Asia-Pacific Polyalkylene Glycol (PAG) Base Oil Market, By Product (Conventional Water Insoluble and Water-soluble), Application (Hydraulic Oil, Gear Oil, Compressor Oil, Metal Working Fluids, Greases, and Others), End-Use (Automotive, Aerospace, Marine, Tooling & Industrial Equipment, HVAC & Refrigeration, and Others), Country (Japan, China, South Korea, India, Australia and New Zealand, Taiwan, Hong-Kong, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific), Market Trends and Forecast to 2029.
Market Analysis and Insights: Asia-Pacific Polyalkylene Glycol (PAG) Base Oil Market
Asia-Pacific Polyalkylene glycol (PAG) base oil market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyzes that the market is growing at a CAGR of 4.4% in the forecast period of 2022 to 2029 and expected to reach USD 3,355,387.91 thousand by 2029. Significant demand for polyalkylene glycol (PAG) base oils in the automotive industry have propelled the growth of the polyalkylene glycol (PAG) base oils market.
PAG oil or polyalkylene glycol is completely synthetic hygroscopic oil intended specifically for air conditioning compressors in automobiles. It is widely used as compressor oil. In addition, it is used in applications such as worn gear lubricant, anhydrous fire resistant hydraulic fluid, metal working fluid, and others. These PAG oils have high viscosity index, good water solubility, shear stability, and less volatility under high temperatures. PAG base oils are also used as textile lubricants and quenchants in metal heat treating.
Polyalkylene Glycol (PAG) base oils are classified by their weight percent composition of oxypropylene versus oxyethylene units in the polymer chain. Polyalkylene glycol (PAG) base oils with 100 weight percent oxypropylene groups are water insoluble; whereas those with 50 to 75 weight percent oxyethylene are water soluble at ambient temperatures. Although polyalkylene glycol (PAG) base oils have long been used as industrial lubricants, recent work has led to the development of polyalkylene glycol (PAG) lubricants for use in equipment in the food processing industry. These products are known as food-grade approved lubricants.
Significant demand for polyalkylene glycol base oils in the automotive industry has propelled the growth of the polyalkylene glycol (PAG) base oils market. The considerable increase in construction activities and infrastructural development across the globe is expected to further boost the market growth. The major restraint which is impacting the global polyalkylene glycol (PAG) base oil market negatively is volatility in the crude oil prices. On the other hand, increasing use of bio-degradable PAG oils can bring opportunities for the global polyalkylene glycol (PAG) base oil market. However, presence of substitutes in the market is projected to challenge the market growth in the near future.
The polyalkylene glycol (PAG) base oil market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Polyalkylene Glycol (PAG) Base Oil Market Scope and Market Size
Asia-Pacific Polyalkylene glycol (PAG) base oil market is segmented on the basis of product, application and end-use. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the market is segmented into conventional (water insoluble) and water soluble. In 2022, the conventional (water insoluble) segment is expected to dominate the market as they have a very high viscosity index and good low and high temperature abilities, which helps to boost its demand in the forecast year.
- On the basis of application, the market is segmented into hydraulic oil, gear oil, compressor oil, metal working fluids, greases and others. In 2022, compressor oil segment is expected to dominate the market as compressor oil reduces the wear and tear on rotating parts and prevent metal from rubbing against metal, which helps to boost its demand in the forecast year.
- On the basis of end-use, the market is segmented into automotive, aerospace, marine, tooling & industrial equipment, HVAC & refrigeration and others. In 2022, automotive segment is expected to dominate the market as PAG oil helps to control friction and wear in the automotive engine, which helps to boost its demand in the forecast year.
Polyalkylene Glycol (PAG) Base Oil Market Country Level Analysis
Asia-Pacific market is analysed and market size information is provided based on country, product, application and end-use as referenced above.
The countries covered in the Asia-Pacific polyalkylene glycol (PAG) base oil market report are Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia and New Zealand, Hong Kong, Taiwan, and Rest of Asia-Pacific.
Asia-Pacific polyalkylene glycol (PAG) base oil market is dominating the market due to significant demand for PAGs in the automotive industry, which boosts demand of polyalkylene glycol (PAG) base oil in the region.
Global Polyalkylene Glycol (PAG) Base Oil Market
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Significant Demand for PAGs in the Automotive Industry
Asia-Pacific polyalkylene glycol (PAG) base oil market also provides you with detailed market analysis for every country growth in installed base of different kind of products for polyalkylene glycol (PAG) base oil market, impact of technology using life line curves and changes in production technology, regulatory scenarios and their impact on the polyalkylene glycol (PAG) base oil market. The data is available for historic period 2012 to 2020.
Competitive Landscape and Polyalkylene Glycol (PAG) Base Oil Market Share Analysis
Asia-Pacific polyalkylene glycol (PAG) base oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the Asia-Pacific polyalkylene glycol (PAG) base oil market.
Some of the major players covered in the report are Phillips 66 Company, Exxon Mobil Corporation, Total Energies, Royal Dutch Shell Plc, Denso Corporation, BASF SE, ENI Oil Products, Chevron Corporation, FUCHS, Croda International Plc, HANNONG Chemicals Inc., Petronas Lubricants International, LIQUI MOLY GmbH, Morris Lubricants, Ultrachem Inc and Idemitsu Kosan Co., Ltd., among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
For instance,
- In March 2021, Independent Truck Repair Group (iTRG) teamed up with Phillips 66 Lubricants to offer a national oil program for their members. Through this new program, iTRG members will access special pricing, promotional materials, rebates, and enhanced education and technical support on Phillips 66 Company premium diesel products. This will bring more customers to Phillips 66 Company.
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