PAG Compressor Oil Market Size, Share, Demand & Trends by 2033
The global PAG compressor oil market is currently valued at US$1.4Billion in 2023 and is anticipated to expand at a CAGR of 8.7%. Owing to the increasing application in end–use industry the market is likely to propel to US$3.22 billion by 2033.
PAG Compressor oil market is witnessing a significant
growth, especially in East Asia and South Asia Pacific. Strong industrial
infrastructure spending in regions such as Europe and North America has
resulted in the significant growth in the market.
The demand is expected to rise consistently in
industries such as generation, automotive, chemical industry, pharmaceuticals,
food and beverages and others. Increasing demand from the automotive industry
for high-performance lubricants that can withstand high temperatures and
extreme pressure is expected to drive the growth of the PAG compressor oil
market.
Asia Pacific has become the hub of the automotive
industry in the last few years. The surge in demand for automobiles in
expanding economies, such as China and India, is driving the global automobile
industry, which in turn is boosting the need for PAG compressor oil market.
The rise in the number of investments in the
automotive sector, typically in the Middle East & Africa, is expected to be
a key factor that propels the PAG compressor oil market in the region.
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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.
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.
- ExxonMobil,
Shell, CNOOC, and Guangdong Provincial Development & Reform Commission
have signed a Memorandum of Understanding to evaluate the potential for a
world-scale carbon capture and storage project to reduce greenhouse gas
emissions at the Dayawan Petrochemical Industrial Park in Huizhou,
Guangdong Province, China.
- May
2020 – Idemitsu Lubricants America provides incredible new levels of
engine protection with its line of fully synthetic motor oils that meet
and exceed the new SP/GF-6A industry standards for more protection,
performance and power. Also, Idemitsu has introduced a new 0W-16 SP/GF-6B
Ultra-Low Viscosity Motor Oil with robust additive technology that exceeds
forward-looking lubrication standards.
- In
March 2021— Independent Truck Repair Group (iTRG) announced that they have
teamed up with Phillips 66 Lubricants to offer a national oil program for
their members. Through this new program, iTRG members will have access to
special pricing, promotional materials, rebates and enhanced education and
technical support on Phillips 66 (NYSE: PSX) premium diesel products.
Key Segments Covered in the PAG Compressor
Oil Market Industry Survey
By Compressor Type:
- Reciprocating
Compressor
- Rotary
Compressor
- Centrifugal
Compressor
By End-user:
- PAG
Compressor Oil in Automotive
- PAG
Compressor Oil in Mining
- PAG
Compressor Oil in Construction
- PAG
Compressor Oil in General Manufacturing
- PAG
Compressor Oil in Food & beverages
- PAG
Compressor Oil in other
By Region:
- North
American
- Latin
American
- European
- Asia
Pacific
- MEA
Browse
Full Report @ https://www.futuremarketinsights.com/reports/pag-compressor-oil-market
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