NEWARK, Del, Dec. 31, 2022 (GLOBE NEWSWIRE) -- The global PAG base stock market is expected to reach US$ 2.03 Billion and is projected to grow at a CAGR of 8.5% over the forecast period. According to the forecast, the PAG base stock industry size will reach US$ 4.6 billion over the forecast period.
Considering the excellent properties of PAG base oil as well as the benefits that it provides, it can be predicted that the demand for PAG base oil will improve over the coming years. As well as its excellent water solubility and high viscosity index, PAG base oils are also known for their shear stability as well as its high water solubility. Moreover, the low volatility of the synthetic compounds under high temperatures as well as their resistance to the formation of deposits or residues have also allowed them to be used in a variety of applications.
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The Global economy is set to be impacted significantly by emerging economies. As a result of its high water dissolving capacity, the PAG base oil market is expected to experience significant growth. Due to the growth of auto and other industries, the polyalkylene glycol (PAG) base oil market is expected to flourish in the future. In addition to the growing emphasis that is being placed on sustainability and energy transition, there are bound to be inevitable effects on both the supply and demand of base stock is expected to further grow the market.
PAG oils will continue to drive the synthetic market forward as an environmentally acceptable lubricant, in part due to the continuing emphasis on environmentally friendly lubricants in the industry. In addition to textile fiber producers, PAG oils have also been found to be beneficial in a number of other industries. During the scouring process, these lubricants can easily be removed, since they don't stain or discolor fibers. In addition to fiber processes requiring shear stability at high speeds and temperatures, PAG oils are the lubricant of choice. Additionally, extreme-pressure gear lubricants are used on textile machinery.
Key Takeaways from the Market Study
- According to market forecasts, the global PAG base stock market is set to reach US$ 4.6 billion by 2032.
- According to projections, the automotive sector is expected to grow at a CAGR of 6.8% between 2023 and 2033.
- According to the estimates, compressed oil is expected to possess a revenue share of 38.5% during the forecast period.
- PAG base stock in North America is expected to grow at a CAGR of 6.2% during the forecast period
- Asia Pacific PAG base stock market revenue is expected to grow by 29% during the forecast period.
“Recent energy conservation emphasis has increased interest in high-performance lubricants for automotive, textile and aerospace applications, which is expected to grow at a steady pace for the foreseeable future for the PAG base stock products.,” comments an analyst at FMI.
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Competitive Landscape
BASF SE, The Dow Chemical Company, Clariant AG, Idemitsu Kosan Co., Ltd., PCC Group, Fuchs Group, Croda International Plc, Exxon Mobil Corporation, Technical Lubricants International B.V., and Shandong Shing Chemical Co., Ltd.
By partnering strategically, manufacturers are able to boost production and meet consumer demands, increasing revenue and market share. Manufacturing products that are beneficial to the end user by utilizing new technologies and products. Expansion of production capabilities can be facilitated through strategic partnerships.
- LIQUI MOLY GmbH, a German manufacturer of lubricants, recently announced that its annual production has exceeded 100,000 tonnes. It was an increase in both oil and aftermarket additive production at LIQUI MOLY this year. Fuel additives, oil additives, and coolant additives were produced in 16.3 million cans in the first quarter of the year - up 14% over last year.
More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the PAG base stock market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the PAG base stock market analysis report by Type (Water Soluble, Water Insoluble, Mineral Oil Soluble, Random Copolymer, Block Copolymer) Application (Gear Oils, Fire Resistant Hydraulic Fluids, Food Grade Lubricants, Compressor Oils, Wind Turbine Lubrication, Metalworking and Quenching Fluids, Other Applications), by End Use (Automotive, Aerospace, Marine, Industrial Equipment, HVAC & Refrigeration, Others), by Region - Global Forecast 2022-2032.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
FMIs Domain Knowledge in Chemicals & Materials
Our chemicals & materials consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the PAG base stock sector. Our expertise in recognizing the challenges and trends impacting the global PAG base stock industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
Complete TOC with Report Preview: https://www.futuremarketinsights.com/reports/pag-base-stock-market
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