Polyol Ester market to witness steady growth at 5.1% CAGR by 2027
A Polyolester oil or a POE oil is a form of synthetic oil utilized in refrigeration compressors which is well-suited with the refrigerants such as R-12, R-410A or R-134a. Experts in the industry recommend its use as a substitute for hydrofluorocarbons (HFCs). The POE oil is also recommended as a substitute for R12 mineral oil. They are mostly compatible with nearly every lubricant in the market. It is distinguished that the thickness of the oil rise with the temperature, thus considered as a better additive to the engine.
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The application of the polyol ester is into carrier fluids, automotive crankcase material, fire resistant hydraulic fluids, drilling fluids, gear oils, environmentally acceptable hydraulic, food contact material, heat transfer fluids, fluid and lubricants, breathing air compressor material, quenchants, vacuum pump, seal swellants, instrument oil, air compressor material, dielectric fluids and textile lubricants.
The use of this form of oil is still in the implementation process by manufacturers who apply compressors in their products. The demand to substitute the old oils has begun as a result of environmental restrictions causing unsuitability with the new refrigerants of the old oils. The polyol ester oils are very superior solvents that easily dissolve the majority of the remaining mineral oils which they might be substituting. The polyol ester is widely utilized in the industries like miscellaneous manufacturing, chemical, food & beverage, electrical & electronics, marine, machinery, aerospace, automotive, mining, utilities, construction and textile.
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The growth of the polyol ester market is precisely owing to factors such as growing requirement for biodegradable lubricants, rising need for synthetic esters in high-temperature grease, ample scope of ester-based fluids among multiple properties, rising implementation in industrial applications of organic ester lubricants, need for eco-friendly lubricants for vessel general permit, considerable demand for PFMs from industrial and automotive application and growing demand for fuel efficiency in heavy-duty diesel vehicles. However, the residues such as dirt, dust, soldering residue, small pieces of metal from cutting, in addition to oxidized metal from tubing, gathered can clog up the system filters in addition to causing excessive damage or wearing to critical components like the valves or vanes. This aspect can also hamper the growth of the overall market of polyol ester.
Referring to the recent survey from Research Report Insights, it was stated that the worldwide polyol ester market is considered to witness a noteworthy growth during the ten years forecasted period of 2017-2027. The overall market for polyol ester is projected to exhibit a robust growth rate and registering a 5.1% CAGR throughout the calculated period. The report also stated that the suppliers and manufacturers will be playing a vital role in fulfilling the demands of the customers by reinforcing the supply chain, mainly in regions, like Europe, Asia Pacific and North America.
Key Players: Calumet Specialty, Huntsman Corp, Dow Chemical, Shell Chemical, Exxon Mobil, LANXESS, Perstrop, Inolex, and Purinova are some of the key players operating in the global polyol ester market.