Press release
Global Polyalkylene Glycol (PAG) Market to Expand at 11.0% CAGR till 2023, Driven by Rising Demand for PU Foam and Lubricants
The report states that the global polyalkylene glycol (PAG) market is expected to expand at a moderate 11.0% CAGR during the forecast period from 2015 to 2023. In 2014, the global polyalkylene glycol market was worth US$7.49 billion and by 2023, the market is projected to be worth US$16.96 billion. Volume-wise, in 2014, the global PAG market was estimated at 6,522.8 kilo tons.
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The global polyalkylene glycol (PAG) market is driven by factors such as the rising demand for PU foam, functional fluids, and lubricants. Moreover, the perpetual growth in sales of pharmaceutical products and personal care goods is expected to open up growth avenues for ingredients such as PAG. Nevertheless, factors such as the volatility of crude oil prices and the high price of PAG-based functional fluids and lubricants will suppress the market’s growth.
The global polyalkylene glycol (PAG) market is broadly segmented by product, application, and geography. By product, the global polyalkylene glycol market is divided into polypropylene glycol (PPG), polyethylene glycol (PEG), and others such as copolymers and higher adducts. PPG and PEG are the major product types of polyalkylene glycol. PPG is projected to emerge as the dominant product type during the forecasting horizon due to its growing demand in the lubricant sector.
Application-wise, the global polyalkylene glycol (PAG) market is segmented into polyurethane (PU) foam, lubricants, functional fluids, personal care, surface active agents, pharmaceutical, and others. The sector of PU foam dominated the global polyalkylene glycol market in 2014 in terms of volume. On the other hand, the lubricants application sector emerged as a key market for PAG and accounted for over 15% of the market in terms of volume in 2014. Nevertheless, it is the personal care application sector that is projected to show the fastest growth in the coming years.
By geography, the global polyalkylene glycol (PAG) market is divided into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa (MEA). In 2014, Asia Pacific dominated the global polyalkylene glycol market with a share of over 45%. Asia Pacific is expected to continue its dominance during the forecasting horizon. Latin America is projected to exhibit the fastest growth in the global polyalkylene glycol market. North America will also exhibit a CAGR higher than the average market growth during the forecast period due to the recovering construction industry and expanding automotive and pharmaceutical industries in this region.
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Manufacturers in the global polyalkylene glycol (PAG) market have a higher profit margin in the application sectors of personal care and pharmaceutical. The high growth rates of these sectors are in turn fueling their market attractiveness in the global polyalkylene glycol market. Some of 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
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