The PAG Compressor Oil Market: Overview
The PAG Compressor Oil Market is valued at around USD 1.3 billion in 2022 and is expected to reach USD 2.7 billion by 2030, registering a CAGR of 8.5% over the forecast period. PAG oil, also known as polyalkylene glycol, is an entirely synthetic hygroscopic oil designed specifically for automotive air conditioning compressors. Compressor oil is one of its numerous uses. Additionally, it is utilised in processes like metal working fluid, anhydrous fire-resistant hydraulic fluid, worn gear lubricant, and others. These PAG oils exhibit low volatility at high temperatures, good shear stability, good water solubility, and high viscosity index. In addition to being used as textile lubricants, PAG base oils are quenchants in the heat-treating of metals.
The PAG Compressor Oil Market - Growth Factor
Key elements that are anticipated to increase vehicle production volumes around the world include population growth and urbanisation. In turn, it is anticipated that during the forecast period, demand for PAG compressor oil will rise. The market for PAG compressor oil is anticipated to expand as a result of rising demand from the automotive industry for high-performance lubricants that can withstand extremely high temperatures and pressure. A number of factors, including rising consumer power, a focus on sustainability, urbanisation, consolidation, and an increase in the middle-class population, have contributed to rising demand in the mining, automotive, and other industries. The demand for investments and economies of scale is increasing as a result of these changes, which is opening up huge opportunities for PAG compressor oil. Over the coming years, rising consumer awareness of the advantages polyalkene glycol PAG-based lubricants have to offer is also anticipated to drive up PAG compressor oil market sales.
The PAG Compressor Oil Market Market Trends
The automotive industry's high demand for polyalkylene glycol base oils has fuelled the market's expansion for these products.
It is anticipated that the significant increase in construction activities and infrastructure development will further accelerate market growth.
Crude oil price volatility is the main factor limiting growth in the global polyalkylene glycol (PAG) base oil market.
On the other hand, expanding biodegradable PAG oil use may present market opportunities for polyalkylene glycol (PAG) base oils.
However, it is anticipated that the availability of substitutes will pose a challenge to market expansion in the near term.
The PAG Compressor Oil Market Segmentation
The PAG Compressor Oil Market fragrance concentrates market has been sub-classified into compressor oil, end-user.
On the basis of compressor oil, the PAG Compressor Oil Market is bifurcated into:
1) Reciprocating compressor
2) Rotary compressor
3) Centrifugal compressor
4) Others
On the basis of end-user, the market is segmented into:
1) PAG Compressor Oil in Automotive
2) PAG Compressor Oil in Mining
3) PAG Compressor Oil in Construction
4) PAG Compressor Oil in General Manufacturing
5) PAG Compressor Oil in Food & beverages
6) PAG Compressor Oil in other
The PAG Compressor Oil Market Regional Analysis
Europe dominated the global PAG Compressor Oil Market, is projected to be worth more than 435 million. This can be attributed to the growing influence of various end-user industries on the European continent, including chemical, manufacturing, mining, food and beverage, and automotive. The demand for PAG compressor oils with improved operation cycles and the capacity to decrease maintenance time would gain enormous traction in the ensuing years due to the phenomenal growth of these verticals.
The PAG Compressor Oil Market Key Market players
Global key players of PAG Compressor Oil Market include 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., and others.
Report scope
Global PAG Compressor Oil Market: Historical Years- 2018-2021
Global PAG Compressor Oil Market: Forecast Years- 2022-2030
Global PAG Compressor Oil Market 2022- USD 1.3 billion
Global PAG Compressor Oil Market 2030- USD 2.7 billion
Global PAG Compressor Oil Market CAGR- 8.6%
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