PAG Compressor Oil Market size is set to reach USD 2.7 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The thriving manufacturing industry in Europe and North America is slated to drive the market outlook. Compressor oils are key equipment in several manufacturing industries including plastic manufacturing, automotive, fabrication sector, food and beverages, chemical, and pharmaceuticals. PAG compressor oil is known for its ability to reduce friction and minimize energy consumption, thus promoting cost savings for companies operating in the aforementioned verticals.
Increasing fluctuations in raw material prices would impede industry growth. The constant changes in crude oil, additives, and base oils prices makes it difficult for product manufacturers to maintain cost-effectiveness in production cycles while adding to higher costs and reduced profit margins.
Increased usage in several industries to promote product demand in centrifugal compressors
Centrifugal compressors segment is projected to surge beyond $71 million by 2032. In centrifugal compressors, PAG oil is utilized to lubricate radial and thrust rolling elements bearing and radial and thrust journal bearings across different industries. In addition, the mounting product demand from natural gas processing facilities, thermal power plants, chemical plants, and oil refineries would complement the centrifugal compressors segment growth.
Browse key industry insights spread across 269 pages with 385 market data tables & 19 figures & charts from the report, “PAG Compressor Oil Market Size By Type (Reciprocating, Rotary, Centrifugal, Others), End-user (Automotive, Mining, General Manufacturing, Construction, Food & Beverage, Others) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032” in detail along with the table of contents:
Growing vehicle production and sales to bolster PAG compressor oil adoption in automotive sector
PAG compressor oil market from automotive sector is speculated to depict over 8.5% CAGR between 2023-2032. Expanding automobile production and sales worldwide, on account of growing disposable incomes and urbanization, would favor industry landscape.
Penetration of large-scale industries to accelerate market trends in the Europe region
Europe PAG compressor oil market size is anticipated to be valued at more than $435 million by 2032. This is attributed to the expanding presence of various end-user industries including chemical, manufacturing, mining, food and beverage, and automotive in the European continent. As these verticals are expanding at a stellar pace, the demand for PAG compressor oils with improved operation cycles and the ability to reduce maintenance time would gain massive traction in the ensuing years.
Strategic efforts by behemoths to expedite industry expansion
Prominent companies operating in the global PAG compressor oil industry are BOSS Lubricants, Philip 66 Lubricants, Idemitsu Lubricants America, AMSOIL Inc., Total Lubricants USA, Sudheimer Car Technik Vertriebs (SCT) (MANNOL), and Exxon Mobil Corporation, amongst others. Companies are engaged in constructive initiatives such as mergers and acquisitions, partnerships, product launches, and facility expansions to gain a competitive advantage.