Pag Base Oil Market Is Estimated To Witness High Growth Owing To Expanding Automotive Industry
Pag base oil is a paraffinic oil produced either by solvent refining or catalytic dewaxing of petroleum wax feedstock. It is an intermediate hydrocarbon product processed from crude oil that can be further refined into finished lubricants such as motor oils, transmission fluids, greases, and many other industrial lubricants. Pag base oils have superb properties including thermal and oxidative stability, low toxicity, and high viscosity index contributing to improved performance in high- and low-temperature applications. The automotive industry extensively utilizes base oils in engine oils, transmission fluids, power steering fluids, brake fluids and hydraulic fluids. The global Pag base oil market is estimated to be valued at US$ 13.49 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI. Market Opportunity : The expanding global automotive industry offers significant growth opportunities for ...