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Poly Alpha Olefin Market size was valued at USD 1.3 billion in 2019 and is poised to grow from USD 1.34 billion in 2023 to USD 1.67 billion by 2031, growing at a CAGR of 2.82% in the forecast period (2024-2031). 

The poly-alpha-olefin market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector, are expected to spur industry growth in the coming years. Overall, the market is highly competitive and dependent on product development and technological advancements. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers. 'British Petroleum', 'Exxon Mobil Corporation', 'Ineos', 'Shell', 'Addinol', 'Croda International', 'Chemtura', 'ENI', 'Fuchs', 'Idemitsu Kosan', 'Liqui Moly', 'Lukoil', 'Lubricon', 'Labdhi Chemicals', 'Mitsui Chemicals', 'Naco Synthetics', 'Novvi', 'PetroCanada', 'Penrite Oil', 'Peak Lubricants', 'Shanghai FOX Chemical Technology', 'Sasol', 'Tulstar Products', 'Valero'

Increasing use of poly-alpha-olefins (PAOs) for automotive applications is the main reason for the growth rate of the poly-alpha-olefins (PAOs) market. Increasing industrialization and increasing demand for synthetic base oils in the drilling industry will also have a direct and positive impact on the growth rate of the poly-alpha-olefin (PAO) market. The growth and expansion of the automotive industry, especially in emerging markets such as India and China, coupled with increasing urbanization, further paves the way for the growth of the poly-alpha-olefin (PAO) market. Increasing offshore drilling activity is another indirect determinant driving the growth of the poly-alpha-olefin (PAO) market.

Rising operating temperatures in power electronics, electric motors, and batteries are a result of advances in electric vehicle technology, driving demand for synthetic multigrade gear oils combined with high-quality PAOs with advanced additive technology increment.

Europe dominated the poly-alpha-olefin market in 2021. Europe dominates the poly-alpha-olefin (PAO) market, with a relatively high revenue share for the automotive industry, and the presence of key players in the region is set to further enhance its dominance during the forecast period.

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Global Poly Alpha Olefin Market

Product ID: SQSG15A2050