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Polyalkylene Glycol (PAG) Base Oil Market
PAG oil or polyalkylene glycol is a completely synthetic hygroscopic oil intended specifically for air conditioning compressors in automobiles.
PUNE, MAHARASHTA, INDIA, August 25, 2022 /EINPresswire.com / -- The 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 a 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.
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Market Analysis
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) fats 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 market growth. The major restraint impacting the global polyalkylene glycol (PAG) base oil market negatively is volatility in the crude oil prices.
On the other hand, increasing the use of bio-degradable PAG oils can bring opportunities for the global polyalkylene glycol (PAG) base oil market. However, the presence of substitutes in the market is projected to challenge the market growth in the near future.
Key Market Competitors Covered in the Report
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
Idemitsu Kosan Co., Ltd.
Others
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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 the Rest of South America. The Middle East and Africa is segmented into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel and the Rest of the 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 the adoption of PAG base oil by the numerous end-users and the 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.
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Related Reports:
North America Polyalkylene Glycol (PAG) Base Oil Market – Industry Trends and Forecast to 2029
Middle East and Africa Polyalkylene Glycol (PAG) Base Oil Market – Industry Trends and Forecast to 2029
Europe Polyalkylene Glycol (PAG) Base Oil Market - Industry Trends and Forecast to 2029
Asia-Pacific Polyalkylene Glycol (PAG) Base Oil Market – Industry Trends and Forecast to 2029
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