PAG Base Stock Market to cross USD 3.5 billion by 2032, says Global Market Insights Inc.
PAG base stock industry is anticipated to register 7.5% CAGR between 2023 and 2032 owing to increasing automotive production and the expanding automotive market.
Selbyville, Delaware, Dec. 07, 2022 (GLOBE NEWSWIRE) —
PAG base stock
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.
Key reasons for PAG base stock industry growth:
- Global shift toward sustainable energy generation
- Growing manufacturing industry across the globe
Rising demand for enhancing performance to foster industrial equipment segment expansion
PAG base stock market from industrial equipment segment is projected to register 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 progress.
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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 regional market revenue.
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.
Partial chapters of report table of contents (TOC):
Chapter 5 By Type
5.1 Market share, by Type, 2022 & 2032
5.2 Water Soluble
5.3 Water insoluble/ Mineral oil soluble
5.4 Mineral oil soluble
5.5 Random copolymer
5.6 Block copolymer
Chapter 6 By Application
6.1 Market share, by Application, 2022 & 2032
6.2 Gear oils
6.3 Fire resistant hydraulic fluids
6.4 Food grade lubricants
6.5 Compressor oils
6.6 Wind turbine lubricants
6.7 Metalworking and quenching fluids
6.8 Others (Greases, textile rubber fluids, elastomers)
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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