Pour point is the minimum temperature at which a fluid becomes semisolid and ceases to flow. Diesel fuel is prone to waxing or gelling in cold weather. This leads to the development of solid wax particles in the fuel. At low temperature, the wax tends to separate, thereby trapping considerable amount of oil, preventing oil flow, and hindering lubrication. Large quantity of paraffin is used to increase the pour point in crude oil. Majority of the wax is removed during the base oil refining process; however, high-molecular weight compounds are essential to attain the preferred target viscosity. The pour point depressants are added to diesel fuel, in order to offer efficient functionality to mineral oils at low temperatures.
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The pour point depressant market is driven by the growth in automotive and lubricant industries, low production cost, and expansion in economy in developing countries. The global pour point depressant market is expected to expand significantly in the near future. The automobile industry is driven by the rise in demand for automobiles in growing economies such as China and India. This, in turn, is boosting the requirement of finished lubricants, thereby increasing the demand for pour point depressant. Rapid industrialization has also augmented the demand for pour point depressant in various end-use industries.
The uncertainty around the global manufacturing industry is significantly affecting developing and the developed regions. Manufacturing production growth has been weak in recent years in industrialized and developing and emerging industrial economies. Brexit and the presidential election in the U.S. have led to economic uncertainty, resulting in weak manufacturing growth. The chemical industry depends significantly on the automotive industry. Consequently, the chemical industry is likely to witness contraction. This, in turn, is estimated to adversely affect the pour point depressant market during the forecast period.
The pour point depressant market can be segmented based on chemistry, end-user industry, and region. In terms of chemistry, the market can be segmented into oil & gas industry and lubricants industry. The oil & gas industry segment can be further divided into poly alkyl methacrylates (PAMA), ethylene co-vinyl-acetate (EVA), and poly alpha olefin (PAO). The lubricants industry segment can be further divided into styrene esters, PAMA, and others. Based on end-user industry, the market can be segmented into automotive, marine, lubricant, chemical, industrial, aviation, and oil & gas. The oil & gas industry segment can be segregated into exploration, production, and refining.
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In terms of geography, the pour point depressant market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of volume, Asia Pacific is likely to dominate the global pour point depressant market during the forecast period, owing to the presence of growing economics such as China, India, and Indonesia in the region. These countries exhibit an increasing demand for pour point depressants. In terms of consumption, Asia Pacific led the global pour point depressant market in 2016, followed by North America and Europe. Furthermore, the market in Asia Pacific is projected to expand at a significant pace during the forecast period. China is likely to dominate the market in the region, owing to the vast growth in its economy, increase in population, rise in industrialization, and expansion in the automotive industry. The market in Europe and North America is estimated to expand at a high pace, while that in Middle East & Africa and Latin America is anticipated to expand at moderate pace during the forecast period.