Polyalkylene glycol (PAG) base oil offers numerous benefits, including excellent lubricity, thermal stability, and resistance to oxidation. It's commonly used in industrial applications, particularly in the automotive and manufacturing sectors. The dominating sector for PAG base oil is automotive, where it's used in engine and transmission lubricants due to its superior performance in extreme conditions. PAG's low friction properties and resistance to viscosity changes make it a preferred choice, enhancing the efficiency and durability of automotive components, thus driving its dominance in this sector.
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Data Bridge Market Research analyses that the Global Polyalkylene Glycol (PAG) Base Oil Market was valued at 58,85,501 thousand in 2021 and is expected to reach USD 7,870,702.96 thousand by 2029. The market is growing at a CAGR of 3.7% in the forecast period of 2022 to 2029. The expanding industrialization and rising automotive production in emerging markets drive up the demand for polyalkylene glycol (PAG) base oil due to its superior lubricating properties, enhancing the efficiency and longevity of machinery and vehicles in these growing economies.
Key Findings of the Study
Low friction properties are expected to drive the market's growth rate
Polyalkylene glycol (PAG) base oils are renowned for their low friction attributes, which play a pivotal role in machinery efficiency. By minimizing friction between moving parts, PAG base oils reduce wear and tear on components, extending their lifespan and diminishing the need for frequent maintenance. Moreover, reduced friction results in improved energy efficiency, as less energy is lost to frictional heat. This makes PAG base oils a preferred choice for various industrial applications where optimizing machinery performance and energy conservation are paramount.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Conventional Water Insoluble and Water-soluble), Application (Hydraulic Oil, Gear Oil, Compressor Oil, Metal Working Fluids, Greases, and Others), End-Use (Automotive, Aerospace, Marine, Tooling and Industrial Equipment, HVAC and Refrigeration, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Phillips 66 Company (U.S.), Exxon Mobil Corporation (U.S.), Total Energies (France), Royal Dutch Shell plc (Netherlands and United Kingdom), Denso Corporation (Japan), BASF SE (Germany), ENI Oil Products (Italy), Chevron Corporation (U.S.), FUCHS (Germany), Croda International Plc (U.K.), HANNONG Chemicals Inc. (South Korea), Petronas Lubricants International (Malaysia), Hornett Bros & Co Ltd. (U.K.), LIQUI MOLY GmbH (Germany), Morris Lubricants (U.K.), Ultrachem Inc (U.S.), Idemitsu Kosan Co., Ltd. (Japan)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global polyalkylene glycol (PAG) base oil market is segmented into three notable segments, based on product, application, and end-use. .
- On the basis of product, the global polyalkylene glycol (PAG) base oil market is segmented into conventional (water insoluble) and water-soluble. In 2022, the conventional (water-soluble) segment is poised to lead the market with the highest CAGR of 3.9% in the forecast period of 2022 to 2029 due to its exceptional attributes. These include a notably high viscosity index and excellent performance in both low and high-temperature conditions.
In 2022, the conventional (water-soluble) segment of the product segment is anticipated to dominate the global polyalkylene glycol (PAG) base oil market
In 2022, the conventional (water-soluble) segment is poised to lead the market with the highest CAGR of 3.9% in the forecast period of 2022 to 2029 due to its exceptional attributes. These include a notably high viscosity index and excellent performance in both low and high-temperature conditions. These advantages make it a sought-after choice, driving increased demand for this segment throughout the forecast year.
- On the basis of application, the global polyalkylene glycol (PAG) base oil market is segmented into hydraulic oil, gear oil, compressor oil, metal working fluids, greases, and others. In 2022, the compressor oil segment is set to be the market with a CAGR of 4.4% in the forecast period of 2022 to 2029 due to its vital role in minimizing wear and tear on rotating components and preventing metal-to-metal contact.
In 2022, the compressor oil segment of the application segment is anticipated to dominate the global polyalkylene glycol (PAG) base oil market
In 2022, the compressor oil segment is set to be the market with a CAGR of 4.4% in the forecast period of 2022 to 2029 due to its vital role in minimizing wear and tear on rotating components, and preventing metal-to-metal contact. This critical function makes compressor oil highly sought after, resulting in increased demand for this segment throughout the forecast year.
- On the basis of end-use, the global polyalkylene glycol (PAG) base oil market is segmented into automotive, aerospace, marine, tooling and industrial equipment, HVAC and refrigeration, and others. In 2022, the automotive segment is poised to be the market wiathe CAGR of 4.2% in the forecast period of 2022 to 2029, primarily due to the pivotal role of PAG oil in reducing friction and wear within automotive engines. This crucial function significantly enhances engine performance and longevity, thus driving heightened demand for PAG oil throughout the forecast year.
Major Players
Data Bridge Market Research recognizes the following companies as the major global polyalkylene glycol (PAG) base oil market players in global polyalkylene glycol (PAG) base oil market are Phillips 66 Company (U.S.), Exxon Mobil Corporation (U.S.), Total Energies (France), Royal Dutch Shell plc (Netherlands and United Kingdom), Denso Corporation (Japan), BASF SE (Germany), ENI Oil Products (Italy), Chevron Corporation (U.S.), FUCHS (Germany), Croda International Plc (U.K.), HANNONG Chemicals Inc. (South Korea).
Market Developments
- In March 2021, Phillips 66 Company introduced Phillips 66 e-Shield, an advanced lubricant solution tailored for enhancing the performance and protection of electric vehicles (EVs). This product line encompasses specialized offerings such as system fluid, grease, and coolant, specifically crafted to meet the distinctive requirements of EVs. The launch of e-Shield marks a strategic move to tap into the growing market of EVs, enabling the company to attract a fresh customer base while addressing its unique lubrication needs.
- In January 2022, Exxon Mobil Corporation secured a 49.9% ownership share in Biojet AS, a Norwegian biofuels firm focused on transforming forestry and wood-based construction waste into eco-friendly biofuels and biofuel components. This strategic acquisition is poised to expand Exxon Mobil's customer base and enhance its reputation by aligning with sustainable practices in the biofuels sector, contributing to a positive corporate image and fostering goodwill among stakeholders.
Regional Analysis
Geographically, the countries covered in the major global polyalkylene glycol (PAG) base oil market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
China dominates the global polyalkylene glycol (PAG) base oil market during the forecast period 2022 - 2029
China exerts a dominant influence on the global polyalkylene glycol (PAG) base oil market, primarily attributed to the robust demand originating from the automotive sector. The country's thriving automotive industry relies extensively on PAG base oils for various applications, including lubricants and engine oils. This sustained high demand underscores China's pivotal role in shaping the PAG base oil market dynamics on a global scale, resulting in its dominant market position.
North America is expected to dominate global polyalkylene glycol (PAG) base oil market during the forecast period 2022 - 2029
The U.S. is poised to lead the global polyalkylene glycol (PAG) base oil market, driven by widespread adoption across various end-user industries. The residential construction sector, in particular, is experiencing significant growth in the country, increasing the demand for PAG base oils used in lubricants and construction materials. This robust utilization by diverse sectors positions the U.S. as a dominant force in shaping the global PAG base oil market, bolstered by its numerous end-users and construction activities.
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