Global Polyalkylene Glycol Market Report, Industry Analysis and Forecast to 2029

Polyalkylene Glycol Market Overview:

Polyalkylene Glycol Market is estimated to reach $6.9 billion by 2029, growing at a CAGR of 5.7% from 2022-2029. Alcohol and one or more alkylene oxides react to generate polyalkylene glycol base oil, often known as polyglycols or PAGs (Polypropylene Glycol and Polyethylene Glycol). Group V base oils known as polyalkylene glycols are heavily favored in the creation of synthetic lubricants. The demand of PAG is expected to rise soon as polyester films are also manufactured by using polyalkalyene glycol, used in wide range of packaging applications, from food and pharmaceuticals to industrial and consumer items.

Moreover, the increasing applications of polyethylene glycols in targeted diagnostics and cancer drug delivery are expected to propel the growth of the global polyalkylene glycol market during the forecast period.

Market Snapshot: 

Polyalkylene Glycol Market - Report Coverage:

The “Polyalkylene Glycol Market Report - Forecast (2022-2029)” by Marketlook Consulting, covers an in-depth analysis of the following segments in the Polyalkylene Glycol Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• One of the major applications of PAGs is in the automotive industry, where they are used as lubricants, hydraulic fluids, and coolants. With the global lockdowns and travel restrictions imposed in response to the pandemic, the demand for vehicles decreased significantly, which had a negative impact on the PAG market.
• With many construction projects postponed or cancelled due to the pandemic, the demand for PAGs in this industry also declined. However, the personal care industry saw an increase in demand for PAGs during the pandemic, as they are used in hand sanitizers, soaps, and other cleaning products. With the heightened emphasis on hygiene and cleanliness during the pandemic, the demand for these products increased, which had a positive impact on the PAG market. Overall, while the COVID-19 pandemic had a negative impact on the PAG market in some industries, the increased demand in the personal care industry helped offset some of these losses.

Segmental Analysis:

Growing Demand for Metal Working Fluid Industry

Polyalkylene Glycol is an ingredient of metalworking fluids that is primarily used in metallurgy sector to provide lubrication and cooling during the machining and shaping of metals including iron, aluminium, manganese, and others. These are mostly used in metal cutting to lessen the heat generation and friction between the cutting edge and the workpiece. The construction, manufacturing and expanding automotive sector is gushing the demand for PAG for metalworking.

Polyurethane Foam Showcasing Significant Growth in Packaging Industry

The packaging industry is also witnessing its high demand to make furniture car cushions and sports equipment. Companies in PAG market are increasing their production to cater the demand coming from the military and aerospace industries. Thus, companies are heavily investing in R&D of polyurethane foam.

Polypropylene Glycol Captured the Highest Market

In 2021, the segment grabbed the highest market share. PPG's largest consumer is PU foam since it is used to make a variety of foams, including hard, spray, and flexible. In the automotive and aviation industries, it is also extensively used as a lubricant and in the formulation of deicing agents.

Fluctuating Raw Material Prices are Hampering the Market Growth

The prices of raw materials used in the production of Polyalkylene Glycol are highly volatile. The prices of raw materials used in the production of PAC have been fluctuating over a past few years. This has created a negative impact on the market.

Asia Pacific Maintained a Dominating Position

Asia Pacific is grabbed the highest market share in 2021. The market is leading in this industry due to its high demand from automotive and construction industries. As Asia Pacific region has a high presence of key players, the demand is also high especially from China and India. China is the largest market for Polyalkylene Glycol and the major producer and consumer as well.

Polyalkylene Glycol Market Share (%) By Region, 2022

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Polyalkylene Glycol Market. The top 10 companies in this industry are listed below:

1. BASF
2. HUNTSMAN
3. DOW Chemicals
4. Clariant AG
5. Lanxess
6. Stepan Company
7. Croda International PLC
8. Zhengzhou Chorus Lubricant Additive Co., Ltd
9. Bayer AG
10. DuPont

Scope of Report: