The global PAG compressor oil market is currently valued at US$1.4Billion in 2023 and is anticipated to expand at a CAGR of 8.7%. Owing to the increasing application in end–use industry the market is likely to propel to US$3.22 billion by 2033.
PAG Compressor oil market is witnessing a significant growth, especially in East Asia and South Asia Pacific. Strong industrial infrastructure spending in regions such as Europe and North America has resulted in the significant growth in the market.
The demand is expected to rise consistently in industries such as generation, automotive, chemical industry, pharmaceuticals, food and beverages and others. Increasing demand from the automotive industry for high-performance lubricants that can withstand high temperatures and extreme pressure is expected to drive the growth of the PAG compressor oil market.
Asia Pacific has become the hub of the automotive industry in the last few years. The surge in demand for automobiles in expanding economies, such as China and India, is driving the global automobile industry, which in turn is boosting the need for PAG compressor oil market.
The rise in the number of investments in the automotive sector, typically in the Middle East & Africa, is expected to be a key factor that propels the PAG compressor oil market in the region.
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.
Competitive Landscape
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.
- ExxonMobil, Shell, CNOOC, and Guangdong Provincial Development & Reform Commission have signed a Memorandum of Understanding to evaluate the potential for a world-scale carbon capture and storage project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China.
- May 2020 – Idemitsu Lubricants America provides incredible new levels of engine protection with its line of fully synthetic motor oils that meet and exceed the new SP/GF-6A industry standards for more protection, performance and power. Also, Idemitsu has introduced a new 0W-16 SP/GF-6B Ultra-Low Viscosity Motor Oil with robust additive technology that exceeds forward-looking lubrication standards.
- In March 2021— Independent Truck Repair Group (iTRG) announced that they have teamed up with Phillips 66 Lubricants to offer a national oil program for their members. Through this new program, iTRG members will have access to special pricing, promotional materials, rebates and enhanced education and technical support on Phillips 66 (NYSE: PSX) premium diesel products.
