Polymethacrylate in VII and Pour Point Depressant (PPD) Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Japan, Germany, France - Size and Forecast 2024-2028

Polymethacrylate In Vii And Pour Point Depressant (PPD) Market Size 2024-2028

The polymethacrylate in vii and pour point depressant (PPD) market size is forecast to increase by USD 378.5 million, at a CAGR of 3.2% between 2023 and 2028.  The market's growth is driven by several key factors. Firstly, the increasing demand for high-performance lubricants is a significant contributor, as industries and consumers seek superior products for better efficiency and longevity. Secondly, the growing automotive industry fuels the need for advanced lubricants, essential for modern engines and driveline fluids. Lastly, the ongoing industrialization and urbanization further boost market demand, as expanding industrial activities and urban centers require robust lubrication solutions. These factors collectively create a dynamic environment for the market, encouraging innovation and development to meet the evolving needs of various sectors. As a result, the market is poised for substantial growth, driven by these intertwined elements.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

The market is driven by the need for enhanced rheology in engine oils and hydraulic fluids. Polymers such as poly alkyl methacrylate and styrene-maleic anhydride improve the oil flow characteristics, particularly in cold climates where wax crystals can impede performance. The demand for premium base oil with a lower carbon footprint and longer drain intervals further propels market growth. However, challenges include the fragmentation of the market and the high production costs of advanced polymers. Key players like Chevron Corporation and Phillips focus on innovation to address these issues. Additionally, the rising use of polymethacrylate in power generation and heavy machinery applications highlights its importance in modern lubrication solutions, contributing to overall market expansion. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Increasing demand for high-performance lubricants is the key factor driving the growth of the market. High-performance lubricants are used in a wide variety of applications, including automotive engines, industrial machinery, and aerospace. These lubricants are designed to operate under extreme conditions such as high temperature, high pressure, and high shear. Polymethacrylate-based additives are used in high-performance lubricant formulations to improve viscosity index and pour point properties. The viscosity index is a measure of a lubricant's viscosity change with a change in temperature. A high viscosity index means that the lubricant maintains its viscosity over a wide temperature range. This is important to ensure efficient lubrication under changing operating conditions. The pour point is the temperature at which a lubricant loses its fluidity and becomes solid.

Further, polymethacrylate-based additives can lower the pour point, allowing the lubricant to remain fluid even at lower temperatures. The demand for high-performance lubricants is driven by several factors, including the increasing focus on energy efficiency, reducing emissions, and extending the life of equipment and machinery. High-performance lubricants can help improve the efficiency of engines and machinery, thus reducing the amount of energy that they require to operate. This, in turn, can lead to lower emissions and a reduced impact on the environment. High-performance lubricants can also help extend the life of different types of equipment by reducing wear and tear. Thus, the increasing demand for high-performance lubricants is expected to continue driving the growth of the market during the forecast period.

Significant Market Trends

Increasing demand for fuel-efficient vehicles is the primary trend in the market growth. Polymethacrylates are used as viscosity index improvers (VII) in lubricants for automotive engines and can help improve fuel efficiency in automobiles by reducing friction and wear in the engine. While traditional internal combustion engine (ICE)-based vehicles still dominate the global automotive market, there is an increasing demand for electric vehicles (EVs), which also rely on lubricants containing polymethacrylates.

Additionally, the automotive industry is growing rapidly in emerging markets such as China and India, driven by factors such as rising incomes and urbanization. As these markets mature, the demand for more fuel-efficient vehicles is expected to increase, driving demand for polymethacrylates. Thus, increasing demand for fuel-efficient vehicles is one of the major trends that is expected to drive the growth of the market during the forecast period.

Major Market Challenge

Increasing environmental concerns are a major challenge to the growth of the market. The production and use of polymethacrylates can have a significantly detrimental impact on the environment, including in terms of greenhouse gas emissions, water pollution, and waste generation. The production of polymethacrylate requires significant energy inputs, which can lead to greenhouse gas emissions. According to a report by the European Chemicals Agency, the production of polymethyl methacrylate (PMMA) generates approximately 4.5-5.5 kg of carbon dioxide equivalent per kg of PMMA produced. The production of polymethacrylate can also contribute to water pollution. Polymethacrylate production generates wastewater that can contain pollutants, such as organic solvents, heavy metals, and other contaminants.

According to a study conducted by the US Environmental Protection Agency (EPA), the discharge of pollutants from polymethacrylate production plants can negatively impact aquatic ecosystems. The disposal of polymethacrylate products can also contribute to waste generation. Polymethacrylate products can take hundreds of years to decompose in landfills, leading to long-term waste accumulation. According to a report by the European Chemicals Agency, PMMA waste can represent up to 1% of the total municipal solid waste generated in the European Union (EU). Thus, increasing environmental concerns can become a major challenge for the growth of the market during the forecast period.

Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Market Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Additive-Chemie Luers GmbH and Co. KG: The company offers polymethacrylate in VII and PPD such as ACL polymethacrylate. Also, the company manufactures additives for metalworking fluids, industrial lubricants, cleaners, and specialties.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• American Hitech Petroleum and Chemicals Inc.
• DANA Lubricants Factory LLC
• Evonik Industries AG
• Functional Products Inc.
• Infineum International Ltd.
• Jinzhou Kangtai Lubricant Additives Co. Ltd.
• Jinzhou Runda Chemical Co. Ltd.
• Kusa Chemicals Pvt Ltd.
• Mitsubishi Chemical Group Corp.
• NewMarket Corp.
• Nouryon Chemicals Holding BV
• RX Marine International
• Ter Group
• The Lubrizol Corp.
• Zhengzhou Chorus Lubricant Additive Co. Ltd. 

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation 

The market share growth by the multi-grade segment will be significant during the forecast period. Multi-grade lubricants are those that have been engineered to maintain their viscosity across a wide range of operating temperatures. They are designed to provide the best possible lubrication in engines and machinery that are subjected to varying temperatures, such as automotive engines and transmission systems. 

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The multi-grade segment was the largest and was valued at USD 1.45 billion. Multi-grade lubricants are essential for modern engines and machinery that require consistent and reliable lubrication across a wide range of temperatures. The use of viscosity index improvers like polymethacrylate helps achieve this performance target. Thus, the increasing use of multi-grade lubricants is expected to drive the growth of the multi-grade segment of the global polymethacrylate market in VII and PPD during the forecast period.

Regional Analysis

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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is APAC. APAC is experiencing significant growth in demand for polymethacrylates due to a variety of economic, demographic, and environmental factors. One major driver of this growth is the increasing demand for fuel-efficient vehicles in the region. As disposable income increases and vehicular emission regulations become more stringent, consumers in APAC are increasingly looking for vehicles that offer better fuel economy and performance.

In addition, polymethacrylates are used in the production of viscosity index improvers (VII) and pour point depressants (PPD), which are important components in automotive lubricants that improve the fuel economy and performance of vehicles. As a result, the demand for polymethacrylates in the automotive sector is expected to grow at a significant rate during the forecast period.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Grade Type Outlook  
  • Multi-grade
  • Mono-grade
• End-User Outlook  
  • PCMO
  • HDMO
  • Industrial hydraulic oils
  • Automotive gear oils
• Region Outlook  
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

The market is essential for enhancing engine oil, driveline fluids, and brake oils performance. Polyalkylmethacrylates, styrene esters, and poly alpha olefins are vital in forming crystal networks that improve fluidity in cold conditions. The aviation and petrochemical industries significantly benefit from these advancements. A comprehensive Porter analysis indicates market growth driven by technical innovation and increased volume demands. Companies like WAXTREAT leverage their technical skills and geographical presence to dominate the market. The use of polyoxyethylene lauryl and ethylene vinyl in heavy industrial applications and crude oil refining underscores the sector's importance. Overall, the market thrives on enhancing product efficiency and reliability across various sectors.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market report during the forecast period
• Detailed information of market analysis and report on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market and its contribution in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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