NEWARK, DE / ACCESSWIRE / December 19, 2022 / In 2023, the market for PAG compressor oil is expected to reach a value of US$1.4 billion and grow at a CAGR of 8.7%. The market is anticipated to grow to US$3.22 billion by 2033 as a result of rising use in end-use industries.
North America will dominate the market with a CAGR of 8.6% in 2023. The European PAG compressor oil market is expected to rise at a CAGR of 8.5% during 2023-2033. Europe is the second largest market participant mainly due to growth. - to use the industry of the region. In Europe, the PAG compressor oil market size is estimated to reach more than US$ million by 2032. The
PAG compressor oil market is growing significantly, especially in East Asia and South Asia Pacific. Strong investments in industrial infrastructure in regions such as Europe and North America have significantly grown the market.
Sectors such as manufacturing, transportation, chemicals, pharmaceuticals, food and beverages, and other sectors expect constant growth in demand. The PAG compressor oil market is expected to grow due to the increasing demand from the automotive industry for high-performance lubricants that can withstand very high temperatures and pressures.
The Asia-Pacific region has become a center for the automotive industry in recent years. The global automotive industry is driven by growing demand for cars in developing countries such as China and India, which is also driving the PAG compressor oil market.
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A major driver of the PAG compressor oil market in the area is anticipated to be the increase in investments in the automotive sector, which normally occurs in the Middle East and Africa.
Key Takeaways from the Market Study
• As of 2023, the PAG compressor oil market was valued at US$1.4 Billion
• From 2023 to 2033, the PAG compressor oil industry is poised to grow at an 8.7% CAGR
• By 2033, the PAG compressor oil market is slated to reach a valuation of US$3.44 Billion
• By end-user, the general manufacturing segment accounted for the highest CAGR of 8.1% and is expected to continue this trend over the forecast period.
• China is poised to yield a CAGR of 8.5% with respect to PAG compressor oil in 2033
"Increasing usage of PAG Compressor oil in the Automotive, general manufacturing, mining, and construction industries are expected to radically transform the PAG compressor oil market in the coming years," comments an analyst at FMI.
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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. are some of the key players in the PAG Compressor Oil industry.
The manufacturers are involved in the production of PAG Compressor Oil in a larger capacity. The global PAG Compressor Oil Market is consolidated with the presence of major international players. However, the presence of small- and medium-sized domestic players makes the market highly competitive.
At the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China, ExxonMobil, Shell, CNOOC, and the Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to assess the potential for a global carbon capture and storage project to lower greenhouse gas emissions.
May 2020 - With its line of fully synthetic motor oils that meet and surpass the latest SP/GF-6A industry standards for enhanced protection, performance, and power, Idemitsu Lubricants America offers astounding new levels of engine protection. Additionally, Idemitsu has unveiled a brand-new 0W-16 SP/GF-6B Ultra-Low Viscosity Motor Oil that surpasses cutting-edge lubrication standards with its strong additive technology.
To provide a national oil programme for their members, the Independent Truck Repair Group (iTRG) and Phillips 66 Lubricants announced their collaboration in March 2021. Members of the iTRG will have access to exclusive pricing, marketing materials, rebates, better technical support, and education on Phillips 66 (NYSE: PSX) premium diesel products through this new initiative.
More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the PAG compressor oil market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the PAG Compressor Oil Market by by Compressor Type (Reciprocating Compressor, Rotary Compressor, Centrifugal Compressor) by End-user (Automotive, Mining, Construction, General Manufacturing, Food & beverages, other) By Region - Global Forecast 2023-2033
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
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About Future Market Insights, Inc.
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