PAG Compressor Oil Market Size, Industry Analysis Report By Compressor Oil (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) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 219
- CATEGORY
- Food & Beverages
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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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
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An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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