Global PAG Base Oil Market: Overview
The global polyalkylene glycol (PAG) base oil market is projected to exhibit its dominance and rise in the synthetic industry owing to outshining properties such as excellent temperature stability, high natural viscosity index, and top-quality lubricity. Moreover, the excelling performance standards of PAG base oil in industrial and automotive sectors could evidently improve the demand in the market.
The report offered here includes a study of some of the most important factors influencing the rise of the global PAG base oil market. Key segments of the market are critically analyzed to help readers foresee any challenges or opportunities about to show face in future.
Global PAG Base Oil Market: Dynamics
The PAG base oil market is envisaged to gain a whole lot of significance in the foreseeable future due to the rise of industrialization in lucrative regions such as Asia Pacific. Base oils such as PAG could find a mounting demand in industries such as power and automotive. Aggressive infrastructure development in India and China’s growing construction activities in the residential sector are forecast to be key for the growth of the market in the region. The consumption of PAG base oil could be augmented with the region’s tremendous increase in trade activities and industrial production.
Global PAG Base Oil Market: Segmentation
The international PAG base oil market is anticipated to be classified according to product, end-use sector, application, and sales channel. In terms of product, the market could be segmented into water soluble PAG oils and water insoluble PAG oils, where the latter is predicted to secure a larger share of 51.7% by the end of 2022. Annually, it could grow at a US$0.02 bn between 2017 and 2022.
On the basis of end-use sector, the international PAG base oil market is predicted to see a classification into industrial tooling and equipment, heating, ventilation, and air conditioning (HVAC) and refrigeration equipment, automotive, and other end-use sectors. By application, the market could be segmented into compressor lubricants, worm gear lubricants, anhydrous fire resistant hydraulic fluid, metal working fluid, and other applications. As per sales channel, the market is expected to be divided into original equipment manufacturer (OEM) and aftermarket.
Regionally, the international PAG base oil market is foreseen to be cataloged into Asia Pacific Excluding Japan (APEJ) which could be counted as a leading segment for years to come. It could rise at a CAGR of 4.6% during the forecast period. North America and Europe are foretold to be among the improving regions of the market. However, the Middle East and Africa (MEA) and Japan could showcase a dwindling growth in the near future. The report also studies Latin America as a noteworthy region of the market.
Global PAG Base Oil Market: Competition
Some of the prominent players of the worldwide PAG base oil market could be Idemitsu Kosan Co., Ltd., Denso Corporation, Exxon Mobil Corporation, Royal Dutch Shell plc, Morris Lubricants, Petronas Lubricants International, Hornett Bros & Co. Ltd., Phillips 66 Company, Fuchs Group, I.L.C. S.r.l., and TSI Supercool.
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