Global Polyalkylene Glycol Market: Snapshot
Polyalkylene glycols come under special synthetic lubricants owing to their increased oxygen content. If talking about lubricants, polyalkylene glycols are very clean, enabling usage where petroleum items will make sludges and tars. By changing their structure, the solubilities can also be varied from insoluble to water soluble. These are the one of a kind lubricants present with solubility in water.
The global polyalkylene glycol market is segmented as per the product, application, and region. In terms of product, the global polyalkylene glycol market is divided into polyethylene glycol, polypropylene glycol (PPG), and others (copolymers and higher adducts). Out of these, PPG and PEG account for the major share of the global polyalkylene glycols market. PPG is foreseen to remain as the important product type owing to the surging demand regarding lubricants.
As per the application, the global polyalkylene glycol market is categorized as personal care, polyurethane (PU) foam, lubricants, surface active agents, pharmaceutical, and so on. As far as volume is concerned, segment of PU foam led the global polyalkylene glycol market. On the flipside, in 2014, lubricants segment turned up as an important application accounting for over 15% of the market in terms of volume.
According to a recent report by Transparency Market Research, the global polyalkylene glycol market is prognosticated to expand at a steady CAGR of 11.0% within the forecast period from 2015 to 2023. In 2014, the market was valued around worth of US$7.49 bn. By the end of forecast period, the market is expected to rise around US$16.96 bn.
Increased Demand in Personal Care to Fuel Growth in Market
The rising utilizations of polyalkylene glycol (PAG, for example, in PU oil, foam, and commercial liquids are principally propelling the polyalkylene glycol market. Additionally, the consistently expanding demand regarding personal care and pharmaceutical items is probably going to open new development scope for polyalkylene glycol market. Makers of polyalkylene glycol will overall serve the pharmaceutical and personal care sectors. The higher net revenues in in these two industries pulls in producers of polyalkylene glycol to serve these end-use enterprises.
On the other side, high costs of PAG-based commercial oils and liquids and value instability of raw petroleum are hampering the development of this market.
Asia Pacific to Dominate Other Regions in Coming Years
As per the geography, the global polyalkylene glycol market is classified into Asia Pacific, North America. Europe, the Middle East and Africa, and Latin America. Asia Pacific in 2014, drove the global polyalkylene glycol market holding over 45% of the overall market. Asia Pacific is probably going to remain on its leading position over the forthcoming years.
North America is likewise liable to show a better than expected CAGR in the coming years. The recovery of the development division and exponential development of pharmaceutical and automobile sectors are in a roundabout way boosting the polyalkylene glycol market in the region of North America.
The Middle East and Africa polyalkylene glycol market is anticipated to show remarkable development because of huge volume of raw petroleum in the region, modern units for the fractional distillation of raw petroleum are available in huge numbers.
Increased Advertizing Strategies to Propel Market Growth
Makers in the global polyalkylene glycol (PAG) market have a higher net revenue in the application industries of pharmaceutical and personal care. The high development rates of these regions are thus energizing their advertizing strategies in the global polyalkylene glycol market. Major players working in the global polyalkylene glycol market are Repsol Group, Bayer AG, Saudi Basic Industries Corporation (SABIC), INEOS Group AG, Clariant International, DuPont, LyondellBasell Industries, and Royal Dutch Shell.
Polyalkylene glycols (PAG) are polymeric compounds of one or more alkylene oxide (ethoxide) monomers connected through -R–O- ether linkages. PAGs are also known as polyether polyols, polyglycols, polyethers, and polyalkylene oxides in the industry. PAG includes polymers of the corresponding ethoxides; for instance, polyethylene glycol (PEG) is obtained from ethylene oxide (EO) and similarly, polypropylene glycol (PPG) is produced from propylene oxide (PO). PAGs are versatile polymeric compounds used in the manufacturing of variety of products. The end-products manufactured from PAGs are used in several industries including construction, automotive, aerospace, marine, pharmaceutical, personal care, and chemicals.
This report provides a detailed description of the global PAG market based on volume share (kilo tons) and revenue (US$ Mn) for the period from 2014 to 2023. It highlights the factors contributing to the growth of the market, and the restraints impeding the market. Detailed forecast for PAG from 2015 to 2023 has been given separately for providing a better understanding of the market scenario. The PAG market is described with respect to various segments along with the expected opportunities during the next six years.
In terms of geography, the global PAG market has been segmented into the following regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). Each region has been further divided into countries which have been found to be the key markets for PAG.
On the basis of products, the study segments the market into: polyethylene glycol (PEG), polypropylene glycol (PPG), and others (including higher adducts and copolymers). The study also segments the PAG market on the basis of applications into: polyurethane (PU) foam, functional fluids, lubricants, personal care, pharmaceutical, surface active agents, and others (including chemical intermediates, CASE, and additives). It provides forecasts and estimates for each product and application segment in terms of revenue and volume during the forecast period from 2015 to 2023 for each region, and inclusive of the countries as well. The study also analyzes market attractiveness for all applications of PAG with the help of the market attractiveness tool.
Increasing demand for PAG in key applications such as PU foam and lubricants is projected to fuel the global PAG market. Swift growth in construction and automotive industries in the emerging countries is anticipated to generate huge demand for PU foams and lubricants, and eventually lead to the growth of the PAG market. The personal care and pharmaceuticals applications are high-value, low-volume markets for PAG and are expected to be prospective markets driving the growth of PAG market in the near future. However, the fluctuating prices of crude oil prices put a downward pressure on the margins of market players. Furthermore, cheaper alternatives of PAG such as conventional oils are available for lubricant applications. The two factors mentioned above are likely to hamper growth of the PAG market during the forecast period.
Value chain analysis and Porter’s five forces model have been given for providing a comprehensive view of the market. These would also help understand the specifics of the industry structure apart from giving an overview of the degree of competitiveness. Additionally, the company market share analysis has been included in order to illustrate the competitive scenario in the PAG market further. The report also includes detailed profiles of key players such as the Dow Chemical Company (Dow), Bayer AG, BASF SE, Royal Dutch Shell plc (Shell), LyondellBasell Industries N.V., E. I. du Pont de Nemours and Company (DuPont), INEOS Group AG, Clariant International Ltd., Saudi Basic Industries Corporation (SABIC), and Repsol Group. A detailed description of the players includes parameters such as company overview, financial overview, business strategies, upcoming facilities, capacity addition, mergers, acquisitions and joint ventures, new products, and recent developments.
The report segments the global PAG market as:
Polyalkylene Glycol (PAG) Market – Product Segment Analysis
- Polyethylene Glycol (PEG)
- Polypropylene Glycol (PPG)
- Others (Including higher adducts, copolymers, etc.)
Polyalkylene Glycol (PAG) Market – Application Analysis
- Polyurethane (PU) Foam
- Functional Fluids
- Personal Care
- Surface Active Agents
- Others (Including chemical intermediates, CASE, additives, etc.)
Polyalkylene Glycol (PAG) Market & Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- South Africa
- Rest of MEA