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By 2032, FMI forecasts that the polyalkylene glycol-based stock market will exceed US$594.6 billion in revenue, further notching at a high CAGR of 6.1%. Get data analysis by Future Market Insights, Inc. Rising demand for compressed oils in automobiles is expected to drive up demand for PAG base oils.
NEWARK, DELL, Dec. 31, 2022 (GLOBE NEWSWIRE) — The global PAG-based equity market is expected to reach US$2.03 billion and is projected to grow at a CAGR of 8.5% during the forecast period . According to the forecast, the size of the PAG base stock industry will reach US$4.6 billion during the forecast period.
Given the superior properties of PAG base oils and the benefits they offer, it can be expected that the demand for PAG base oils will improve in the coming years. Besides their excellent water solubility and high viscosity index, PAG base oils are also known for their shear stability and high water solubility. In addition, synthetic compounds have low volatility at high temperatures and are resistant to deposit and residue formation, making them suitable for a wide variety of applications.
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The global economy is set to be heavily influenced by emerging economies. As a result of their high water solubility, the PAG base oil market is expected to grow significantly. The growth of the automotive industry is expected to keep the polyalkylene glycol (PAG) base oil market booming. In addition to the increasing focus on sustainability and energy transitions, the inevitable impact on both the demand and supply of base stocks is expected to drive further growth of the market.
PAG oils will continue to advance the synthetic market as environmentally acceptable lubricants as the industry continues to focus on environmentally friendly lubricants. In addition to textile fiber producers, PAG oils have also proven beneficial in many other industries. These lubricants do not stain or discolor the fibers and are easily removed during the scouring process. In addition to textile processes that require shear stability at high speeds and temperatures, PAG oils are the lubricant of choice. In addition, extreme pressure gear lubricants are used in textile machinery.
Key takeaways from market research
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According to market forecasts, the global PAG-based equity market will reach US$4.6 billion by 2032.
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According to forecasts, the automotive sector is expected to grow at a CAGR of 6.8% between 2023 and 2033.
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According to estimates, compressed oil is expected to have a revenue share of 38.5% during the forecast period.
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PAG base stocks in North America are expected to grow at a CAGR of 6.2% during the forecast period
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Asia-Pacific PAG-based equity market earnings are expected to increase by 29% during the forecast period.
“The recent emphasis on energy conservation has fueled interest in high performance lubricants for automotive, textile and aerospace applications, and PAG base stock products are expected to grow at a steady pace in the near future. ” he commented the FMI analyst.
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competitive environment
BASF SE, The Dow Chemical Company, Clariant AG, Idemitsu Kosan Co., Ltd., PCC Group, Fuchs Group, Croda International Plc, Exxon Mobil Corporation, Technical Lubricants International BV, Shandong Shing Chemical Co., Ltd.
Strategic partnerships enable manufacturers to scale up production, meet consumer demand, and grow revenue and market share. Leverage new technologies and products to manufacture beneficial products for end users. Expansion of production capacity can be facilitated through strategic partnerships.
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German lubricant manufacturer LIQUI MOLY GmbH recently announced that its annual production has exceeded 100,000 tons. This was the increase in production of oils and aftermarket additives at his LIQUI MOLY this year. Fuel additives, oil additives and coolant additives, he produced 16.3 million cans in the first quarter of this year, up 14% from last year.
More valuable insights available
With its new service, FMI presents an unbiased analysis of the PAG-based equity market, presenting historical demand data (2018-2022) and forecast statistics for 2023-2033.
In this study, PAG base stocks by type (water soluble, water insoluble, mineral oil soluble, random copolymers, block copolymers) and applications (gear oils, flame retardant hydraulic fluids, food grade lubricants, compressor oils, wind) Reveal key insights on the market analysis report. Turbine Lubrication, Metalworking & Quenching Fluids, Other Applications), By End Use (Automotive, Aerospace, Marine, Industrial Equipment, HVAC & Refrigeration, Others), By Region – Global Forecast 2022-2032.
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table of contents
1.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
2. Market overview
2.1. Market Scope/Taxonomy
2.2. MARKET DEFINITION/SCOPE/LIMITATIONS
3. Market Background
3.1. Market dynamics
3.1.1. Driver
3.1.2. Constraints
3.1.3. Opportunities
3.1.4. Trends
Domain Knowledge for FMIs Chemicals and Materials
Our Chemistry and Materials consulting team guides organizations at each stage of their business strategy by helping them understand how the latest influencers describe the operational and strategic transformation of the PAG-based stock sector. lead. Recognizing the challenges and trends impacting the global PAG basestock industry, our expertise provides essential insight and support, strategic solutions to help identify key issues and devise appropriate solutions. Provides a point of view.
Full TOC with report preview: https://www.futuremarketinsights.com/reports/pag-base-stock-market
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About Future Market Insights
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