The PAG compressor oil market is anticipated to grow at a compound annual growth rate (CAGR) of 8.7% and reach a value of USD 1.4 billion in 2023. By 2033, the market is expected to reach USD 3.22 billion due to increased use in end-use industries.
The market for PAG compressor oil is expanding significantly, particularly in East Asia and South Asia Pacific. Strong investments in industrial infrastructure in areas like Europe and North America have caused the market to expand significantly.
In sectors like manufacturing, transportation, chemicals, medicines, food and beverage, and others, demand is anticipated to expand steadily. The market for PAG compressor oil is anticipated to expand as a result of rising demand from the automobile sector for high-performance lubricants that can resist extremely high temperatures and pressure.
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In recent years, Asia Pacific has emerged as the centre of the automotive sector. The worldwide automobile industry is being driven by the growth in demand for automobiles in developing economies like China and India, which is also pushing the market for PAG compressor oil.
A major driver of the PAG compressor oil market in the area is anticipated to be the increase in investments in the automotive sector, which normally occurs in the Middle East and Africa.
Key Takeaways from the Market Study
- As of 2023, the PAG compressor oil market was valued at US$1.4 Billion
- From 2023 to 2033, the PAG compressor oil industry is poised to grow at an 8.7% CAGR
- By 2033, the PAG compressor oil market is slated to reach a valuation of US$3.44 Billion
- By end-user, the general manufacturing segment accounted for the highest CAGR of 8.1% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 8.5% with respect to PAG compressor oil in 2033
“Increasing usage of PAG Compressor oil in the Automotive, general manufacturing, mining, and construction industries are expected to radically transform the PAG compressor oil market in the coming years,” comments an analyst at FMI.
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Competitive Landscape
Idemitsu Lubricants America, Boss Lubricant, Castrol, Phillip 66 Lubricant, Total Lubricant USA Inc., Mannol, AMSOIL, Exxon Mobil Corporation, Technical Lubricants International B.V., Shandong Shing Chemical Co., Ltd. are some of the key players in the PAG Compressor Oil industry.
The manufacturers are involved in the production of PAG Compressor Oil in a larger capacity. The global PAG Compressor Oil Market is consolidated with the presence of major international players. However, the presence of small- and medium-sized domestic players makes the market highly competitive.
At the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China, ExxonMobil, Shell, CNOOC, and the Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to assess the potential for a global carbon capture and storage project to lower greenhouse gas emissions.
May 2020 – With its line of fully synthetic motor oils that meet and surpass the latest SP/GF-6A industry standards for enhanced protection, performance, and power, Idemitsu Lubricants America offers astounding new levels of engine protection. Additionally, Idemitsu has unveiled a brand-new 0W-16 SP/GF-6B Ultra-Low Viscosity Motor Oil that surpasses cutting-edge lubrication standards with its strong additive technology.
To provide a national oil programme for their members, the Independent Truck Repair Group (iTRG) and Phillips 66 Lubricants announced their collaboration in March 2021. Members of the iTRG will have access to exclusive pricing, marketing materials, rebates, better technical support, and education on Phillips 66 (NYSE: PSX) premium diesel products through this new initiative.
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More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the PAG compressor oil market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the PAG Compressor Oil Market by by Compressor Type (Reciprocating Compressor, Rotary Compressor, Centrifugal Compressor) by End-user (Automotive, Mining, Construction, General Manufacturing, Food & beverages, other) By Region – Global Forecast 2023-2033
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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