a market growth of 3.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 4821.1 hundred Tonnes, experiencing a growth of 2.2% (2019-2022).
The growing EV industry in Europe presents opportunities for the market. The shift towards electric vehicles may change lubricant requirements and market dynamics. Consequently, the Europe region will generate a revenue of USD 715.6 million by 2022. As consumers demand better fuel economy and longer engine life, automotive manufacturers and oil companies increasingly turn to PAO-based lubricants to meet these requirements.
As industrialization accelerates, there is a parallel increase in the demand for lubricants and functional fluids across various industrial sectors such as automotive, manufacturing, construction, and machinery. As industries seek lubricants and fluids capable of withstanding these challenging operating conditions, the demand for PAOs as premium base oils increases.
Additionally, Synthetic lubricants formulated with PAOs offer superior performance to conventional mineral-based lubricants. PAOs exhibit excellent thermal stability, oxidation resistance, viscosity index, and lubricating properties, making them well-suited for use in demanding operating conditions across various automotive, manufacturing, aerospace, and marine industries. Hence, the increasing global demand for synthetic lubricants propels the market’s growth.
However, The production of PAOs requires specific raw materials, primarily alpha olefins, which are derived from petrochemical sources. The cost of alpha olefins accounts for a significant portion of the overall production costs of PAOs. Thus, high production costs and price fluctuations are impeding the growth of the market.
By Type Analysis
On the basis of type, the market is segmented into high viscosity, medium viscosity, and low viscosity. The medium viscosity segment recorded a 29.46 % revenue share in the market in 2022. Moreover, medium viscosity PAO is commonly used in automotive lubricants, such as engine oils and transmission fluids. With the automotive industry's growth, particularly in emerging markets, the demand for medium viscosity PAO to meet the requirements of modern engines and transmissions is increasing.
By Application Analysis
Based on application, the market is divided into gear oil, engine oil, compressor oil, grease, and others. In 2022, the engine oil segment garnered the 50.52 % revenue share in the market. PAO-based engine oils offer several advantages. PAOs have excellent viscosity-temperature characteristics and maintain their viscosity across various temperatures. These properties make PAO-based engine oils highly desirable for modern high-performance engines, including those in luxury cars and high-performance vehicles.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 26.63 % revenue share in the market. The Asia Pacific region is a hub for industrialization and manufacturing activities across various sectors, including machinery, electronics, chemicals, and construction. High-performance lubricants like PAO are becoming increasingly necessary to maintain the durability and smooth operation of machinery and equipment as the region’s industrial operations continue to increase and modernize.
List of Key Companies Profiled
- Chevron Phillips Chemical Company LLC
- INEOS Group Holdings S.A. (INEOS Oligomers)
- Mitsui Chemicals, Inc.
- Exxon Mobil Corporation
- Shell plc (Shell Chemical Ltd.)
- Tulstar Products, Inc.
- Shanghai NACO Lubrication Co., Ltd
- Lubricon Industries Canada Limited
- Idemitsu Kosan Co., Ltd.
- Lanxess AG
By Type (Volume, Hundred Tonnes, USD Billion, 2019-2030)
- High Viscosity
- Medium Viscosity
- Low Viscosity
- Engine Oil
- Gear Oil
- Compressor Oil
- Grease
- Others
- Civil Engineering & Archaeology
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Polyalphaolefin Market, by Type
- 1.4.2 Global Polyalphaolefin Market, by Application
- 1.4.3 Global Polyalphaolefin Market, by Geography
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Opportunities
- 3.2.3 Market Restraints
- 3.2.4 Market Challenges
- 3.3 Porter’s Five Forces Analysis
- Chapter 4. Global Polyalphaolefin Market by Type
- 4.1 Global High Viscosity Market by Region
- 4.2 Global Medium Viscosity Market by Region
- 4.3 Global Low Viscosity Market by Region
- Chapter 5. Global Polyalphaolefin Market by Application
- 5.1 Global Engine Oil Market by Region
- 5.2 Global Gear Oil Market by Region
- 5.3 Global Compressor Oil Market by Region
- 5.4 Global Grease Market by Region
- 5.5 Global Others Market by Region
- Chapter 6. Global Polyalphaolefin Market by Region
- 6.1 North America Polyalphaolefin Market
- 6.1.1 North America Polyalphaolefin Market by Type
- 6.1.1.1 North America High Viscosity Market by Country
- 6.1.1.2 North America Medium Viscosity Market by Country
- 6.1.1.3 North America Low Viscosity Market by Country
- 6.1.2 North America Polyalphaolefin Market by Application
- 6.1.2.1 North America Engine Oil Market by Country
- 6.1.2.2 North America Gear Oil Market by Country
- 6.1.2.3 North America Compressor Oil Market by Country
- 6.1.2.4 North America Grease Market by Country
- 6.1.2.5 North America Others Market by Country
- 6.1.3 North America Polyalphaolefin Market by Country
- 6.1.3.1 US Polyalphaolefin Market
- 6.1.3.1.1 US Polyalphaolefin Market by Type
- 6.1.3.1.2 US Polyalphaolefin Market by Application
- 6.1.3.2 Canada Polyalphaolefin Market
- 6.1.3.2.1 Canada Polyalphaolefin Market by Type
- 6.1.3.2.2 Canada Polyalphaolefin Market by Application
- 6.1.3.3 Mexico Polyalphaolefin Market
- 6.1.3.3.1 Mexico Polyalphaolefin Market by Type
- 6.1.3.3.2 Mexico Polyalphaolefin Market by Application
- 6.1.3.4 Rest of North America Polyalphaolefin Market
- 6.1.3.4.1 Rest of North America Polyalphaolefin Market by Type
- 6.1.3.4.2 Rest of North America Polyalphaolefin Market by Application
- 6.2 Europe Polyalphaolefin Market
- 6.2.1 Europe Polyalphaolefin Market by Type
- 6.2.1.1 Europe High Viscosity Market by Country
- 6.2.1.2 Europe Medium Viscosity Market by Country
- 6.2.1.3 Europe Low Viscosity Market by Country
- 6.2.2 Europe Polyalphaolefin Market by Application
- 6.2.2.1 Europe Engine Oil Market by Country
- 6.2.2.2 Europe Gear Oil Market by Country
- 6.2.2.3 Europe Compressor Oil Market by Country
- 6.2.2.4 Europe Grease Market by Country
- 6.2.2.5 Europe Others Market by Country
- 6.2.3 Europe Polyalphaolefin Market by Country
- 6.2.3.1 Germany Polyalphaolefin Market
- 6.2.3.1.1 Germany Polyalphaolefin Market by Type
- 6.2.3.1.2 Germany Polyalphaolefin Market by Application
- 6.2.3.2 UK Polyalphaolefin Market
- 6.2.3.2.1 UK Polyalphaolefin Market by Type
- 6.2.3.2.2 UK Polyalphaolefin Market by Application
- 6.2.3.3 France Polyalphaolefin Market
- 6.2.3.3.1 France Polyalphaolefin Market by Type
- 6.2.3.3.2 France Polyalphaolefin Market by Application
- 6.2.3.4 Russia Polyalphaolefin Market
- 6.2.3.4.1 Russia Polyalphaolefin Market by Type
- 6.2.3.4.2 Russia Polyalphaolefin Market by Application
- 6.2.3.5 Spain Polyalphaolefin Market
- 6.2.3.5.1 Spain Polyalphaolefin Market by Type
- 6.2.3.5.2 Spain Polyalphaolefin Market by Application
- 6.2.3.6 Italy Polyalphaolefin Market
- 6.2.3.6.1 Italy Polyalphaolefin Market by Type
- 6.2.3.6.2 Italy Polyalphaolefin Market by Application
- 6.2.3.7 Rest of Europe Polyalphaolefin Market
- 6.2.3.7.1 Rest of Europe Polyalphaolefin Market by Type
- 6.2.3.7.2 Rest of Europe Polyalphaolefin Market by Application
- 6.3 Asia Pacific Polyalphaolefin Market
- 6.3.1 Asia Pacific Polyalphaolefin Market by Type
- 6.3.1.1 Asia Pacific High Viscosity Market by Country
- 6.3.1.2 Asia Pacific Medium Viscosity Market by Country
- 6.3.1.3 Asia Pacific Low Viscosity Market by Country
- 6.3.2 Asia Pacific Polyalphaolefin Market by Application
- 6.3.2.1 Asia Pacific Engine Oil Market by Country
- 6.3.2.2 Asia Pacific Gear Oil Market by Country
- 6.3.2.3 Asia Pacific Compressor Oil Market by Country
- 6.3.2.4 Asia Pacific Grease Market by Country
- 6.3.2.5 Asia Pacific Others Market by Country
- 6.3.3 Asia Pacific Polyalphaolefin Market by Country
- 6.3.3.1 China Polyalphaolefin Market
- 6.3.3.1.1 China Polyalphaolefin Market by Type
- 6.3.3.1.2 China Polyalphaolefin Market by Application
- 6.3.3.2 Japan Polyalphaolefin Market
- 6.3.3.2.1 Japan Polyalphaolefin Market by Type
- 6.3.3.2.2 Japan Polyalphaolefin Market by Application
- 6.3.3.3 India Polyalphaolefin Market
- 6.3.3.3.1 India Polyalphaolefin Market by Type
- 6.3.3.3.2 India Polyalphaolefin Market by Application
- 6.3.3.4 South Korea Polyalphaolefin Market
- 6.3.3.4.1 South Korea Polyalphaolefin Market by Type
- 6.3.3.4.2 South Korea Polyalphaolefin Market by Application
- 6.3.3.5 Singapore Polyalphaolefin Market
- 6.3.3.5.1 Singapore Polyalphaolefin Market by Type
- 6.3.3.5.2 Singapore Polyalphaolefin Market by Application
- 6.3.3.6 Malaysia Polyalphaolefin Market
- 6.3.3.6.1 Malaysia Polyalphaolefin Market by Type
- 6.3.3.6.2 Malaysia Polyalphaolefin Market by Application
- 6.3.3.7 Rest of Asia Pacific Polyalphaolefin Market
- 6.3.3.7.1 Rest of Asia Pacific Polyalphaolefin Market by Type
- 6.3.3.7.2 Rest of Asia Pacific Polyalphaolefin Market by Application
- 6.4 LAMEA Polyalphaolefin Market
- 6.4.1 LAMEA Polyalphaolefin Market by Type
- 6.4.1.1 LAMEA High Viscosity Market by Country
- 6.4.1.2 LAMEA Medium Viscosity Market by Country
- 6.4.1.3 LAMEA Low Viscosity Market by Country
- 6.4.2 LAMEA Polyalphaolefin Market by Application
- 6.4.2.1 LAMEA Engine Oil Market by Country
- 6.4.2.2 LAMEA Gear Oil Market by Country
- 6.4.2.3 LAMEA Compressor Oil Market by Country
- 6.4.2.4 LAMEA Grease Market by Country
- 6.4.2.5 LAMEA Others Market by Country
- 6.4.3 LAMEA Polyalphaolefin Market by Country
- 6.4.3.1 Brazil Polyalphaolefin Market
- 6.4.3.1.1 Brazil Polyalphaolefin Market by Type
- 6.4.3.1.2 Brazil Polyalphaolefin Market by Application
- 6.4.3.2 Argentina Polyalphaolefin Market
- 6.4.3.2.1 Argentina Polyalphaolefin Market by Type
- 6.4.3.2.2 Argentina Polyalphaolefin Market by Application
- 6.4.3.3 UAE Polyalphaolefin Market
- 6.4.3.3.1 UAE Polyalphaolefin Market by Type
- 6.4.3.3.2 UAE Polyalphaolefin Market by Application
- 6.4.3.4 Saudi Arabia Polyalphaolefin Market
- 6.4.3.4.1 Saudi Arabia Polyalphaolefin Market by Type
- 6.4.3.4.2 Saudi Arabia Polyalphaolefin Market by Application
- 6.4.3.5 South Africa Polyalphaolefin Market
- 6.4.3.5.1 South Africa Polyalphaolefin Market by Type
- 6.4.3.5.2 South Africa Polyalphaolefin Market by Application
- 6.4.3.6 Nigeria Polyalphaolefin Market
- 6.4.3.6.1 Nigeria Polyalphaolefin Market by Type
- 6.4.3.6.2 Nigeria Polyalphaolefin Market by Application
- 6.4.3.7 Rest of LAMEA Polyalphaolefin Market
- 6.4.3.7.1 Rest of LAMEA Polyalphaolefin Market by Type
- 6.4.3.7.2 Rest of LAMEA Polyalphaolefin Market by Application
- Chapter 7. Company Profiles
- 7.1 Chevron Phillips Chemical Company LLC
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Recent strategies and developments:
- 7.1.3.1 Geographical Expansions & Business Expansion:
- 7.1.4 SWOT Analysis
- 7.2 INEOS Group Holdings S.A. (INEOS Oligomers)
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental and Regional Analysis
- 7.2.4 Recent strategies and developments:
- 7.2.4.1 Geographical Expansions:
- 7.2.5 SWOT Analysis
- 7.3 Mitsui Chemicals, Inc.
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.3.4 Research & Development Expenses
- 7.3.5 SWOT Analysis
- 7.4 Exxon Mobil Corporation
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Segmental and Regional Analysis
- 7.4.4 Research & Development Expenses
- 7.4.5 Recent strategies and developments:
- 7.4.5.1 Product Launches and Product Expansions:
- 7.4.5.2 Geographical Expansions & Business Expansion:
- 7.4.6 SWOT Analysis
- 7.5 Shell plc (Shell Chemical Ltd.)
- 7.5.1 Company Overview
- 7.5.2 Financial Analysis
- 7.5.3 Segmental and Regional Analysis
- 7.5.4 Research & Development Expenses
- 7.5.5 Recent strategies and developments:
- 7.5.5.1 Partnerships, Collaborations, and Agreements:
- 7.5.5.2 Acquisition and Mergers:
- 7.5.6 SWOT Analysis
- 7.6 Tulstar Products, Inc.
- 7.6.1 Company Overview
- 7.7 Shanghai NACO Lubrication Co., Ltd
- 7.7.1 Company Overview
- 7.8 Lubricon Industries Canada Limited
- 7.8.1 Company Overview
- 7.9 Idemitsu Kosan Co., Ltd.
- 7.9.1 Company Overview
- 7.9.2 Financial Analysis
- 7.9.3 Segmental and Regional Analysis
- 7.9.4 Research & Development Expenses
- 7.9.5 SWOT Analysis
- 7.10. Lanxess AG
- 7.10.1 Company Overview
- 7.10.2 Financial Analysis
- 7.10.3 Segmental and Regional Analysis
- 7.10.4 Research & Development Expenses
- 7.10.5 SWOT Analysis
- Chapter 8. Winning Imperatives of Polyalphaolefin Market
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