Increasing demand for PAG Compressor Oil in the manufacturing sector to mainatin operational efficiency of compressors is driving market revenue growth
PAG Compressor Oil Market Size – USD 11.26 Billion in 2020, Growth – at a CAGR of 5.3%, Trend – Growing demand for HVAC systems
The global PAG Compressor Oil Market size is expected to reach USD 17.04 Billion in 2028 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data. Increasing use of compressors and in turn, PAG Compressor Oil in the manufacturing sector is driving market revenue growth. PAG Compressor Oil helps in maintaining efficiency and productivity of compressors, along with ensuring long serviceability.
Compressed air is used in industries for various operations, such as powering pneumatic tools, conveyors, and packaging automation equipment. Pneumatic tools are usually lighter, smaller, and they do not get damaged by overloading. They are also more maneuverable compared to electricity-based tools. Various manufacturing facilities use compressed air and gases for process operations, including oxidation, fractionation, cryogenics, refrigeration, filtration, dehydration, and aeration, along with combustion. In general manufacturing facilities, industrial air compressors are deployed to do clamping, stamping, tool powering, and cleaning, among various other tasks.
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Top Companies: Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, BASF SE, Sasol Limited, Croda International PLC, Dow, TotalEnergies, and China Petrochemical Corporation.
Some Key Highlights from the Report:
Demand for mineral-based PAG Compressor Oil can be attributed to its low cost. Mineral-based PAG Compressor Oil is generally suggested for use in compressors that do not have continuous use, or for residential applications where load on the compressor is relatively less.
The PAG Compressor Oil market in Asia-Pacific accounted for largest revenue share in 2020 and is expected to register the fastest revenue CAGR over the forecast period, owing to rising demand for PAG Compressor Oil from automotive, oil gas, construction, and petrochemical industries. In addition, presence of leading market players like Idemitsu Kosan Co. Ltd. and China Petrochemical Corporation is supporting market revenue growth.
In October 2021, EnPro Industries, Inc., an industrial technology firm, made announcement about the sale of its Compressor Products International (CPI) business segment to Howden Group, which is involved in providing mission critical air gas handling products and services.
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Market Segmentation:
Compressor Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018–2028)
- Positive Displacement Type
- Reciprocating Type
- Rotary Screw Type
- Others
- Dynamic Type
- Radial Flow Type
- Axial Flow Type
Base Oil Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018–2028)
- Synthetic Oil
- Mineral Oil
- Bio-based Oil
Industry Vertical Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018–2028)
- Manufacturing
- Oil Gas
- Automotive
- Construction
- Power Generation
- Others
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global PAG Compressor Oil market report:
- What is the expected market size of the global PAG Compressor Oil market during the forecast period?
- What factors are expected to hamper global PAG Compressor Oil market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global PAG Compressor Oil market?
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