PAG Base Stock Market Size, Share, and Industry Analysis Report By Type (Water soluble, Water insoluble, Mineral oil soluble, Random copolymer, Block copolymer), By Application (Gear oils, Fire resistant hydraulic fluids, Food grade lubricants, Compressor

PAG Base Stock Market Size, Share, and Industry Analysis Report By Type (Water soluble, Water insoluble, Mineral oil soluble, Random copolymer, Block copolymer), By Application (Gear oils, Fire resistant hydraulic fluids, Food grade lubricants, Compressor oils, Wind turbine lubricants, Metalworking and quenching fluids), By End use (Automotive, Aerospace, Marine, Industrial equipment, HVAC & refrigeration), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

PAG Base Stock Market is slated to witness immense growth through 2032 credited to the surge in the global manufacturing industry.

The industry growth is predicted to be challenged by price volatility and supply chain issues due to the ongoing climate crisis and the Russia-Ukraine war.

Overall, the PAG base stock market is bifurcated by type, application, end-use, and regional landscape.

By type, the water insoluble segment is anticipated to witness over more than 5.5% CAGR during 2023-2032. Polyalkylene glycol oils with 100 per cent oxypropylene groups are insoluble in water and offer good lubricity, biostability, clean burning without residue, and hydraulic stability.

The product is used in greases, metal working fluids, food-grade chain oils, and industrial gear oils. Rising machine performance standards in the automotive and industrial markets will drive the water insoluble PAG base stock demand, thereby accelerating the segment growth over estimated time frame.

Considering the application, the compressor oils segment is likely to amass considerable gains owing to the budding use of PAG and polyol ester-type lubricants in refrigeration compression. Moreover, growing adoption of PAG with the current generation of environmentally acceptable HFC refrigerants would add to the growth trajectory. PAG lubricants are widely favored in high-pressure natural gas and ethylene compression.

By end-use, the automotive sector is expected to grow significantly owing to the rising demand for electric vehicles and automobile lubricants. The PAG gear oil offers hydrolytic stability and viscosity index, further driving its application in heavy-duty automotive.

The polyethylene glycol compressor oil is a unique synthetic lubricant given its ability to burn neatly without residue, high oxygen content, temperature stability, and exceptional cleanliness, pushing its applications as compressor lubricants. The PAG compressor lubricant is also used for lubricating the air conditioning systems of most passenger and commercial vehicles. Such trends are expected to positively impact the industry growth through 2032.

Regionally, the Asia Pacific PAG base stock market is expected to witness more than 6.5% CAGR from 2023 to 2032. The growth is mainly attributed to the increasing textile production with the growing demand from customers for textiles and apparels. The PAG-based lubricants are used in the textile and food & beverage industries to maintain shear stability, prevent corrosion, and maintain machine operations under high temperatures.

Some of the other pivotal trends fueling the PAG base stock market expansion in the region include the rapid economic growth and demand for organic fibers. In addition, healthier product innovations in line with the rising demand for plant-based food products would further drive the food & beverage industry, favoring the PAG base stock market growth in Asia Pacific.