Global PAG Base Oils Market to Reach $2.1 Billion by 2030
The global market for PAG Base Oils estimated at US$1.6 Billion in the year 2023, is expected to reach US$2.1 Billion by 2030, growing at a CAGR of 3.8% over the period 2023-2030. Water Soluble PAG Oils, one of the segments analyzed in the report, is expected to record 3.4% CAGR and reach US$981.3 Million by the end of the analysis period. Growth in the Water Insoluble PAG Oils segment is estimated at 4.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $475.2 Million, While China is Forecast to Grow at 3.7% CAGR
The PAG Base Oils market in the U.S. is estimated at US$475.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$366.3 Million by the year 2030 trailing a CAGR of 3.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 3.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
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