Polyalkylene Glycol Market Analysis

Polyalkylene Glycol Market Analysis

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.
 

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.
 

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.