FMI expects the polyalkylene glycol base stocks market to surpass USD 594.6 billion in revenue by 2032 and grow further at a CAGR of 6.1% | Get data analysis from Future Market Insights, Inc.Increased automotive demand for compression oils is expected to boost demand for PAG base stocks
NEWARK, Del., Dec. 31, 2022 (GLOBE NEWSWIRE) — The global PAG base oils market is expected to reach USD 2.03 billion and is projected to grow at a CAGR of 8.5% during the forecast period. The PAG base oil industry size is estimated to reach USD 4.6 billion during the forecast period.
Considering the excellent properties of PAG base stocks and the benefits they provide, it can be predicted that the demand for PAG base stocks will increase in the coming years. In addition to excellent water solubility and high viscosity index, PAG base stocks are also known for their shear stability and high water solubility. In addition, the low volatility of the synthetic compounds at high temperatures and their resistance to deposit or residue formation also enable their use in a variety of applications.
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The global economy will be significantly influenced by emerging economies. The PAG base oil market is expected to witness significant growth owing to its high water solubility. The polyalkylene glycol (PAG) base oil market is expected to boom in the future owing to growth in industries such as automotive. In addition to increasing emphasis on sustainability and energy transition, supply and demand of base oils are bound to be impacted and the market is expected to grow further.
PAG oils will continue to drive the synthetic market forward as an environmentally friendly lubricant, due in part to the industry’s continued emphasis on environmentally friendly lubricants. In addition to textile fiber producers, PAG oils have also found benefits in many other industries. During scrubbing, these lubricants are easy to remove because they won’t stain or discolor fibers. In addition to fiber processes where shear stability at high speeds and temperatures is required, PAG oils are the lubricant of choice. In addition, extreme pressure gear lubricants are used in textile machinery.
Essentials of Market Research
According to market forecasts, the global PAG base oil market will reach USD 4.6 billion by 2032.
According to forecasts, the automotive industry is expected to grow at a CAGR of 6.8% between 2023 and 2033.
Compressed oil is estimated to have a revenue share of 38.5% during the forecast period.
PAG base oils in North America are expected to grow at a CAGR of 6.2% during the forecast period
Asia Pacific PAG base oil market revenue is expected to grow by 29% over the forecast period.
“The recent emphasis on energy savings has boosted interest in high-performance lubricants for automotive, textile and aerospace applications, and PAG base stock products are expected to grow at a steady rate for the foreseeable future,” said an analyst at FMI commented.
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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 BV, and Shandong Shing Chemical Co., Ltd.
Through strategic partnerships, manufacturers are able to increase production and meet consumer demand, thereby increasing revenue and market share. Utilize new technologies and products to create products that are beneficial to the end user. Expansion of production capacity can be facilitated through strategic partnerships.
German lubricants manufacturer LIQUI MOLY GmbH recently announced that its annual production has exceeded 100,000 tons. This is an increase in the production of oil and aftermarket additives by LIQUI MOLY this year. Production of fuel additives, oil additives and coolant additives was 16.3 million cans in the first quarter, up 14 percent from a year earlier.
Provide more valuable insights
In its new offering, FMI provides an unbiased analysis of the PAG Base Oils market, providing historical demand data (2018-2022) and forecast statistics for the period 2023-2033.
The study is categorized by Type (Water Soluble, Water Insoluble, Mineral Oil Soluble, Random Copolymer, Block Copolymer) Application (Gear Oil, Fire Resistant Hydraulic Fluid, Food Grade Lubricating Oil, Compressor Oil, Wind Turbine Lubrication, Metal Processing 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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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/Classification
2.2. Market Definition/Scope/Restrictions
3. Market background
3.1. Market Dynamics
FMI’s knowledge of chemicals and materials
Our chemicals and materials consulting team guides organizations at every step of their business strategy by helping you understand how the latest influencers are interpreting the operational and strategic transformation of the PAG base oil industry. Our expertise in identifying challenges and trends impacting the global PAG base stocks industry provides indispensable insight and support – including a strategic perspective to help you identify key issues and design appropriate solutions.
Full table of contents with report preview: https://www.futuremarketinsights.com/reports/pag-base-stock-market
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