Press release
Polyalkylene Glycol Market is Anticipated to Grow at A Sluggish CAGR of 10.7% by 2031- TMR Study
The global polyalkylene glycol market is experiencing dynamic growth, reaching a valuation of US$ 12.9 billion in 2022. Projected to advance at a remarkable CAGR of 10.7% from 2023 to 2031, the market is expected to reach US$ 32.4 billion by the end of 2031. Analysts attribute this growth to the eco-friendly nature and versatile applications of polyalkylene glycols (PAGs), driven by increased demand for environmentally responsible lubricants, hydraulic fluids, and functional fluids.Factors Driving Market Expansion:
The versatility and environmentally friendly attributes of PAGs are the primary drivers of the global polyalkylene glycol market. Increased demand for sustainable lubricants and fluids, coupled with the biodegradability and low toxicity of PAGs, positions them as ideal choices that align with global sustainability goals. The growing automotive industry further propels market expansion as manufacturers transition to PAG-based lubricants and hydraulic fluids to meet stringent regulations.
Global Polyalkylene Glycol Market Introduction:
Polyalkylene glycols (PAGs) represent a versatile class of synthetic polymers derived from the polymerization of alkylene oxide monomers. With diverse applications across various sectors, PAGs offer remarkable properties and functionalities, making them a significant component in the global chemical industry. PAGs are prominently utilized in industrial lubricants and hydraulic fluids, ensuring smooth operations in machinery and automotive systems.
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Analysis of Key Players:
The global polyalkylene glycol market is highly competitive, with key players adopting various strategies to increase market share. Prominent players include SABIC, BASF SE, The Dow Chemical Company, Covestro AG, LyondellBasell Industries Holdings B.V., and others.
Key Developments:
In February 2022, Clariant introduced a line of 100% bio-based goods, including polyethylene glycols (PEGs), contributing to an environmentally friendly bio-economy.
In July 2021, Dow announced plans to expand its production capacity for silicone elastomers, PEGs, and other products to meet growing demand.
Key Features and Applications:
PAGs exhibit excellent lubricating properties, high thermal and oxidative stability, low volatility, and exceptional water solubility. These characteristics make PAGs ideal for applications in extreme operating conditions, such as high-temperature environments and heavy load-bearing machinery. The automotive sector has witnessed a surge in the use of PAGs as they address the need for lubricants that can withstand higher temperatures, reduce wear and friction, enhance fuel efficiency, and prolong the lifespan of engines and transmissions.
Growing Emphasis on Efficiency and Sustainability:
The polyalkylene glycol market growth is fueled by the growing emphasis on efficiency, sustainability, and performance in various industries. Ongoing research and development efforts are driving innovations in PAG formulations, making them increasingly significant in shaping the future of industrial applications.
Growth of the Automotive Industry:
The burgeoning automotive industry plays a pivotal role in fueling the global polyalkylene glycol industry. PAGs, with their exceptional thermal stability, low volatility, and superior lubricating properties, have become the preferred choices for lubricants in the automotive sector. PAG-based lubricants contribute to enhanced fuel efficiency, reduced wear and friction, and extended equipment life. These lubricants are crucial in automotive brake fluids, offering superior thermal stability and resistance to moisture absorption.
Environmental Concerns and Regulatory Compliance:
The global push toward sustainability and reduced ecological impact has positioned PAGs as compelling solutions in various industries. PAGs are biodegradable, exhibit low toxicity, and comply effectively with environmental standards and regulations. As governments and environmental agencies implement stringent regulations, industries are adopting PAG-based lubricants and hydraulic fluids to meet these standards.
Regional Outlook:
Asia Pacific is anticipated to account for the largest share in the global polyalkylene glycol market from 2023 to 2031, driven by rapid industrialization and automotive growth, especially in China. North America and Europe focus on technological advancements and sustainability, with Germany emphasizing eco-friendly practices. Latin America and the Middle East & Africa show growth potential, driven by increased awareness of environmental concerns and regulations.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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