Published: Jun, 2019
The global polyalkylene glycol market is estimated to witness a staggering growth due to its increasing revenue in several application sectors, such as personal care and pharmaceutical industries. The ever-rising growth graphy in several regions are pushing the firms to boost up their advertising strategies in the polyalkylene glycol market. The key players operating in the global polyalkylene glycol market are Bayer AG, Repsol Group, Saudi Basic Industries Corporation (SABIC), Clariant International, INEOS Group AG, DuPont, Royal Dutch Shell, and LyondellBasell Industries.
According to a report by Transparency Market Research, the global polyalkylene glycol market is foreseen to project a healthy CAGR of 11.0% during the span of forecast period from 2015 to 2023. By the end of 2023, the market is likely to be valued around worth US$16.96 bn, which was valued around US$7.49 bn in 2014.
On the basis of product, the global polyalkylene glycol market can be classified into polypropylene glycol (PPG), polyethylene glycol, and others, such as copolymers and its higher adducts. Among these, PEG and PPG hold the maximum share of the global polyalkylene glycols market. Moreover, PPG is likely to emerge as a key product type due to the accelerating demand regarding lubricants. Geographically, Asia Pacific reginin 2014, led the global polyalkylene glycol market accounting for more than 45% of the global market. The region is foreseen to sustain its dominance in the coming years as well.
Usage in Making of Petroleum Product to Help Demand in AMkret
Polyalkylene glycols are synthetic lubricants attributable to their increased oxygen content. In the case of discussing lubricants, the polyalkylene glycols are extremely clean, empowering utilization where petroleum products will make tars and sludges, By changing their structure, the solubilities can likewise be differed from insoluble to water dissolvable. These are the exceptional lubricants present with solvency in water.
The increasing uses of polyalkylene glycol (PAG), for instanace, foam, in PU oil, and commercial fluids are mainly impelling the polyalkylene glycol market. Also, the reliably growing demand in regards to pharmaceutical and personal care products is most likely going to open new improvement scope for polyalkylene glycol market. Manufacturers of polyalkylene glycol will in general serve the personal care and pharmaceutical segments. The higher net incomes in these two businesses pulls in makers of polyalkylene glycol to serve these end-use companies.
Fluctuating Cost of raw Material to Hinder market Growth
On the contrary, high expenses of PAG-based liquids and oils, along with price fluctuation of crude petroleum are obstructing the improvement of this market.
The polyalkylene glycol is broadly utilized in different applications, for example, tunnel boring and wind turbine oils. Polyalkylene glycol offers a few points of interest that incorporate best lubricant for compressor, eco-friendly nature, low instability in high-temperature applications, unmistakable energy effectiveness, residue resistance property, simple cleaning of the gear and wide degree for advancement, and water dissolvability. These advantages foresee to fuel the polyalkylene glycol market and open great scope in forthcoming years.
Growing investment in research and development activities to create food grade-approved oils from polyalkylene glycol so it very well may be utilized in the food packaging industrial machine and also for the making of the advanced products is boosting the development of the market. Nevertheless, the emergence of new alternatives in the market may hinder the development of the global polyalkylene glycol market.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Polyalkylene Glycol (Polyethylene Glycol (PEG), Polypropylene Glycol (PPG), and Others) Market for Polyurethane (PU) Foam, Functional Fluids, Lubricants, Personal Care, Pharmaceutical, Surface Active Agents, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
The report segments the global PAG market as:
- Polyethylene Glycol (PEG)
- Polypropylene Glycol (PPG)
- Others (Including higher adducts, copolymers, etc.)
- Polyurethane (PU) Foam
- Functional Fluids
- Personal Care
- Surface Active Agents
- Others (Including chemical intermediates, CASE, additives, etc.)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- North America
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