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PAG Base Stock Market Trends

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

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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.

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.