Global Polyalkylene Glycol (PAG) Base Oil Market, By 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 & Industrial Equipment, HVAC & Refrigeration, and Others), Country (U.S., Canada, Mexico Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand and Rest of Asia-Pacific, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Luxemburg, and Rest of Europe, Brazil, Argentina, and Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and Rest of Middle East and Africa) Market Trends and Forecast to 2029.
Market Analysis and Insights: Global Polyalkylene Glycol (PAG) Base Oil Market
Global polyalkylene glycol (PAG) base oil market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyzes that the market is growing at a CAGR of 3.7% in the forecast period of 2022 to 2029 and is expected to reach USD 7,870,702.96 thousand by 2029.
PAG oil or polyalkylene glycol is completely synthetic hygroscopic oil intended specifically for air conditioning compressors in automobiles. It is widely used as compressor oil. In addition, it is used in applications such as worn gear lubricant, anhydrous fire resistant hydraulic fluid, metal working fluid, and others. These PAG oils have high viscosity index, good water solubility, shear stability, and less volatility under high temperatures. PAG base oils are also used as textile lubricants and quenchants in metal heat treating.
Polyalkylene Glycol (PAG) base oils are classified by their weight percent composition of oxypropylene versus oxyethylene units in the polymer chain. Polyalkylene glycol (PAG) base oils with 100 weight percent oxypropylene groups are water insoluble; whereas those with 50 to 75 weight percent oxyethylene are water soluble at ambient temperatures. Although polyalkylene glycol (PAG) base oils have long been used as industrial lubricants, recent work has led to the development of polyalkylene glycol (PAG) lubricants for use in equipment in the food processing industry. These products are known as food-grade approved lubricants.
Significant demand for polyalkylene glycol base oils in the automotive industry has propelled the growth of the polyalkylene glycol (PAG) base oils market. The considerable increase in construction activities and infrastructural development across the globe is expected to further boost the market growth. The major restraint which is impacting the global polyalkylene glycol (PAG) base oil market negatively is volatility in the crude oil prices.
- On the other hand, increasing use of bio-degradable PAG oils can bring opportunities for the global polyalkylene glycol (PAG) base oil market. However, presence of substitutes in the market is projected to challenge the market growth in the near future.
This global polyalkylene glycol (PAG) base oil market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Global Polyalkylene Glycol (PAG) Base Oil Market Scope and Market Size
The global polyalkylene glycol (PAG) base oil market is segmented into three notable segments, based on product, application and end-use. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- 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 expected to dominate the market as they have a very high viscosity index and well low and high-temperature abilities, which helps to boost its demand in 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 expected to dominate the market as it reduces the wear and tears on rotating parts and prevents metal from rubbing against metal, which helps to boost its demand in the forecast year.
- On the basis of end-use, the global polyalkylene glycol (PAG) base oil market is segmented into automotive, aerospace, marine, tooling & industrial equipment, HVAC & refrigeration, and others. In 2022, the automotive segment is expected to dominate the market as PAG oil helps control friction and wear in the automotive engine, which helps to boost its demand in the forecast year.
Global Polyalkylene Glycol (PAG) Base Oil Market Country Level Analysis
The global market is analyzed, and market size information is provided based on product, application and end-use.
The countries covered in the global polyalkylene glycol (PAG) base oil market report are Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Luxemburg and Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand and Rest of Asia-Pacific. South America is segmented into Brazil, Argentina and Rest of South America. Middle East and Africa is segmented into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel and Rest of Middle East and Africa.
China is expected to dominate the global polyalkylene glycol (PAG) base oil market due to high demand from the automotive industry. The U.S. is expected to dominate the global polyalkylene glycol (PAG) base oil market due to adoption of PAG base oil by the numerous end-users and increase in the construction activities in the residential sector in this region. Germany is expected to dominate the global polyalkylene glycol (PAG) base oil market due to increasing technological advancements and modernization in the production techniques of PAG base oil in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Growth in the Global Polyalkylene Glycol (PAG) Base Oil Market
Global polyalkylene glycol (PAG) base oil market also provides you with detailed market analysis for every country's growth in the installed base of different kinds of products for the market, the impact of technology using lifeline curves and changes in infant formula regulatory scenarios, and their impact on the eco-friendly packaging market. The data is available for the historical period 2010 to 2020.
Competitive Landscape and Global Polyalkylene Glycol (PAG) Base Oil Market Share Analysis
Global polyalkylene glycol (PAG) base oil market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to the global polyalkylene glycol (PAG) base oil market.
Some of the major players covered in the report are Phillips 66 Company, Exxon Mobil Corporation, Total Energies, Royal Dutch Shell plc, Denso Corporation, BASF SE, ENI Oil Products, Chevron Corporation, FUCHS, Croda International Plc, HANNONG Chemicals Inc., Petronas Lubricants International, Hornett Bros & Co Ltd., LIQUI MOLY GmbH, Morris Lubricants, Ultrachem Inc, and Idemitsu Kosan Co., Ltd.
DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
For instance,
- In March 2021, Phillips 66 Company launched Phillips 66 e-Shield, a high-performing lubricant solution to optimize electric vehicle performance and protection. E-Shield is a new line of products, including system fluid, grease, and coolant, designed to fulfill the unique needs of electric vehicles. This development will help acquire a new customer base for the company.
- In January 2022, Exxon Mobil Corporation acquired a 49.9% stake in Biojet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components. This development will bring new customers and goodwill to the company.
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