PAG base stock market value is anticipated to surpass USD 3.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The high demand for lubricants in the automotive industry, as well as the surging requirement for lubricants in electric cars, is expected to boost the market expansion. PAG base stock lubricants, such as fire-resistant hydraulic fluids, gear oils, compressor oils, and greases, are widely utilized in the automotive industry. PAG gear oil has a high viscosity index and hydrolytic stability, which drives its use in heavy-duty vehicles. The increasing automobile production and the developing automotive market globally are expected to positively influence market development.
Mounting usage in food manufacturing to propel water soluble segment growth
PAG base stock market share from the water soluble segment is expected to grow at more than 6% CAGR from 2023 to 2032 due to the burgeoning demand for water soluble PAG base stock in the food production industry to improve in-service operations, increase high thermal and oxidative stability, reduce product maintenance, provide longer life, and improve lubricity at high temperatures. Additionally, water soluble PAG base stock has advantageous properties, such as hard water stability, high viscosity, hydraulic stability, and shear stability, which promotes its applications in the industrial process and metalworking sectors.
Browse key industry insights spread across 354 pages with 495 market data tables & 29 figures & charts from the report, “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” in detail along with the table of contents:
Growing use for high-temperature applications to bolster food grade lubricants uptake
PAG base stock market from food grade lubricants segment is expected to foresee substantial gain at over 6.5% CAGR from 2023 to 2032 driven by the rising usage of PAG food-grade lubricants for high-temperature applications in the food industry, coupled with the high demand from food processing facilities for lubricants to resist degradation.
Rising demand for enhancing performance to foster industrial equipment segment expansion
The industrial equipment segment is projected to record sizable growth rate at over 5.5% CAGR through 2032. PAG lubricants are frequently used in industrial equipment to minimize friction and wear on moving parts, which raises product demand. PAG gear oils are also utilized as high-performance gear oils in industrial gearbox applications. Furthermore, technological advancements in industrial machinery and equipment are impelling the demand for lubricants with increased advantages, which is slated to foster segment growth.
Expanding food & automotive industries to amplify LATAM market share
Latin America PAG base stock market is estimated to witness significant CAGR at more than 4% between 2023 and 2032. Rapid urbanization, along with an increase in the demand for the convenience food business, is augmenting the Mexican food & beverage industry, which is expected to enhance business growth. In addition, the expanding automobile manufacturing sector in Brazil, coupled with surging automotive sales, is likely to accelerate the revenue of the LATAM regional market.
Strategic partnerships to define the competitive landscape
BASF SE, The Dow Chemical Company, Fuchs Group, Clariant AG, Idemitsu Kosan Co., Ltd., Croda International Plc, PCC Group, and others are some leading firms engaged in the PAG base stock market. These firms are rapidly transforming the industrial landscape through collaborations, and new product launches to address customer requirements. For instance, in July 2022, chemicals giant BASF SE inked a licensing agreement with Setral Chemie GmbH, a manufacturer of high-performance industrial lubricants, for the production, development, and sales of PLURASAFE industrial lubricant products.