Polyalkylene Glycol Market Will Reach Output of Approximately 4,100 Kilo Tons by 2023: TMR Study

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Aug 22, 2022, 22:30 ET

Abundant demand for polypropylene glycol-based lubricants and oil in automotive industry especially among OEMs underpins enormous potential revenues in polyalkylene glycol market; demand for food-grade lubricants unlocks new revenue streams
Firms tapping into lucrative demand for polyethylene glycol (PEG) in medical and pharmaceutical industries; Asia Pacific market witnessing vast profitable avenue

WILMINGTON, Del., Aug. 23, 2022 /PRNewswire/ -- Recent polyalkylene glycol market demand analysis finds that a flourishing demand for polyurethane (PU) foams particularly in the packaging industry has spurred the growth prospects. The study estimates that the application segment will reach output of approximately 4,100 kilo tons by 2023, steered by burgeoning need for high-performance foams in defense and aerospace industries. Increasing adoption of sustainable methods for foam production using PU will enable firms the market to capture value in the construction industry.

Lubricants is another lucrative application area where firms in the polyalkylene glycol market are likely to witness steady revenue growth until the end of the forecast period of 2019–2027. Furthermore, massive demand for polyethylene glycol (PEG) for use in biomedical and pharmaceutical applications has preceded substantial revenue streams in the polyalkylene glycol market. The study estimates that the global polyethylene glycol segment is lucrative, and projects it to reach worth of US$ 8.5 bn by 2027.

Polypropylene glycol accounted for a major polyalkylene glycol market share in 2018. Wide range of applications in lubricant industry particularly as an additive for metalworking fluids and rubber paint products will propel the growth of the segment in the coming years. Demand in the production of medicine is another factor underpinning the massive revenue potential for producers of polypropylene glycol.

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Key Findings of Polyalkylene Glycol Market Study

Rising Demand for Automotive Lubricants Steering Revenue Growth: Substantial uptake of polyalkylene glycol-based lubricants in the automotive industry has propelled sizable revenue streams over the past few years, thus boosting the polyalkylene glycol market size. The demand has gathered traction for meeting the needs of lubricants and oils in racing vehicles. Elsewhere, these lubricants have risen in application in engine oils, bearing oils, compressor oils, and gear oils. High-performance lubricants made from polypropylene glycol are gaining high adoption in marine and aerospace industries. In recent years, polyalkylene glycol market trends indicate a rise in demand for food-grade lubricants. Moreover, players in the market are tapping into the demand for products in the food industry in that they are used as humectants, preservatives, and solvents.
Firms Witness Value-grab Opportunities in Pharmaceutical and Biomedical Applications: The demand for polyalkylene glycol is likely to rise rapidly in producing pharmaceuticals, hinged mainly on the back of a thriving pharmaceutical industry. Extensive use of polyethylene glycol (PEG) in biomedical and pharmaceutical applications is steering the polyalkylene glycol market growth. The polymer is utilized in pharmaceutical creams, ointments, and intravenous medicines.

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Polyalkylene Glycol Market: Key Drivers

Strides made in synthetic oil lubricants industry has helped market players cater to a wide cross-section of demand in automotive and transportation industry. In developed nations, such as in Europe, emphasis on adopting lubricants that can enhance extended oil drain intervals (ODIs) is expanding the avenue in the polyalkylene glycol market.
Increasing trend of factory automation has impelled the demand for food grade industrial lubricants, notably for use in hydraulic and compressor equipment. This will propel new revenue streams for players in the polyalkylene glycol market.

Polyalkylene Glycol Market: Regional Growth Dynamics

The U.S. is an emerging polyalkylene glycol market. Widespread demand for polyurethane systems has propelled revenue generation in the country market. Massive commercialization of polyurethane foams in the economy has spurred the growth of the market in the country.
Asia Pacific has been a remarkably lucrative market, and is anticipated to expand at a promising pace in the next few years. Rise in demand for automotive lubricants will invigorate growth of the regional market. Leading lubricant manufacturers are keenly tapping into the revenue potential.

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Polyalkylene Glycol Market: Key Players

The study found that the competition landscape in the market was largely consolidated in 2018, with the leading five players have accounted for over 52% market share then.

Some of the key players in the polyalkylene glycol market are Royal Dutch Shell plc, BASF SE, LyondellBasell Industries Holdings B.V., Covestro AG, and The Dow Chemical Company.

Polyalkylene Glycol Market Segmentation

Type

Polyethylene Glycol
Polypropylene Glycol
Others (higher adducts, copolymers, etc.)

Application

Polyurethane Foam
Functional Fluids
Lubricants

Automotive Oils
Hydraulic Fluids
Metalworking Fluids
Others (industrial oils, hydraulic oils, process oils, etc.)

Personal Care Products
Pharmaceuticals
Surface Active Agents
Others (chemical intermediates, CASE, and additives)

Region

North America
Latin America
Asia Pacific
Europe
Middle East & Africa

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