The flourishing automotive industry is one of the major factors propelling the demand for pour point depressants all around the globe. This is mainly ascribed to the fact that pour point depres-sants are widely required for the production of lubricants used in vehicles. In addition to this, the surging automotive production in several nations such as India, Indonesia, Thailand, and Brazil is predicted to further boost the sales of pour point depressants across the world.
There have also been huge technological advancements and numerous research and development projects aimed at the development of innovative processes involving the utilization of pour point depressants for enhancing the quality oflubricants and crude oil, in the automotive, oil & gas, and other industries over the last few years. In addition to this, the soaring number of invest-ments being made by many companies all around the world for developing styrene ester and polymethacrylate-based PPD that would significantly improve the quality of depressants, is con-tributing massively toward the rising demand for PPDs across the globe.
Driven by the above-mentioned factors, the value of the 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. 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 ex-pected 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, au-tomotive, industrial, production, exploration, and refining. Amongst these, the automotive applica-tion 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.
On the basis of global analysis, it is expected that Asia-Pacific will observe the fastest growth in the usage of PPDs during the forecast period. The major factors responsible for the ris-ing requirement of pour point depressants in APAC are the thriving economies of India, China, Thailand, and Malaysia and rising urbanization, improving standards of living, changing lifestyles and major infrastructural development projects in the region. Additionally, the soaring manufac-turing of automobiles in the region will significantly contribute toward the boom of the pour point depressant market in the region in future.