The global polyalkylene glycol market is extremely fragmented in nature with a large number of players operating in it, states a research study by Transparency Market Research (TMR). In 2014, the top players in the global polyalkylene glycol market, namely The Dow Chemical Company, BASF SE, Lyondellbasell Industries NV, Bayer AG, and Royal Dutch Shell plc collectively held a share of 50.1% in the overall market.
The rising number of strategic collaborations and mergers and acquisitions is contributing extensively towards the growth of the global polyalkylene glycol market. The competitive scenario of the market is expected to remain high, owing to which the leading players are making efforts to increase their market penetration to attain a dominant place in the market.
According to the research study, in 2015, the global market for polyalkylene glycol was valued at US$7.35 bn and is estimated to reach a value of US$16.95 bn by the end of 2023. The market is estimated to register a progressive 11.0% CAR between 2015 and 2023.
Asia Pacific to Lead Global Polyalkylene Glycol Market with 51.80% Share
From a geographical perspective, in 2015, Asia Pacific led the global polyalkylene glycol market and is estimated remain at the topmost position throughout the forecast period. The growing demand in diverse end-use industries is one of the primary factors augmenting the Asia Pacific polyalkylene glycol market, which is slated to account for a dominant 51.80% share by the end of 2023. North America is expected to remain in the second position in terms of revenue, thanks to the increasing disposable income among consumers and the development of the economy.
In terms of application, the polyurethane foam segment is projected to lead the global polyalkylene glycol market and hold a share of 45.30% in the global market by the end of 2023. High growth of this segment can be attributed to the rising application of polyurethane foam in diverse industries, such as refrigeration, construction, aerospace, and automotive. The lubricants and personal care segments are anticipated to witness robust growth in the next few years, says a TMR analyst.
Rising Demand from Automotive Industry to Bolster Global Polyalkylene Glycol Market
The growing demand for polyalkylene glycol for the manufacturing of polyurethane foam is the primary factor fuelling the growth of the overall market. In addition, the increasing number of properties offered by polyalkylene glycol, such as high viscosity indexes, water solubility, and bio-degradability, is estimated to contribute significantly toward the growth of the overall market.
Furthermore, the developing automotive industry in emerging nations and the rising demand for polyalkylene glycol for refrigerator oils are estimated to accelerate the growth of the global market in the near future. The expansion of application base is also likely to encourage the market’s growth across the globe.
Unstable Crude Oil Prices to Hinder Market Growth
The global polyalkylene glycol market, however, is restricted by the fluctuating prices of crude oil. In addition, the high cost of polyalkylene glycol in comparison with conventional mineral oils is estimated to hamper the growth of the overall market throughout the forecast period. Nevertheless, the rising number of applications of polyalkylene glycol in pharmaceuticals and personal care segments is projected to generate potential opportunities for the key players operating in the market. Moreover, the rising focus on research and development activities is likely to supplement the growth of the market in the next few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Polyalkylene Glycol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
The global polyalkylene glycol market has been segmented as below:
Global Polyalkylene Glycol (PAG) Market, by Product Type
Global Polyalkylene Glycol (PAG) Market, by Application
Global Polyalkylene Glycol (PAG) Market, by Geography
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