The report "Polyalkylene Glycols Market by Type (Polyethylene Glycol, Polypropylene Glycol, and Others), and by Application (Lubricants, Surface Active Agents, Pharmaceutical, Personal Care, and Others) - Global Trends & Forecasts to 2020", in terms of volume, was 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. Excellent properties of PAGs such as deposit control and water solubility; and the growing demand of PAGs in the automotive industry are the major drivers of the PAGs market.
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“Increasing demand of PAGs due to its environment-friendly characteristics”
The PAGs market report is segmented by types, namely, polyethylene glycols (PEG) and polypropylene glycols (PPG). Polyethylene glycols will experience high growth rate in the next five years. The factors driving the PAGs market for polyethylene glycols are its properties such as environment friendliness and easy biodegradability. The EPA has determined that PAGs, either water soluble or insoluble, are approved as environmentally accepted lubricants. PAGs have high bio-degradability, are non-bio-accumulative, and are less toxic.
“Growth of end-use industries such as automotive and personal care driving the PAGs market”
The PAGs market is also segmented on the basis of applications. The major applications of PAGs market are lubricants, surface active agents, pharmaceutical, personal care, and others. The lubricants application segment is leading the PAGs market due to its wide scale usage as gear box lubricants, hydraulic lubricants, textile lubricants, and metal working fluids.
“Growing demand from major emerging economies"
The PAGs market is broadly segmented into four regions, i.e. North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is the largest market for PAGs followed by North America. Asia-Pacific is also expected to be the fastest-growing market during the forecast period. The major factors driving the PAGs market in Asia-Pacific are growing automotive and other manufacturing industries in emerging economies such as China and India. The other end-use industries of PAGs such as personal care, surfactants, and pharmaceutical are also growing in the region, driving the demand for PAGs.
Currently, the global PAGs market is dominated by various market players such as 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.), among others.
This research study is aimed at identifying emerging trends and opportunities in the global PAGs market along with a detailed classification of the market, in terms of value and volume. It provides a comprehensive competitive landscape and identifies the key players with respect to market size and market share. The research study also includes a detailed segmentation of the global PAGs market on the basis of application, type, and geography. Apart from the market segmentation, this report also adopts the Porter’s Five Forces Analysis to provide an in-depth analysis of the market by providing a detailed process flow diagram and market dynamics such as drivers, restraints, and opportunities in the global PAGs market.
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