Albany, NY -- (SBWire) -- 02/07/2019 --Global PAG Base Oil Market: Snapshot
The global polyalkylene glycol (PAG) base oil market has been thriving in the recent years with the rise of the automotive and other industries. This oil was initially used by the U.S. Navy to tackle hydraulic fluid fires on vessels that were a result of strikes during wars. This became the tipping point of the PAG base oil to be used by the Navy in the coming years as it was known to fire-resistant and thus could be used across a wide temperature range. Ever since, the growing applications of PAG base oil has widened by leaps and bounds. PAG has been predominantly used by several industries. However, research suggests that this substance is also making its way into the food processing industry.
According to the research report, the global PAG base oil market is likely to be worth US$1,343.8 mn by the end of 2017 and US$1,623.0 mn by the end of 2022. Between the forecast period of 2017 and 2022, the global market is slated to exhibit a CAGR of 3.8%.
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Demand for PAG base oil is estimated to improve in the coming years due to its excellent properties and the benefits it renders. Some of the well-known properties of PAG base oils are excellent water solubility, high viscosity index, and shear stable. Furthermore, their low volatility under high temperatures and resistance to formation of deposits or residue have also won it a multitude of application.
Compressor Lubricants to Remain Key Application Segment in Global Market
On the basis of application, the global PAG base oil market is segmented into compressor lubricants, worm gear lubricants, anhydrous fire resistant hydraulic fluid, metal working fluid, and others. Out of these, the compression lubricants application segment is likely to lead the pack. Their usage as a lubricant in high-pressure natural gas and ethylene compression due to their ability to maintain a stable viscosity is expected to augment the growth of this application segment. The report suggests that adoption of PAG base oil in refrigeration compression is also expected to remain high as the production of environment-friendly HFC refrigerants goes up.
The end users of PAG base oil are industrial tooling and equipment sector, HVAC and refrigeration sector, the automotive industry, and others. The reports suggest that the industrial sector is likely to be the leading end user of PAG base oil in the coming years. The demand for this oil is anticipated to remain this end-use segment due to their indispensable usage in industrial tooling and equipment all year round to ensure smooth functioning despite seasonal changes. Demand for PAGs is also expected to make remain in the automotive industry as production picks up pace in the developing economies. Demand for newer vehicles, which means higher consumption of plastics, elastomers, fabricated parts, and threads, has been identified as an essential element of market growth.
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Some of the key players operating in the global PAG base oil market are Idemitsu Kosan Co., Ltd, Denso Corporation, Exxon Mobil Corporation, Royal Dutch Shell plc., Morris Lubricants, Hornett Bros & Co Ltd, Philips 66 Company, Petronas Lubricants International, Fuchs Group, I.L.C. S.r.l, and TSI Supercool.
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Global PAG Base Oil Market Is Likely to Be Worth US$1,623.0 Mn by the End of 2022