(I-BusinessNews.Com, June 11, 2021 ) Polyalkylene Glycol Market is forecast to reach $18 billion by 2026, after growing at a CAGR of 9.5% during 2021-2026. Globally, the increasing usage of polyalkylene glycol (PAGs) in a variety of applications such as for packaged food, metalworking fluids, surfactants, compressor lubricants, and increased automotive output is boosting the market growth. Furthermore, rapid industrialization in the lubricant industry has led towards the growth of the manufacturing sector and increase in purchasing power of consumers which is further anticipated to create new opportunities for the growth of the global polyalkylene glycol industry in the forecast era.
Polyalkylene Glycol Market Segment Analysis – By Type
Polypropylene Glycol (PPG) segment held the largest share of more than 20% in the polyalkylene glycol market in 2020 owing to its increasing usage in a variety of foams such as rigid, spray, and flexible. Due to its flexible features, it is suitable for widespread use in sectors such as chemical, medicinal, personal care, and plastics. Besides, polypropylene glycol is also used in the automobile, aircraft, machinery, and refrigeration industries for lubricant formulations and functional fluids. Thus, the increasing demand for polypropylene glycol for various applications will further drive the polyalkylene glycol market in the forecast period.
Polyalkylene Glycol Market Segment Analysis – By Solubility
Water Soluble held the largest share of more than 25% in the polyalkylene glycol market in 2020. PEG is soluble in water, yielding a clear, colourless solution. Polyethylene glycols with a molecular weight greater than or equal to 1000 are openly soluble in liquids. Water solubility and solubility in organic solvents degrade with increased molecular weight. Because polyethylene glycol (PEG) is a strong, water-soluble polymer, it is an important material used for membrane production and membrane property enhancement. Excellent in-use performance of water-soluble polyalkylene glycols contributes to long drain intervals and equipment safety when formulated with suitable additives. Also, when manufactured into finished industrial lubricants, for instance, gear oils, they exhibit high energy efficiency.
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Polyalkylene Glycol Market Segment Analysis – By Applications
The personal care sector held the largest share in the polyalkylene glycol market in 2020 and is projected to grow at a CAGR of 8.5% during the forecast period 2021-2026. PEG is a lightweight material that is water-soluble which can be used to improve the viscosity of products for skincare. PEGs are used as thickeners, emulsifiers, solvents, softeners, and moisture-carriers. A variety of hydrating emollients, protective fatty acids, and cleaning agents are also combined with PEG. In these various combinations, a PEG can be used in gentle cleansers, elegant moisturizers, sunscreens, cosmetic cream bases, and unique treatment products. Therefore, with the growing personal care sector, the demand for polyalkylene glycol market is expected to grow in the forecast period.
Polyalkylene Glycol Market Segment Analysis – By Geography
Asia-Pacific held the largest share with 43.3% in polyalkylene glycol market in 2020. This is due to the strong demand for polyalkylene glycol in various applications, including manufacturing, automobile, and construction. The rising population, along with rapid industrialization and urbanization, has led to strong growth in the construction industry, which is anticipated to fuel the demand for polyurethane foam and, as a result, push the polyalkylene glycol industry growth. Also, the increased purchasing capacity of customers in the region has resulted in enhanced lifestyle dynamics. This will in turn boost demand for personal care products, personal luxurious vehicles, and many more. Hence due to these properties, the market for polyalkylene glycol is anticipated to boost in the forecast period.
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Polyalkylene Glycol Market Drivers
Rising demand for lubricants in the automotive industry is anticipated to boost market growth
In the polyalkylene glycol industry, manufacturers are raising the productivity of producing high-performance lubricants used in automotive manufacturing. To generate revenue opportunities catering to large-scale ventures, they provide customized services to end-users and OEMs. In contrast with other industrial lubricants, polyalkylene glycol-based lubricants are gaining increased popularity as they are environmentally safe and renewable fluids. Polyalkylene glycol lubricants are increasingly helpful to OEMs as they reduce pressure, abrasion, and are water-soluble. Hence, new production plants are launched by manufacturers in high growth regions of the Asia Pacific region. For instance, in June 2019, Idemitsu Kosan Co. Ltd. – a leading manufacturer of petroleum and petrochemical products, announced the launch of their new lubricant manufacturing plant in China to cater to the growing demand for high-performance lubricants.
Increasing demand for polyurethane foam in various applications will drive the market
Polymer foams are being increasingly used in civil and industrial applications. Polyurethane (PU) soft foam, for instance, is used widely to make chairs, vehicle cushions, athletic equipment, others. On the other hand, in the polyalkylene glycol industry, there is a rising demand for PU hard foam for the manufacture of refrigerators and freezers. Polyalkylene glycol firms are growing their processing ability to produce polypropylene (PP) foam to fulfill end-user demands in the requirements of, defense and aerospace industries. Increasing development for polymer foams is rapidly raising the packaging industry. In the polyalkylene glycol industry, manufacturers are leveraging opportunities to expand the use of polypropylene foam to produce insulation and shock-resistant materials. To adopt new foaming methods various manufacturers are investing in research activities. Thus, increasing the usage of polyurethane foam will raise the demand for polyalkylene glycol in the forecast period.
Polyalkylene Glycol Market Challenges
The high cost of crude oil will affect market growth
During the projected period, volatility in crude oil prices is expected to hinder the total market size of polyalkylene glycol. This is because the substance is derived from feedstock such as ethylene oxide and propylene oxide from petroleum and is dependent on crude oil sources and costs. Besides, 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 are likely to hinder polyalkylene glycol market size in the coming years. Hence, the high cost of crude oil will further create hurdles for the polyalkylene glycol market in the forecast period.
Polyalkylene Glycol Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyalkylene glycol market. In 2020, the market of polyalkylene glycol has been consolidated by the top five players accounting for xx% of the share. Major players in the polyalkylene glycol market Repsol Group, Bayer AG, Saudi Basic Industries Corporation (SABIC), INEOS Group AG, Clariant International, DuPont, LyondellBasell Industries, and Royal Dutch Shell are among others.
Polyalkylene Glycol Market Developments
In March 2020, ANI Pharmaceuticals, Inc., has launched the Polyethylene Glycol 3350, 17g/Packet (PEG-3350).
Key Takeaways
An increase in the adoption of polyalkylene glycol for application in newer industrial verticals, and emerging economies such as China, India, and others, will create new opportunities for the global polyalkylene glycol market.
In high-performance and racing applications, polyalkylene glycol-based lubricants offer superior performance and optimum safety. In racing applications, they can also withstand elevated rpm, high temperatures, and normal shock loading. Growing demand from the automotive industry is growing the need for polyalkylene glycol.
Volatile prices and availability of crude oil, availability of substitute compounds, and higher cost of polyalkylene glycol-based lubricants as compared to other conventional oils are the key restraints for the global polyalkylene glycol market.
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