PAG Compressor Oil Market is valued at around USD 1.3 billion in 2022 and is expected to reach USD 2.7 billion by 2030, registering a CAGR of 8.5% over the forecast period.
The market for compressor oil is anticipated to expand favourably, when the assessment period will run. Growing demand from a variety of industries, including the manufacturing, oil and gas, automotive, and power sectors, has contributed to the growth. Through the projected period, synthetic oil is expected to continue to be the dominating product type. Global market expansion is being made possible by rising installations of various types of compressors and frequent replacement of outdated compressors. During the projected period, the demand for compressor oil is likely to be driven primarily by the rising need for lubrication to keep compressors operating properly.
Compressor oil is a lubricant used in air conditioning and refrigeration systems to reduce heat and cool down the compressors. With its anti-rust qualities, it guarantees the proper operation of the metal components and enhances the efficiency of machinery. The user’s operating and maintenance costs are decreased by compressor oil’s outstanding oxidation stability and reduced carbon residue. It is produced using a mixture of base oil and several additives. The compressor oil’s quality and longevity are dependent on the type of base oil used, which can be synthetic, mineral, semi-synthetic, or bio-based. It has many uses in a variety of industries, including construction, general manufacturing, mining, power generation, chemical and petrochemical, etc., thanks to its cost- and energy-saving qualities.
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The PAG Compressor Oil Market– Segmentation
The PAG Compressor Oil Market fragrance concentrates market has been sub-classified into compressor oil, end-user.
On the basis of compressor oil, the PAG Compressor Oil Market is bifurcated into:
1) Reciprocating compressor
2) Rotary compressor
3) Centrifugal compressor
4) Others
On the basis of end-user, the market is segmented into:
1) PAG Compressor Oil in Automotive
2) PAG Compressor Oil in Mining
3) PAG Compressor Oil in Construction
4) PAG Compressor Oil in General Manufacturing
5) PAG Compressor Oil in Food & beverages
6) PAG Compressor Oil in other
The PAG Compressor Oil Market – Key Market players
Global key players of PAG Compressor Oil Market include Idemitsu Lubricants America, Boss Lubricant, Castrol, Phillip 66 Lubricant, Total Lubricant USA Inc., Mannol, AMSOIL, Exxon Mobil Corporation, Technical Lubricants International B.V., Shandong Shing Chemical Co., Ltd., and others.
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The PAG Compressor Oil– Growth Factor
Key elements that are anticipated to increase vehicle production volumes around the world include population growth and urbanisation. In turn, it is anticipated that during the forecast period, demand for PAG compressor oil will rise. The market for PAG compressor oil is anticipated to expand as a result of rising demand from the automotive industry for high-performance lubricants that can withstand extremely high temperatures and pressure. A number of factors, including rising consumer power, a focus on sustainability, urbanisation, consolidation, and an increase in the middle-class population, have contributed to rising demand in the mining, automotive, and other industries. The demand for investments and economies of scale is increasing as a result of these changes, which is opening up huge opportunities for PAG compressor oil. Over the coming years, rising consumer awareness of the advantages polyalkene glycol PAG-based lubricants have to offer is also anticipated to drive up PAG compressor oil sales.
The PAG Compressor Oil – Market Trends
• The automotive industry’s high demand for polyalkylene glycol base oils has fuelled the market’s expansion for these products.
• It is anticipated that the significant increase in construction activities and infrastructure development will further accelerate market growth.
• Crude oil price volatility is the main factor limiting growth in the global polyalkylene glycol (PAG) base oil market.
• On the other hand, expanding biodegradable PAG oil use may present market opportunities for polyalkylene glycol (PAG) base oils.
• However, it is anticipated that the availability of substitutes will pose a challenge to market expansion in the near term.
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