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By 2024, Polyalkylene Glycol Market to reach $18bn | Key Players are Bayer, Clariant, Huntsman Corporation, Akzonobel, ExxonMobil, Croda, BASF, The Dow Chemical Company, INEOS, LyondellBasell, DuPont, Shell
Polyalkylene Glycol (PAG) Market
Polyalkylene Glycol Market size is poised to exceed USD 18 billion by 2024; according to a new research report by Global Market Insights, Inc. Strong polyurethane (PU) foam demand is likely to make significant contribution towards polyalkylene glycol market size during the forecast period. This is attributed to extensive PU foam applications in several industries including construction, automotive, electronics etc. Thus, robust growth indicators in the aforementioned industries on account of improving socio-economic factors will boost business growth by 2024. In addition, polyols are the most consumed chemicals in manufacturing PU foam and accounts for over 30% of the total share of chemicals used to manufacture PU foam.
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Technological advancements primarily in the automotive sector has resulted in development of more intricate internal parts which in turn has propelled lubricants demand. In addition, lubricant producers are advertising to encourage use of fully formulated engine oils for consumers to achieve fuel economy. Moreover, automobiles demand will continue to rise owing to increasing consumer’s disposable income which will consequently drive lubricants demand in the near future. This will subsequently have positive impact on the polyalkylene glycol market size by 2024.
PAG lubricants are likely to replace conventional synthetic lubricants in the market owing to better oxidation stability and environment friendly nature. Furthermore, they impart high performance, greater efficiency, reduced maintenance, lower emission and longer service life of machines & components resulting in providing economic benefits to the consumer which will boost polyalkylene glycol market size over the projected timeframe.
Wavering petroleum sector owing to fluctuating prices are probable to hinder the global polyalkylene glycol market size over the projected timespan. This is due to dependency of petrochemical derivatives as raw material from oil & gas industry. However, strong growth indicators in the pharmaceuticals and personal care industry will generate sufficient prospects for polyalkylene glycol market size in the near future.
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PPG accomplished the maximum market share of the overall polyalkylene glycol market size in 2016. This is primarily due to extensive application in manufacturing variety of PU foams including rigid, flexible and spray. PU foam constituted for over 40% of the total PAG market size in 2016. In addition, widespread PU foam application in automobile and aerospace industry as lubricant and melting agent. PEG finds broad application base in several industries including chemical, pharmaceuticals, personal care, etc. which will consequently help attain prominent polyalkylene glycol market size in the near future.
Asia Pacific led the overall industry and accounted for over 40% of the total polyalkylene glycol market share in 2016. This is due to rapidly growing construction, automotive, personal care and pharmaceuticals industry in the recent years on account of increasing population in China and India accompanied with increasing customer disposable income.
The overall PAG market share was highly competitive in 2016 owing to the presence of key industry share contributors including BASF, Dow, INEOS, SABIC, LyondellBasell, DuPont, Clariant and Repsol.
Browse key industry insights spread across 132 pages with 146 market data tables & 13 figures & charts from the report, “Polyalkylene Glycol Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/polyalkylene-glycol-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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