Albany, NY -- (SBWIRE) -- 09/06/2018 -- The global polyalkylene glycol (PAG) base oil market is anticipated to demonstrate a steady growth rate over the coming years. According to a recently published report by Transparency Market research (TMR), the vendors participating in the market are anticipated to invest heavily in expanding their portfolio and gain a competitive edge over their peers. Some of the leading names among the industry players are Royal Dutch Shell plc., Denso Corporation, Philips 66 Company, Idemitsu Kosan Co., Ltd and BASF SE.
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According to the report, the global market for PAG base oil is expected to demonstrate a healthy 3.8% CAGR. In the year 2017, the market was estimated to be valued to be at US$1,343.8 mn. At the specified growth rate, the market is predicted to reach a valuation of US$1,623.0 mn over the period of forecast (from 2017 to 2022). The Asian Pacific region is foretold to emerge as the leading market in terms of geography.
Increased Industrialization to Propel Emerging Regions to Market ForefrontGlobal PAG Base Oil Market
Based on application, the global PAG base oil is segmented into worm gear lubricants, metal working fluid, compressor lubricants, anhydrous fire resistant hydraulic fluid and others. The segment of compression lubricants among these is predicted to witness higher growth rate as compared to other segments. This could be due to the highly expedient features of the lubricant to keep a stable viscosity and natural compression ability. Utilization of PAG base oil in refrigeration compression is anticipated to bolster the growth of this application segment of the market.
On the basis of geography, the region of Asia Pacific and Japan are slated to dominate the rate of progress. Due to high amount of production as well as consumption of PAG base oil, these region are expected to be stellar performers of the market. The surge in industrialization and number of manufacturing facilities in the region are expected to bolster growth avenues further.
Covetable Qualities of PAG Base Oils to Provide Rich Market Opportunity
PAG oils have different properties that make them appropriate for assorted assembling and mechanical applications. Attributable to the water solvent nature, these systems are simpler and this will influence PAG base oil to be exceedingly favored over different industries. Likewise, PAG base oil are shear stable and gives high consistency, which makes them appropriate for some applications. These heat proof and energy effective PAG base oils are finding numerous applications in ventures and this boosting the development of the market over the globe.
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PAG base oils offer numerous advantages which is boosting their demand. Some of these advantages are: wear and tear security, thermal stability, low friction and high load conveying limit. The the consistent endeavors taken by market players for innovative work with a mean to accomplish development and cutting edge innovation is further providing rich market opportunity. Because of such activities, fireproof ester-based oils have been created and utilized with water driven battery packs keeping in mind the end goal to support high weight and temperature. This heat proof oil is additionally utilized over a plethora of industries. Moreover, the low unpredictability under high temperature and protection from the development of buildup and stores is influencing PAG to base oils to be suitable to be used in a number of applications.