Global PAG Base Oil Market was valued US$ 1.50 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 3.80 % during a forecast period.
Global PAG Base Oil Market
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Polyalkylene glycols (PAG) are generally niche synthetic lubricants, which are used across the lubricant industry to solve oil problems. PAG base oil is manufactured from downstream derivatives of ethylene oxide (EO) and propylene oxide (PO). It offers many technical benefits over mineral oils like excellent lubricity, good load bearing characteristics, good low temperature properties, high viscosity indices and high flash points.
Global PAG Base Oil Market, Dynamics:
The global PAG base oil is expected to show significant growth during the forecast period. It offers good thermal stability, good load carrying capacity with low friction that is expected to increase the demand for the PAG base oil. The PAG base oils are biodegradable and emerged as an ideal option for environmentally sensitive application. PAG lubricants have various properties, which are suited for diverse manufacturing and industrial applications. Many end user industries are gradually inclining towards polyalkylene glycol (PAG) base oil from conventional lubricants.
On the other hand, high cost of synthetic fibers over their mineral counterparts and presence of substitutes in the market are expected to hamper the global PAG base oil Market during the forecast period.
Global PAG Base Oil Market, Segment Analysis:
The oil soluble polyalkylene glycols deliver additional functionality over traditional PAGs. It can be used as primary base oil, co-base oil and as a performance enhancing additive. The primary base oil is envisioned that new industrial lubricant products are formulated like gear lubricants, greases and compressor fluids. The practical advantage is that equipment conversions from a hydrocarbon oil to an oil soluble PAG lubricant is much simpler.
The compression lubricants application segment is expected to contribute XX% share in the global PAG base oil market. The PAG base oil is generally known as compressor lubricants. They burn off cleanly, leaving no residue, and have been used as a carrier oil for solid lubricants for high-temperature chain lubrication. It is used also used as compressor oil in rotatory screw and reciprocating units.
In refrigeration compression, PAG and polyol ester-type lubricants are used almost exclusively with the current generation of environmentally friendly HFC refrigerants like R-134a and R-152a.It is also used as lubricant in high-pressure natural gas and ethylene compression because of its ability to maintain a stable viscosity.
Global PAG Base Oil Market, Regional Analysis:
Regionally, Asia Pacific is expected to grow at X.22 % rate of CAGR during the forecast period. The growth in the market is attributed to the adoption of PAG base oil by the numerous end-users in the Asia region. The rapid industrialization in the developing economies like China and India are expected to drive the regional growth. The Aggressive infrastructure development in developing economies and increased construction activities in the residential sector are expected to boost the market growth. The consumption of PAG base oil is expected to increase the trade activities and industrial production across the region.
The objective of the report is to present a comprehensive analysis of the Global PAG Base Oil Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global PAG Base Oil Market dynamics, structure by analysing the market segments and project the Global PAG Base Oil Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global PAG Base Oil Market make the report investor’s guide.
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Scope of PAG Base Oil Market
Global PAG Base Oil Market, By Product
• Water Soluble PAG Oils
• Water Insoluble PAG Oils
Global PAG Base Oil Market, By Application
• Anhydrous Fire Resistant Hydraulic Fluid
• Worm Gear Lubricants
• Compressor Lubricants
• Metal Working Fluid
Global PAG Base Oil Market, By End-User
• HVAC and Refrigeration Equipment
• Industrial Tooling and Equipment
Global PAG Base Oil Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the PAG Base Oil Market
• Petronas Lubricants International
• Exxon Mobil Corporation
• Idemitsu Kosan Co.Ltd
• Hornett Bros & Co Ltd
• Philips 66 Company
• Idemitsu Kosan Co Ltd
• Denso Corporation
• Royal Dutch Shell
• Morris Lubricants
• Denso Corporation
• Fuchs Group
• TSI Supercool
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