PAG base Stock Market Size, Share, Demand, Growth & Trends by 2033
The global PAS 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 PAS 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.
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.
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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.
- 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.
Key Segments Covered in the PAG base stock
Market Industry Survey
PAG Base Stock Market by Type:
- Water
Soluble PAG Base Stock
- Water
Insoluble PAG Base Stock
- Mineral
Oil Soluble PAG Base Stock
- Random
Copolymer PAG Base Stock
- Block
Copolymer PAG Base Stock
PAG Base Stock Market by Application:
- Gear
Oils
- Fire
Resistant Hydraulic Fluids
- Food
Grade Lubricants
- Compressor
Oils
- Wind
Turbine Lubrication
- Metalworking
and Quenching Fluids
- Other
PAG Base Stock Applications
PAG Base Stock Market by End Use:
- Automotive
- Aerospace
- Marine
- Industrial
Equipment
- HVAC
& Refrigeration
- Others
PAG Base Stock
PAG Base Stock Market by Region:
- North
American
- Latin
American
- European
- Asia
Pacific
- MEA
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Full Report: https://www.futuremarketinsights.com/reports/pag-base-stock-market
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