The global polyalkylene glycol (PAG) base oil market is estimated to witness significant growth in the synthetic industry because of its inherent properties such as top-quality lubricity, excellent temperature stability and high viscosity index. Also, the increasing use of PAG base oil in the automotive and industrial sector is anticipated to improve the demand globally. The research reveals some of the most important factors influencing the rise of the global market for PAG base oil and major focus is on to analyze the key segments of the market for the reader to foresee the future opportunities and challenges expected in the near future. Market Research Hub (MRH) has added a new research report in its kitty titled ‘PAG Base Oil Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2022’ that captures the various aspects of this market.
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Factor Impacting Revenue Growth of the Global PAG Base Oil Market
The International PAG base oil market is expected to witness significant growth over the projected period due to rise of industrialization in regions such as Asia Pacific. A rapid increase in infrastructure development in China and India given the increasing construction work in the residential sector is another key factor that has led to an upsurge in the growth of the market in the region. The consumption of PAG base oil is predicted to be in line with the region’s growth in industrial production and trade activities.
Global PAG Base Oil Market: Segmental Analysis
The study report segments the worldwide PAG base oil market on the basis of product, application, end use sector and channel of distribution.
- Based on product, the global PAG base oil market is segmented into water insoluble PAG oils and water soluble PAG oils. The water insoluble PAG oils segment is expected to hold the highest market share of 51.7% during the projected period. This segment is expected to grow at a value of US$ 0.02 Bn per annum over the said period.
- By application, the global PAG base oil market is segmented into anhydrous fire resistant hydraulic fluid, worm gear lubricants, metal working fluid, compressor lubricants, and other.
- On the basis of end use sector the global PAG base oil market is segmented into automotive, industrial tooling and equipment, air conditioning (HVAC) and refrigeration equipment, ventilation, heating and others.
- As per channel of distribution the worldwide PAG base oil market is segmented into aftermarket and original equipment manufacturer (OEM).
- Among the regional markets, Asia Pacific excluding Japan is projected to be the leading region in the coming years. The report also reveals Latin America as a noticeable region in the international market for PAG base oil.
PAG Base Oil Market: Key Players
Few leading players functioning in the global PAG base oil market include TSI Supercool, Idemitsu Kosan Co., Ltd., I.L.C. S.r.l., Denso Corporation, Hornett Bros & Co. Ltd., Royal Dutch Shell plc, Fuchs Group, Petronas Lubricants International, Phillips 66 Company, Morris Lubricants and Exxon Mobil Corporation.
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