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 of 2023 to 2033.
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.
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.
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.
Reach Out to Our Sales Team Now and Discover the Insights You Need to Succeed.
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 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 over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
