PAG Base Stock Market Size

PAG Base Stock Market Size

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.

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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.

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.