Frequently Asked Questions
The poly alpha olefin (PAO) market also suffered from the COVID-19 pandemic, which resulted in a decline in revenue generated in 2020. As evidenced by the increase in crude oil and petroleum products following the removal of restrictions, the ongoing COVID-19 pandemic negatively impacts poly alpha olefin prices.
Europe accounted for the highest share in the Poly Alpha Olefin (PAO) Market. A major regulatory framework that supports biodegradable base oils in Europe is the Blue Angel Scheme and the White Swan Scheme.
The growth is primarily driven by expanding automotive industry and rising offshore drilling activity, an increasing economy, a growing population and employment, rising disposable incomes, and rapid urbanization and industrialization.
Automobile had a major share in 2021. Besides, it is also projected to witness the fastest growth. Fuel efficiency and emissions reduction are top priorities for the automobile industry, which is achieved by using high-quality base stocks, such as PAO, in lubricant formulations. Ultimately driving the demand for the PAO.
The engine oil had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period. Major factors contributing to the market’s growth include the surge in industrialization, especially in developing nations.