July 22, 2020

Global Pour Point Depressant (PPD) Market Set to Surpass $1,500.0 Million in Valuation by 2023

The value of the global pour point depressant market is expected to increase from $1,487.2 million in 2016 to $1,902.3 million by 2023. The market is expected to exhibit a CAGR of 3.7% during the forecast period (2017—2023). PPDs are widely used in the lubricant and oil and gas industries. Between the two industries, the lubricant industry recorded higher utilization of PPDs in 2016. Furthermore, the lubricant industry is expected to register faster growth in the usage of PPDs during the forecast period.

Pour point depressants are extensively used in a plethora of applications— marine, aviation, automotive, industrial, production, exploration, and refining. Amongst these, the automotive application recorded the highest usage of pour point depressants in 2016 and this trend is expected to continue during the forecast period as well. This is primarily ascribed to the large-scale utilization of lubricants in the automotive industry. Moreover, the usage of PPDs will rise tremendously in automotive applications in future years, owing to the ballooning manufacturing of automobiles throughout the world.

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The market demand for PPD has witnessed a significant rise over the past few years in the automotive industry. This is attributed to the growing demand for PPD for the manufacturing of lubricants required for vehicles. Further, the increase in automotive production in various countries, such as Brazil, Thailand, India, and Indonesia, is expected to drive the pour point depressant market.

In recent years, significant research and development (R&D) activities have taken place for the development of different types of PPDs. For instance, the development of poly alpha olefins (PAO) for the manufacturing of PPD. Usage of PAO in manufacturing of PPD effectively improves low-temperature viscosity and modifies crystallization behavior. Hereby, several other developments similar to this are expected to serve as upcoming opportunities for the pour point depressant market in the coming years.

Therefore, it can be said with full confidence that the utilization of pour point depressants will increase substantially all over the world in the forthcoming years, mainly due to the rising demand for these materials from the oil and gas and lubricant industries and their increasing requirement in the automotive industry.