Polyethylene glycol Esters of Fatty Acids Marketto Witness Widespread Expansion by 2024
Based on application, the polyethyleneglycol (PEG) esters market has been segmented into lubricants, emulsifiers, dispersants, and additives. The lubricants segment accounts for a significant share of the global polyethyleneglycol esters market, owing to growth of the manufacturing sector and rise in the number of OEMs. The emulsifiers segment is expected to experience high growth, led by growth in the use of PEG esters as emulsifiers in several end-uses. Growth in the fertilizers sector is anticipated to boost the PEG esters market during the forecast period, as PEG esters are used as self-emulsifying herbicides, insecticides, and fungicides.
In terms of region, the global polyethyleneglycol (PEG) esters market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. North America was the leading market for polyethyleneglycol esters in 2015. The market in North America is estimated to expand in the next few years, due to the increase in demand for lubricants in various end-use industries in the region. The lubricants segment held a major share of the polyethyleneglycol esters market in North America in 2015. The segment is driven by the rising demand from OEMs and the automotive sector in the region. Asia Pacific is expected to be the rapidly expanding market for PEG esters during the forecast period, due to the growing fertilizers sector in the region. Countries such as China, India, and Japan are likely to constitute a major share of the polyethyleneglycol esters market in Asia Pacific, due to high growth in end-use applications of polyethyleneglycol esters in these countries.
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The polyethyleneglycol esters market is anticipated to witness a shift from the U.S. and Western Europe to the developing economies of Asia Pacific due to less stringent environmental regulations in those economies. Developing economies in Asia Pacific viz. China and India are projected to witness high growth of the pigments industry. This, in turn, would boost the demand for polyethyleneglycol esters in these countries. Technological advancements and innovations are expected to increase the use of polyethyleneglycol esters. This, in turn, is expected to fuel the polyethyleneglycol esters market during the forecast period.
Global demand for polyethyleneglycol esters is anticipated to rise significantly in the near future, thereby offering high growth opportunities for the market. Market players are focusing on Asia Pacific to gain higher market share. Producers of polyethyleneglycol esters have been compelled to adopt expansion and acquisition strategies to meet the global demand. A large number of producers are shifting their plants to countries such as China and India, due to high demand for PEG esters and low costs of raw material and labor in the two countries. Rapid increase in demand from end-use applications, competitive production costs, and high economic growth rate are propelling the polyethyleneglycol esters market in Asia Pacific. These factors are making companies adopt expansion and R&D strategies in the region.
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Major players operating in the global polyethyleneglycol esters market are BASF SE, Lonza, ABITEC Corporation, Archer Daniels Midland Company, Subhash Chemical Industries, Akzo Nobel N.V., Stearinerie Dubois, Croda International Plc, Stepan Company, and Faci Asia-Pacific.
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