PAG Compressor Oil Market Growth, COVID Impact, Trends Analysis Report Forecast to 2033
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.
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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.
Key Segments Covered in the PAG Compressor Oil Market Industry Survey
By Compressor Type:
Reciprocating Compressor
Rotary Compressor
Centrifugal Compressor
By End-user:
PAG Compressor Oil in Automotive
PAG Compressor Oil in Mining
PAG Compressor Oil in Construction
PAG Compressor Oil in General Manufacturing
PAG Compressor Oil in Food & beverages
PAG Compressor Oil in other
By Region:
North American
Latin American
European
Asia Pacific
MEA
“Increasing usage of PAG Compressor oil in the Automotive, general manufacturing, mining, and construction industriesare expected to radically transform the PAG compressor oil market in the coming years,” comments an ****yst at FMI.
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