1-Decene Market Growth & Trends
The global 1-decene market size is expected to reach USD 1.66 billion by 2030, registering a CAGR of 5.7% from 2023 to 2030, as per the new report by Grand View Research, Inc. Increasing demand for group base oil among various end-use industries, such as automotive, and in the industrial sector is expected to drive the market growth significantly over the forecast period. Poly Alpha Olefin (PAO) is a 100% synthetic chemical compound and is designated at API Group IV. PAOs are used as a base stock in the production of some synthetic lubricants. The increasing popularity of the product due to the various advantages over conventional lubricants, such as excellent thermal stability and wear & tear protection, coupled with other properties, such as good load-carrying capacity and low friction, is anticipated to propel industry growth over the forecast period.
The advantage of PAO over mineral base oils is that it suits the formulation of lower viscosity gear & transmission oils and ultra-low viscosity oils in severe viscometric environments. The trends for reduced emission and increased fuel economy that presently exist in the automotive industry are causing additional pressure and strain on the driveline and crankcase lubricants, which implies there is an increasing requirement of PAO for a technical standpoint to support these formulations. Developing economies, such as China, India, Japan, Brazil, and the UAE, are shifting their preferences toward high-grade lubricants from conventional mineral lubricants. This factor is anticipated to remain the key driving factor. The increasing importance of lubrication cost, as opposed to maintenance expenditure in the manufacturing sector, is expected to propel its application in heat transfer mediums and also in transmission systems.
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1-Decene Market Report
1-Decene Market Report Highlights
- The PAO segment dominated the market in 2022 due to the increasing demand for PAO for synthetic lubricant production
- Asia Pacific is predicted to witness the fastest growth rate, in terms of revenue, from 2023 to 2030, due to the increasing demand for PAO and synthetic lubricant products in the region
- Regulations regarding the exploration of new oil wells are expected to adversely affect raw material availability, which, in turn, is expected to affect the prices of PAO during the forecast period
- Increasing demand for synthetic fuels, focus on the development of alpha olefins from bio-based materials, and capacity expansions by key players are likely to propel market demand
