NEWARK, Del., Nov. 2, 2023 /PRNewswire/ -- A recent forecast study by Future Market Insights (FMI) predicts that the global pour point depressant market will reach US$2.9 billion by 2033, growing at a CAGR of 3.7% during the forecast period. The key drivers of growth include the increasing demand for pour point depressants in cold chain logistics, the growing need for temperature-sensitive commodities, and the increasing use of pour point depressants in the automotive industry in cold climates.
The market for pour point depressants was expected to reach US$ 1,974.80 million by 2022. The industry is projected to be valued at US$ 2,048.00 million by the end of 2023. The pour point depressant market is expected to expand at a rate of 3.70% CAGR throughout the forecast period, reaching a valuation of US$ 2,945.22 million by 2033.
The growth of cold chain logistics within the food, pharmaceutical, and chemical industries, along with the increasing need for commodities sensitive to temperature, are driving the market for pour point depressants. Pour point depressants maintain the flow properties of lubricants used in refrigerated storage and transit, which helps maintain the product's integrity.
Key Takeaways from the Market Analysis
- Pour point depressant sales in the United States will likely rise at a 4.00% CAGR over the projected year.
- From 2023 to 2033, the pour point depressant market in the United Kingdom is expected to flourish at a CAGR of 3.30%.
- Pour point depressant demand in Germany is anticipated to expand at a 4.10% CAGR over the projected year.
- Pour point depressant sales in China are anticipated to surge at a 4.10% CAGR between 2023 and 2033.
- Throughout the forecast period, India's pour point depressant market is projected to expand at a 3.80% CAGR.
- In 2023, the poly alkyl methacrylate segment is anticipated to reach a market share of 33.8%.
- The Group II category will account for 51.9% of the global market in 2023.
Pour Point Depressant Market Study Coverage:
Attribute | Details | ||
Projected market value in 2023 | US$ 2,048.00 million | ||
Projected market value in 2033 | US$ 2,945.22 million | ||
Forecast CAGR from 2023 to 2033 | 3.70 % | ||
Forecast period | 2023 to 2033 | ||
Historical period | 2018 to 2022 | ||
Market analysis | Value in US$ million | ||
Key regions covered |
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Key market segments |
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Key companies profiled |
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"The increased adoption of environmentally friendly pour point depressant solutions, as well as continued technological improvements leading to better low-temperature performance, will eventually drive demand in the global market," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Manufacturers invest efforts in research and development to create new pour point depressant formulas. Companies can differentiate themselves in the market and command premium prices by creating products with unique features, such as enhanced performance or versatility with different types of crude oil.
Manufacturers often expand geographically to access new markets where pour point depressants are becoming more and more necessary. Businesses can increase their customer base, diversify their revenue streams, and increase profitability by going global via alliances, mergers, or acquisitions.
Key Developments
- In 2022, to better serve its clients in the pharmaceutical, home care, personal care, and industrial application sectors, Clariant planned to enlarge its Care Chemicals facility in Daya Bay, Huizhou, China.
- By 2024, the CHF 80 million investment will have increased capacity for current goods and brought new ones to market. The Clariant Daya Bay manufacturing plant has become the first API company in China to have approved polyethylene glycol Polyglykol 3350 after successfully receiving the medication GMP certificate. The location will serve as a new worldwide center for Clariant's healthcare business support, expediting the delivery of premium ingredients for medications that have the potential to save lives.
- In 2022, Lubrizol and Grasim Industries Limited initiated the construction of the first phase of a 100,000 metric ton CPVC resin facility in Vilayat, Gujarat, India. The Grasim Industries complex will house the largest single site CPVC resin production capacity in the world. It is intended to provide the growing demand for CPVC piping uses across India and its surrounding nations, including Bangladesh, Indonesia, and Nepal.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global pour point depressant market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global pour point depressant market, the market is segmented on the basis of chemical compositions (poly alkyl methacrylate, styrene ester, alkyl aromatic polymer, alkylated polystyrene, others), base oil additives (group I, group II, group III), end use industry (lubricants, industrial, automotive, marine, aviation, oil & gas, exploration & production, refining) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has analyzed the market lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends, including competitive landscape, profit margin, and research development efforts.
Explore FMI's Extensive Coverage in the Chemicals Domain:
- The global lubricant additives market is poised to reach $13.46 billion in 2023, with a projected value of $21.7 billion by 2033, growing at a 4.8% CAGR throughout the forecast period.
- The synthetic lubricants and functional fluids market, valued at $7.90 billion in 2022, is anticipated to achieve a 5.80% CAGR, reaching $13.88 billion by 2032.
- The global barium carbonate market is presently worth approximately $701.2 million and is expected to expand at a 4.8% CAGR, reaching $1,118.2 million by 2032.
- The global 2-Iodophenol market is forecasted to grow at a 5.64% CAGR from 2023 to 2033, with an expected market size of $32.7 billion in 2023 and $56.6 billion in 2033.
- The global market for wood preservative chemicals and coating active ingredients is anticipated to achieve a 4.90% CAGR, reaching a size of $386.6 million by 2033.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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