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PAG Base Stock Market Size, Share, and Industry Analysis Report By Type (Water soluble, Water insoluble, Mineral oil soluble, Random copolymer, Block copolymer), By Application (Gear oils, Fire resistant hydraulic fluids, Food grade lubricants, Compressor oils, Wind turbine lubricants, Metalworking and quenching fluids), By End use (Automotive, Aerospace, Marine, Industrial equipment, HVAC & refrigeration), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI5404
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Statistics

PAG Base Stock Market size was valued at over USD 1.5 billion in 2022 and is forecasted to grow at a 7.5% CAGR through 2032 owing to the soaring climate consciousness among consumers across the globe.
 

Increasing reliance on energy conservation has renewed interest in energy-efficient gear lubricants for wind turbine gear lubrication. PAG oils are sought after for their low volatility in high-temperature applications and their resistance to the formation of residues and deposits. The performance standards for lubricants used in offshore wind turbines are stringent due to the demand for a longer lifespan. In addition, the majority of wind turbine gearbox manufacturers are developing new lubrication requirements, which is expected to majorly contribute to the industry development.
 

PAG Base Stock Market

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Growing availability of substitutes may hinder market expansion

Recently, there has been a growing interest in increasing the use of biodegradable vegetable oils in lubricants, mostly due to environmental and health & safety concerns that have emerged due to the evolving economic and supply circumstances. Thus, the introduction of alternatives to address emerging consumer needs is likely to impede the growth of the PAG base stock market.
 

Better lubrication and cost-effectiveness to propel mineral oil soluble segment progress

PAG Base Stock, By Type

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PAG base stock market is divided based on type into random copolymer, block copolymer, water soluble, water insoluble, and mineral oil soluble. The mineral oil soluble segment is projected to develop at more than 6.5% CAGR through 2032. Due to its excellent lubricity, cost-effectiveness, and dependability in retrofit applications, mineral oil soluble PAG base stock is in high demand amongst automobile manufacturers. Additionally, the increasing use of mineral oil soluble polyalkylene glycols in compressor lubricants, metalworking & hydraulic fluids, and engine oil applications for automotive transmission are likely to augment segment share.
 

Rising demand for gear lubrication to foster industry outlook

PAG Base Stock, By Application

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PAG base stock market is bifurcated as per application into gear oils, compressor oils, metalworking and quenching fluids, fire resistant hydraulic fluids, wind turbine lubricants, food grade lubricants, and others. The wind turbine lubricants segment is anticipated to expand at over 5.5% CAGR through 2032 due to the burgeoning demand for PAG oils for gear lubrication in wind turbines. Furthermore, with the rising importance of sustainable energy sources, there is an upsurge in the need for energy-efficient gear lubricants, which is boosting the uptake of these lubricants for wind turbine applications and is estimated to facilitate segment development.
 

Growing usage in aircraft turbines to fuel industry revenue

By end use, the aerospace segment of the PAG base stock market is expected to grow at over 6% CAGR from 2023 to 2032 attributed to the growing use of PAG lubricants in fire-resistant hydraulic fluids in the aerospace sector for aircraft carrier catapult and airport air bridge lubrication. These lubricants also protect the interior parts of aircraft turbines against corrosion. Furthermore, the use of the PAG base stock to avoid fire breakouts in military aircraft is foreseen to bolster product utilization in the aerospace industry.
 

Mounting commercial travel to boost North America market statistics

Global PAG Base Stock, By Region

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North America PAG base stock market is projected to depict more than 5.5% CAGR between 2023 and 2032 owing to an increase in commercial travel in the post-pandemic era as well as a high focus on new technologies. Shifting inclination toward improved digital and operational efficiencies, which is anticipated to accelerate market progression.
 

Strategic partnerships to define the competitive spectrum

The PAG base stock market consists of The Dow Chemical Company, BASF SE, Clariant AG, Croda International Plc, Idemitsu Kosan Co., Ltd., PCC Group, and Fuchs Group, among other firms. These companies are undertaking lucrative partnerships to gain a competitive edge in the market. In April 2022, Univar Solutions China Limited, a global chemical and ingredient distributor, extended its collaboration with Dow, a chemical company, for UCON PAG-based synthetic products in China. This move enabled the company to offer its clients access to an extensive portfolio of industrial product components.
 

Impact of COVID-19 on PAG base stock market trends

With the outbreak of COVID-19, the industry witnessed gradual but consistent development. The pandemic had an impact on certain significant drivers of PAG lubricant consumption. Restrictions on commercial activity and travel and border closures reduced energy demand in transportation and resulted in the cancellation or suspension of investment choices for major and small-scale renewable energy development projects. In addition, due to manufacturing shutdowns, demand for PAG-based lubricants for industrial applications decreased. However, with the resumption of business operations, declining COVID-19 cases, and growing environmental consciousness, the overall industry is forecast to record substantial gains in the future.
 

The PAG base stock market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons & revenue in USD Million from 2018 to 2032 for the following segments:

By Type

  • Water soluble
  • Water insoluble
  • Mineral oil soluble
  • Random copolymer
  • Block copolymer

By Application

  • Gear oils
  • Fire resistant hydraulic fluids
  • Food grade lubricants
  • Compressor oils
  • Wind turbine lubricants
  • Metalworking and quenching fluids
  • Others

By End-Use

  • Automotive
  • Aerospace
  • Marine
  • Industrial equipment
  • HVAC & refrigeration
  • Others

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Authors: Kunal Ahuja , Kiran Pulidindi

Frequently Asked Questions (FAQ) :

Global market for PAG base stock was valued at over USD 1.5 billion in 2022 and is estimated to record growth at a 7.5% CAGR through 2032 due to soaring climate consciousness among consumers across the globe.

Aerospace segment is projected to expand at over 6% CAGR from 2023 to 2032 owing to the growing use of PAG lubricants in fire-resistant hydraulic fluids in the aerospace sector and the use of these lubricants to protect the interior parts of aircraft turbines against corrosion.

North America PAG base stock market is projected to depict more than 5.5% CAGR between 2023 and 2032 backed by the growing U.S. aerospace industry and shifting inclination toward improved digital and operational efficiency.

The Dow Chemical Company, BASF SE, Clariant AG, Croda International Plc, Idemitsu Kosan Co., Ltd., PCC Group, and Fuchs Group, among others are some prominent enterprises operating in the industry.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 7
  • Tables & Figures: 524
  • Countries covered: 18
  • Pages: 354

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