Polyalkylene Glycol Market Overview
Polyalkylene glycol market is expected to grow USD 2.62 Billion at a CAGR 11.7% during the forecast period.
The global Polyalkylene Glycol Market Size is profiled in great detail in the latest research report from Market Research Future (MRFR). A detailed review of the market’s historical growth trajectory is provided in the report in order to provide a solid foundation to the analysis of the market’s growth trajectory at present. Projections regarding the market’s growth prospects over the forecast period till 2023 are provided in the report in order to make readers aware of the market’s momentum. The movement of the polyalkylene glycol market is studied in great detail in the report. Leading players operating in the polyalkylene glycol market are also profiled in the report to provide readers with a clear overview of the market’s competitive landscape and dynamics.
Polyalkylene glycols are waxy substances used in the production of various products, including polyurethane foam, pharmaceuticals, personal care products, and lubricants, among others. They are soluble in organic solvents such as benzene and chloroform. The growing demand for polyalkylene glycol in the production of polyurethane foam is likely to be the major driver for the global market over the forecast period. Polyurethane foam is widely used in the automotive, electronics, and construction industries, leading to a steady growth in its demand. The increasing demand for functional fluids in industrial processes is also a major driver for the global polyalkylene glycol market.
The growing demand for automotive lubricants is likely to be a major driver for the polyalkylene glycol market. Polyalkylene glycol is also used as an anti-freezing agent in various automotive fluids. Automotive lubricants are used in all kinds of automobiles to keep operating temperatures low and within control. This has driven their demand across the automotive industry, as the production in the automotive industry has grown. Industrial lubricants are also likely to remain a key application channel for the polyalkylene glycol market over the forecast period.
Segmentation:
The global polyalkylene glycol market is segmented on the basis of product type, application, and region.
By application, the global polyalkylene glycol market is segmented into polyurethane foam, functional fluids, lubricants, personal care products, pharmaceuticals, surface active agents, and others. The polyurethane foam segment holds the largest share in the global polyalkylene glycol market, followed by functional fluids. The increasing use of polyurethane foam in insulation applications in the automotive and construction industries is likely to be a major driver for the polyalkylene glycol market over the forecast period. Polyalkylene glycols are vital intermediates in the production of polyurethane foam and are thus likely to witness a steady growth in demand over the forecast period. The growing use of polyurethane foam in aviation applications is also a major driver for the polyalkylene glycol market. The lubricants segment is also likely to remain a major driver for the global polyalkylene glycol market over the forecast period.
By product type, the global polyalkylene glycol market is segmented into polyethylene glycol and polypropylene glycol. The polyethylene glycol segment is expected to exhibit the highest CAGR over the forecast period till 2023.
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Regional Analysis:
Asia Pacific holds the largest share in the global polyalkylene glycol market, followed by North America and Europe. The growing use of polyurethane foam in automotive and construction applications is a major driver for the polyalkylene glycol market in Asia Pacific, as these two industries have enjoyed smooth growth over the last few years in Asia Pacific. The growing refinement of automotive design in Asia Pacific countries is likely to result in a growing demand for polyurethane foam for insulation applications, leading to a growing demand for polyalkylene glycol. The growing demand for lubricants in the automotive industry is also a major driver for the polyalkylene glycol marke
Competitive Leaderboard:
Leading players in the polyalkylene glycol market include Huntsman International LLC, Clariant, Bayer AG, Royal Dutch Shell plc, DuPont, LyondellBasell Industries Holdings BV, SABIC, INEOS, The Dow Chemical Company, and BASF SE.
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