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.
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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.
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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.
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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.