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Polyalkylene Glycol Market to gain impetus from automobile sector, Key Players are BASF, Dow, INEOS, SABIC, DuPont, Bayer AG, Clariant, Akzonobel
Polyalkylene Glycol Market
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Polyethylene glycol or PEG is likely to witness a considerable demand over the next few years and will drive the polyethylene glycol market space. The product finds broad application as a lubrication agent in industries like personal care, chemical, and pharmaceuticals. Wide-ranging use of PAG in various sectors and consequent developments in the industries to meet the rapidly changing consumer demands and the need for advanced products will bolster the compound’s production.
Polyalkylene glycol lubricants render enhanced oxidation stability and are environmentally friendly in nature. They are gradually replacing the traditional synthetic lubricant solutions due to their ability to reduce carbon dioxide levels and ensure fuel efficiency. Moreover, reduced cost of maintenance, elongated service life of components and machines and superior performance are some of the additional features intensifying polyethylene glycol market trends.
Global polyalkylene glycol market share is anticipated to amass substantial gains in the coming years owing to the extensive use of the product in functional fluids, surface-active agents, polyurethane foams, refrigeration, aerospace, pharmaceuticals, and personal care products. Improving economic conditions in emerging nations like Asia Pacific is fostering developments in various industries.
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Advancements in sectors such as construction, pharmaceutical and automobile to meet the burgeoning consumer requirements will supplement the industry outlook. Reportedly, in 2016, APAC was responsible for nearly 40% of the total polyalkylene glycol market share. Prominent industry players are aiming at expanding their product portfolio and obtain a competitive advantage through business growth strategies like technological innovations, product differentiation, and strategic alliances.
BASF SE, The Dow Chemical Company, INEOS Group AG, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., DuPont, Royal Dutch Shell, Bayer AG, Repsol Group, Clariant International Ltd., Huntsman International LLC, Akzonobel N.V., Exxon Mobil, Croda International PLC, Idemitsu Kosan Co. and Repsol are some of the chief industry participants constantly carrying out innovations in the field and positively influencing the polyethylene glycol market consumption. Polyalkylene glycol is widely used for the manufacturing of PU foam, which is used in high resiliency flexible foam seating, automobile suspension bushings, durable elastomeric wheels, carpet underlays, and hard plastic parts.
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