The Polyalkylene glycol market Global Industry Report was estimated to be worth USD 1.33 Billion in 2014 and is projected to reach USD 2.62 Billion by 2020, at a CAGR of 11.7% between 2015 and 2020.
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This high growth of the market is owed to the increasing demand from end-use industries in the U.S., Germany, France, China, India, and Japan. The increased usage of PAGs in a variety of applications is also one of the key factor driving the PAGs market.
Some of the important polyalkylene glycols companies are the Dow Chemical Company (U.S.), BASF SE (Germany), Ineos Group (Japan), Clariant AG (U.S.), Huntsman Corporation (Japan), Idemitsu Kosan Co. (U.S.), Ashland Inc. (U.S.), Exxon Mobil (U.S.), AkzoNobel N.V. (Netherlands), and Stepan Company (U.S.). The companies in this market need to compete with each other with respect to prices and product offering to meet the market requirements.
The growing demand for processed food, metal working fluids, surfactants, compressor lubricants, and increased vehicle production is supporting the growth of the global PAGs market. The major restraints of the PAGs market are fluctuating crude oil price. The price of PAGs are quite expensive compared to other conventional oils.
The lubricants application segment dominated the Polyalkylene glycol market and is also expected to witness the highest CAGR during the forecast period. Surface active agents is the second-largest application of PAGs and is also expected to witness a significant growth rate. The growing automotive industry, improved standard of living, and shifting customer preference towards processed food in emerging economies are the main factors driving the growth of this market.
The PAGs market is classified on the basis of type: polyethylene glycol (PEG) and polypropylene glycol (PPG). The PAGs market is dominated by polyethylene glycol because of its high performance and environment friendly properties. PEG is also the fastest-growing application during the forecast period. It is most commonly used in the lubricants application.
Currently, Asia-Pacific is the largest market for PAGs, closely followed by North America. It is also the fastest-growing market for PAGs due to high demand from China, India, and Japan, which are the major market for PAGs. The growing automotive industry and the emerging industrial sector in this region is expected to drive the growth of the polyalkylene glycol market.
Asia-Pacific and North America are the most active markets in terms of strategic initiatives undertaken. Some of the factors driving the growth of the polyalkylene glycols market are high end-use industry growth, amplified local manufacturing, and increased number of domestic players in various vertical market segments. Expansion is the most preferred strategy adopted by the key market players to sustain in this highly competitive market.
List of Figures (78 Figures)
Figure 1 Polyalkylene Glycol Market: Research Design
Figure 2 Key Data From Secondary Sources
Figure 3 Key Data From Primary Sources
Figure 4 Breakdown of Primary Interviews
Figure 5 Market Size Estimation: Bottom-Up Approach
Figure 6 Market Size Estimation: Top-Down Approach
Figure 7 Market Breakdown and Data Triangulation
Figure 8 Polyethylene Glycol Dominates the PAGs Market
Figure 9 Lubricants to Be the Largest- and Fastest-Growing Application Segment
Figure 10 Asia-Pacific Estimated to Be the Largest Market, in Terms of Value, 2015–2020
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