The PAG compressor oil industry is expected to register a CAGR of 8.5% between 2023 and 2032 owing to the growing demand for air compressors in the industrial sector.
Selbyville, Delaware, Dec. 05 2022 (GLOBE NEWSWIRE) —
PAG compressor oil market value is expected to exceed $2.7 billion by 2032, according to the latest report from Global Market Insights Inc.
Booming manufacturing industry in Europe and North America is expected to boost the market outlook. Compressor oils are key equipment in several manufacturing industries including plastic manufacturing, automotive, manufacturing, food and beverage, chemical and pharmaceutical. PAG compressor oil is known for its ability to reduce friction and minimize energy consumption, thereby promoting cost savings for companies operating in the aforementioned verticals.
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Increased use in several industries to promote product demand in centrifugal compressors
The centrifugal compressor segment is expected to exceed $71 million by 2032. In centrifugal compressors, PAG oil is used to lubricate radial and thrust bearings and radial and thrust bearings in different industries. Additionally, growing product demand from natural gas processing facilities, thermal power plants, chemical plants, and oil refineries would complement the growth of centrifugal compressor segment.
Browse key industry information spread over 269 pages with 385 market data tables and 19 report figures and graphs, “PAG Compressor Oil Market Statistics by Type, End User, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape and Forecast, 2023-2032in detail with the table of contents:
Increased vehicle production and sales to drive adoption of PAG compressor oil in the automotive sector
The automotive sector PAG compressor oil market is expected to grow at a CAGR of over 8.5% from 2023 to 2032. disposable income and urbanization, would favor the industrial landscape.
Mature manufacturing sector in North America and Europe
Strong growth in the construction and infrastructure sector in Asia-Pacific
Passenger vehicle sales growth
Penetration of large-scale industries to accelerate market trends in Europe
The market size of PAG compressor oil in Europe is expected to be valued at over USD 435 million by 2032. This is attributed to the growing presence of various end-user industries including chemical, manufacturing, mining, food and beverage and automotive on the European continent. As these vertical markets are growing at a meteoric pace, the demand for PAG compressor oils with improved duty cycles and the ability to reduce maintenance time would gain popularity in the coming years.
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Behemoths’ Strategic Efforts to Accelerate Industry Expansion
Major companies operating in the global PAG compressor oils market include BOSS Lubricants, Philip 66 Lubricants, Idemitsu Lubricants America, AMSOIL Inc., Total Lubricants USA, Sudheimer Car Technik Vertriebs (SCT) (MANNOL), and Exxon Mobil Corporation, among others .
Partial chapters of the table of contents (TOC) of the report:
Chapter 4 Competitive Landscape, 2021
4.2 Company Market Share Analysis, by Region 2022
4.3 Strategy Dashboard
Chapter 5 Market, By Compressor Type
5.1 Global Market by Type
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About Global Market Insights
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