Polyalkylene Glycol Market Growth Analysis | 2022-2028

Market Insights

The polyalkylene glycol market was estimated at USD 2.04 billion in 2021 and is likely to grow at a CAGR of 11.07% during 2022-2028 to reach USD 4.3 billion in 2028.

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Market Dynamics

Introduction

Polyalkylene glycol (PAG) can be manufactured to be either water-soluble or water-insoluble and is generally used in lubricant applications and other end-user industries such as automotive, construction, personal care, and pharmaceutical. PAGs are clear, colorless, and odorless liquids that are non-toxic and biodegradable. PAGs are also resistant to oxidation and thermal degradation.

PAGs have several unique properties that make them desirable for use in lubricants and other industrial applications. They have a high viscosity index, which means that their viscosity changes less with temperature compared to other lubricant types. This property makes PAGs particularly suitable for use in extreme temperature conditions. PAGs also have a low coefficient of friction and good wear resistance, which makes them effective in reducing friction and preventing wear in mechanical systems.

PAGs are also used in personal care and pharmaceutical products as emulsifiers, solubilizers, and viscosity modifiers. They are known for their ability to provide long-lasting moisturization and improve skin feel in cosmetic formulations.

Market Drivers

These factors are expected to boost the demand for the market in the coming years:

• Rising demand for polyurethane foam and increasing demand for PAG-based lubricants in automobiles and refrigerator oils.
• Due to its superior properties when compared to petroleum lubricants, as well as its versatility as a chemical intermediate and surface-active agent.

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Key Players

Some of the key players in the market are:

• BASF SE
• DuPont de Nemours, Inc.
• Bayer AG
• Clariant International Ltd.
• Huntsman International LLC
• INEOS Group AG
• LyondellBasell Industries N.V.
• Royal Dutch Shell Plc
• Saudi Basic Industries Corporation
• The Dow Chemical Company.

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Product Type

The market is segmented as polyethylene glycol, polypropylene glycol, and others. Polypropylene glycol is estimated to account for the largest share of the market during the forecast period owing to its wide utilization in automotive and aviation industries as a lubricant and in deicing agent formulations. On the other hand, polyethylene glycol is expected to witness significant growth in the market on account of its versatile features, making it desirable for various applications across industries including automotive, personal care, pharmaceutical, and chemical.

By Application Type

The market is segmented as polyurethane foam, functional fluids, lubricants, personal care, pharmaceuticals, surface active agents, and others. Polyurethane foam is estimated to hold the largest share of the market during the forecast period on account of its extensive utilization across various industries such as construction, automotive, refrigeration, and aerospace. Lubricants are also estimated to witness significant demand in the market owing to their superior performance and eco-friendly nature.

Regional Insights

Asia-Pacific is estimated to be the leading region in the market owing to rapid industrialization and urbanization, strong growth in the construction industry, growing demand for PU foams, and an increase in disposable income, eventually boosting the demand for various end-user industries, thereby fueling the regional market growth during the forecast period.

Further, North America is estimated to witness significant progress in the market over the assessment period on account of the growing demand for PU foams and lubricants in the U.S. and the growing pharmaceutical industry in the region.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s polyalkylene glycol market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our polyalkylene glycol market report from the industry stakeholders, we have tried to further accentuate our research scope to the polyalkylene glycol market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The polyalkylene glycol market is segmented into the following categories:

By Product Type

• Polyethylene Glycol
• Polypropylene Glycol
• Others

By Application Type

• Polyurethane Foam
• Functional Fluids
• Lubricants
• Personal Care
• Pharmaceuticals
• Surface Active Agents
• Others

By region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].