The Global Polyalkylene Glycol (PAG) Oil Market was valued at USD 1.84 Billion in 2024 and is projected to reach USD 2.47 Billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period (2024–2029). This robust growth is fueled by escalating demand for high-performance lubricants across diverse sectors, including automotive, manufacturing, and industrial machinery, driven by the superior properties of PAG oils such as high thermal stability, excellent lubricity, and environmental compatibility.

As industries worldwide prioritize equipment efficiency, longevity, and environmental sustainability, the focus intensifies on the advanced lubricant solutions that enable these goals. In this blog, we profile the Top 10 Companies in the Polyalkylene Glycol (PAG) Oil Industry—a group of chemical giants, specialty lubricant manufacturers, and innovation leaders shaping the future of industrial and automotive lubrication.

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🔟 1. Royal Dutch Shell Plc

Headquarters: London, United Kingdom
Key Offering: Shell Naturelle® HF-E, Shell Clavus® S

A global energy leader, Shell is a major supplier of high-performance PAG-based lubricants for industrial and automotive applications. Their portfolio includes Synthetic Compressor Oils and Refrigeration Lubricants known for exceptional stability and system protection.

Innovation Initiatives:

• Development of low-viscosity PAG oils for energy-efficient applications

• Focus on extending equipment life and reducing maintenance costs

• Commitment to sustainability through advanced biodegradable lubricant formulations

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9️⃣ 2. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Mobil Glygoyle® Series, Mobil SHC™ 600 Series

ExxonMobil offers a comprehensive range of synthetic PAG oils designed for demanding conditions in compressors, gears, and bearings. Their products are engineered to provide outstanding thermal and oxidative stability.

Innovation Initiatives:

• R&D in synthetic base stock technology

• Partnerships with OEMs to develop custom lubrication solutions

Download FREE Sample Report:
Polyalkylene Glycol (PAG) Oil Market – View in Detailed Research Report

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8️⃣ 3. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Plurasafe® & Pluracol® PAG Oils

BASF is a leading producer of high-quality Polyalkylene Glycols, serving as a key raw material supplier and formulator. Their Plurasafe® range is specifically designed for food-grade and industrial applications requiring stringent safety standards.

Innovation Initiatives:

• Pioneering bio-based PAG development

• Expansion of application-specific PAG formulations

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7️⃣ 4. Dow Chemical Company

Headquarters: Midland, Michigan, USA
Key Offering: UCON™ Lubricants, DOWTHERM™ Fluids

Dow is a prominent global manufacturer of PAGs, offering the UCON™ brand of synthetic lubricants and functional fluids. Their products are widely used in compressor lubrication, heat transfer, and metalworking applications.

Innovation Initiatives:

• Development of high-performance, water-soluble PAGs

• Focus on enhancing product sustainability profiles

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6️⃣ 5. FUCHS Petrolub SE

Headquarters: Mannheim, Germany
Key Offering: Reniso® PAG Oils, PLANTOGEN® Ester Oils

FUCHS is one of the world’s largest independent lubricant manufacturers, with a strong portfolio of PAG-based compressor oils, gear oils, and hydraulic fluids known for their reliability and performance.

Innovation Initiatives:

• Custom-formulated PAG solutions for specific industrial needs

• Global production network ensuring supply chain resilience

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5️⃣ 6. Croda International Plc

Headquarters: Snaith, United Kingdom
Key Offering: Priolube® PAG Oils, Crodacel™ Additives

Croda specializes in high-performance specialty chemicals, including a range of PAG oils for industrial lubrication. Their focus on innovation and sustainability positions them as a key player in the advanced lubricants market.

Innovation Initiatives:

• Emphasis on eco-friendly and biodegradable lubricant solutions

• Development of PAGs for extreme temperature applications

Download FREE Sample Report:
Polyalkylene Glycol (PAG) Oil Market – View in Detailed Research Report

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4️⃣ 7. Idemitsu Kosan Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: PAG-based Compressor Oils, Industrial Lubricants

Idemitsu is a major Japanese petroleum company with a significant presence in the synthetic lubricants market. Their PAG oils are widely used in refrigeration and air conditioning compressors across Asia and globally.

Innovation Initiatives:

• R&D focused on compatibility with new refrigerant gases

• Expansion of product lines for the electric vehicle component market

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3️⃣ 8. TotalEnergies

Headquarters: Paris, France
Key Offering: Total Lubrifiants PAG Series

TotalEnergies offers a comprehensive range of PAG-based lubricants for various industrial applications, including compressor systems and gearboxes. Their products are designed to maximize equipment efficiency and durability.

Innovation Initiatives:

• Development of long-life PAG formulations

• Strategic focus on circular economy principles in lubricant production

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2️⃣ 9. Chevron Corporation

Headquarters: San Ramon, California, USA
Key Offering: Chevron PAG Synthetic Oils

Chevron manufactures high-quality PAG oils used in industrial and automotive applications where superior lubricity and thermal stability are required. Their synthetic lubricants help improve energy efficiency and reduce operational costs.

Innovation Initiatives:

• Investment in next-generation synthetic base oils

• Partnerships with equipment manufacturers for co-engineered solutions

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1️⃣ 10. Petronas Lubricants International

Headquarters: Kuala Lumpur, Malaysia
Key Offering: Syntium PAG Oils, Urania Refrigeration Oils

Petronas is a leading global lubricant supplier with a strong portfolio of PAG-based synthetic oils for industrial and automotive applications. Their products are recognized for performance and reliability in challenging operating conditions.

Innovation Initiatives:

• Expansion of high-performance lubricant offerings in emerging markets

• Focus on digitalization for enhanced customer service and product development

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Polyalkylene Glycol (PAG) Oil Market – View in Detailed Research Report

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🌍 Outlook: The Future of PAG Oil Is Smarter and More Sustainable

The Polyalkylene Glycol Oil market is undergoing a significant transformation. While conventional lubricants still hold substantial market share, the industry is increasingly investing in high-performance synthetic alternatives, advanced additive technologies, and environmentally responsible formulations.

📈 Key Trends Shaping the Market:

• Rising demand for energy-efficient lubricants in manufacturing and transportation

• Stringent environmental regulations driving adoption of biodegradable PAG oils

• Growing application in electric vehicle components and renewable energy systems

• Technological advancements in PAG formulation for extreme operating conditions

Get Full Report Here:
Polyalkylene Glycol (PAG) Oil Market – View in Detailed Research Report

The companies listed above are not only supplying critical lubrication solutions—they’re driving the technological evolution of industrial efficiency and sustainability.