Trusted Business Insights presents the Updated and Latest Study on Polyalkylene Glycol Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Polyalkylene Glycol Market
Industry / Sector Trends
Polyalkylene Glycol Market size was more than USD 8 billion in 2016 and will witness 11% growth over the projected timespan.
U.S. Polyalkylene Glycol Market Size, By Application, 2013 – 2024 (USD Million)
Robust demand for polyurethane (PU) foam has been a major factor influencing the polyalkylene glycol (PAG) demand for the past few years. This is primarily due to widespread PU foam applications across various end-user industries including furniture, automobiles, sculpture, decoration, building & construction, electronic, adhesives, and footwear. For instance, construction industry is rapidly growing primarily in the emerging economies and is anticipated to reach over USD 15 trillion by 2024. This in turn will boost demand for PU foams and will subsequently have positive impact on polyalkylene glycol market size over the projected timespan.
Escalating lubricants demand in automobile industry has been stimulating the polyalkylene glycol market size in the recent years. Increasing complexities in the automobile engines is likely to have a significant influence on the polyalkylene glycol market size during the forecast period. Moreover, adoption of promotional campaigns for synthetic automotive crankcase and gear oils by lubricant manufacturers has been a major driving force for the strong growth of lubricants in the automotive sector. This in turn will propel the overall polyalkylene glycol market size by 2024.
Volatility in crude oil prices is likely to impede the overall polyalkylene glycol market size during the forecast period. This is due to the fact that the product is derived from petroleum feedstock such as ethylene oxide and propylene oxide and is dependent on the supply and prices of crude oil. In addition, factors such as civil unrest in the Middle East and embargo in Iran led to the disruption of crude oil supply. This, in turn, has affected the petrochemical prices which is likely to hinder polyalkylene glycol market size in the coming years. However, increasing product application scope in personal care and pharmaceuticals industry is likely to generate plentiful opportunities for polyalkylene glycol market size by 2024.
Market Segmentation, Outlook & Regional Insights: Polyalkylene Glycol Market
Polyalkylene Glycol Market, By Product
Polypropylene glycol (PPG) attained the highest polyalkylene glycol market share in 2016. PU foam is one of the key consumers of PPG as it is used in manufacturing variety of foams such as rigid, spray and flexible. In addition, it is widely used in automotive and aviation industry as a lubricant and in deicing agent formulations. Henceforth, strong PU foam and lubricant demand across the globe will positively impact on the business growth by 2024.
Polyethylene glycol (PEG) is likely to grow at a healthy CAGR over the projected timespan. This is due to its versatile characteristics making it desirable for widespread application across industries including automotive, chemical, pharmaceutical, personal care, and plastics. In addition, PEG is also used in lubricant formulations and functional fluids in automotive, aerospace, machinery, and refrigeration industries.
Polyalkylene Glycol Market, By Application
Polyurethane (PU) foam segment attained the highest market size and was valued over USD 3 billion in 2016. This is due to the extensive PU foam application across construction, refrigeration, automotive, and aerospace industry. Rapidly growing aforementioned industries are likely to make significant contribution towards polyalkylene glycol market size by 2024. For instance, automobile industry is propelling and is expected to grow at a CAGR of more than 4% over the forecast timespan.
Lubricant is another prominent application segment which is projected to grow at over 10.5% CAGR by 2024. This is attributed to superior performance imparted by PAG based lubricants which helps in attaining high performance in ace car engines, aircraft, marine applications, and automotive applications in extreme conditions. In addition, they are preferred over prevailing counterparts owing to their eco-friendly nature.
Polyalkylene Glycol Market, By Region
Asia Pacific led the overall polyalkylene glycol market size and was valued close to USD 3 billion in 2016. This is attributed to high PU foam demand across various end-user industries including construction, automotive and aerospace. Growing population along with rapid industrialization and urbanization has led to strong growth in the construction industry which will boost demand for PU foam and will consequently drive the industry growth by 2024. Moreover, increased consumer spending power in the region has resulted in improved lifestyle dynamics. This will in turn boost demand for personal care products, personal luxurious vehicles, etc.
North America is also making prominent contribution towards polyalkylene glycol market size and is expected to grow with more than 11% CAGR in the coming years. This is attributed to prevalence of substantial PU foam and lubricants demand in the U.S. In addition, well established pharmaceuticals industry primarily in the U.S. will also make significant contribution in stimulating the regional industry growth by 2024.
Key Players, Recent Developments & Sector Viewpoints: Polyalkylene Glycol Market
Key polyalkylene glycol market share contributors are BASF SE, The Dow Chemical Company, Ineos Group AG, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries, DuPont, Royal Dutch Shell, Bayer AG, Repsol Group and Clariant International. In addition, these major companies accounted for more than half of the polyalkylene glycol market share in 2016.
Major product manufacturers are investing heavily in the expansion and development to attain competitive advantage in the business. For instance, in 2014, BASF SE announced inauguration of a new manufacturing facility of PAG based lubricants at its Ludwigshafen Verbund site in Germany. The new facility will have complete access to key raw materials including ethylene oxide and propylene oxide through backward integration with the companys raw material manufacturing facilities located at Ludwigshafen, Germany.
PAG has application across various end-user industries including construction, automotive, personal care, refrigeration and aerospace. Rapidly growing construction, personal care and pharmaceutical industry primarily in the Asia Pacific is making significant contribution towards polyalkylene glycol market size in the recent years.
In addition, technological advancement owing to increasing R&D investment has led to development of complex engine designs which will drive lubricants demand in North America and Europe in the coming years. In addition, PAG based lubricants are be preferred over conventional lubricants owing to its eco-friendly nature which in turn will stimulate boost the industry over the projected timeframe
Key Insights Covered: Exhaustive Polyalkylene Glycol Market
1. Market size (sales, revenue and growth rate) of Polyalkylene Glycol industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Polyalkylene Glycol industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Polyalkylene Glycol industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Polyalkylene Glycol industry.
Research Methodology: Polyalkylene Glycol Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Polyalkylene Glycol Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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