Polyalkylene Glycol Market Growth Overview 2018-2025 | key players includes Bayer, Clariant, Huntsman Corporation, Akzonobel, ExxonMobil, Croda, BASF, The Dow Chemical Company, INEOS, LyondellBasell, DuPont, Shell

As per a recent industry report put forward by Global Market Insights Inc., Polyalkylene Glycol Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 18 billion by 2024 with a projected CAGR of 11% over 2018-2024.

Polyalkylene Glycol Market is expected to demonstrate a phenomenal growth over the coming years, subject to the widespread usage of the product in polyurethane foams, functional fluids, surface active agents, lubricants, pharmaceuticals, refrigeration, aerospace, and personal care items. Key manufacturers are trying to expand their product portfolio and acquire a competitive edge through the implementation of business growth strategies such as product differentiation, technological innovations, and strategic partnerships, which will subsequently fuel the market trends. Global Market Insights, Inc., states that polyalkylene glycol industry value, which was assessed at USD 8 billion in 2016, is set to hit USD 18 billion by 2024.

Growth drivers

Robust demand for polyurethane foam

Growing demand for PAG based lubricants in automobiles and refrigerator oils

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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.

Polyurethane foam sector, which dominated the overall polyalkylene glycol industry share in 2016, is anticipated to positively affect the business trends over the coming years. The segment marked a contribution of more than USD 3 billion toward the overall polyalkylene glycol industry revenue in 2016. Mounting PU foam sales across aerospace, construction, automobile, and refrigeration sectors will accelerate the business progression.

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Polyalkylene glycol market size in the lubricants sector is slated to expand at a cumulative rate of more than 10.5% over the coming timeframe, subject to the growing use of the product in car engines, aircrafts, vehicle parts, and marine applications for enhancing their performance. Surging product demand subject to its beneficial characteristics such as eco-friendliness and oxidation stability is certain to impel the regional growth.

The personal care sector is expected to prominently influence the growth of polyalkylene glycol market, as the product is extensively used to manufacture hair items, toothpastes, and shampoos. Growing consumer consciousness about maintaining cleanliness coupled with the rise in their incomes will drive the business growth.

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.

Polyalkylene Glycol (PAG) Market, By Application
o Polyurethane (PU) foam
o Functional fluids
o Lubricants
o Personal care
o Pharmaceuticals
o Surface active agents

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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