Polyalkylene Glycols PAGs Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 11.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Polyalkylene Glycols PAGs Market Analysis
The market for Polyalkylene Glycols (PAGs) is expected to grow at a CAGR of over 11% during the forecast period. Major factors driving the market studied are increasing demand of polyalkylene glycol in lubricants and rising demand from pharmaceuticals segment. On the flipside, higher cost of polyalkylene glycol on comparing to conventional mineral oils and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing application of polyalkylene glycols in making polyurethane foams is expected to offer various lucrative opportunities for the growth of market.
- By application, lubricants segment is expected to dominate the market owing to the increase in the consumption in various end-user industries namely synthetic lubricants industry, refrigeration lubricants industry, and automotive lubricants industry.
- Asia-Pacific region dominated the polyalkylene glycols market across the globe with the largest consumption from countries such as china and India.
Polyalkylene Glycols PAGs Market Trends
This section covers the major market trends shaping the Polyalkylene Glycols PAGs Market according to our research experts:
Increasing Demand from Lubricants Segment
- Polyalkylene glycol, also named as polyalkylene oxide, is a polyether compound. It is a polymer obtained by addition of one of more repeating epoxide units.
- Growing application of polyalkylene glycol in gear lubricants, hydraulic fluids lubricants, turbine oils, industrial air compressor fluids, amongst others is propelling the polyalkylene glycols market demand.
- Furthermore, polyalkylene glycols have superior lubricity properties, great viscosity index, environment-friendly nature, and low volatility in high temperature applications. Owing to these properties the demand of PAGs is anticipated to increase in the near future.
- The global lubricants market was valued at USD 164.3 billion in 2019 and is expected to grow at a CAGR of over 3% during the forecast period and reach USD 188 billion by 2024. Due to this, the demand of synthetic lubricants is likely to increase, which would boost the demand of polyalkylene glycols and thus, propel its market during the forecast period.
- Owing to all the above-mentioned factors for polyalkylene glycols, its market is expected to grow rapidly over the forecast period.
Understand The Key Trends Shaping This Market
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for polyalkylene glycols during the forecast period. Owing to rapid expansion in the lubricants industry in countries like China and India and presence of major lubricant manufacturers, the demand for polyalkylene glycols has been increasing in the region.
- The increasing usage of polyalkylene glycol lubricants in engine oils, bearing oils, gear oils, compressor oil, grease, heat transfer fluids, metalworking fluids and transmission fluids owing to their ability to withstand high temperature and shock loading and superior friction properties, is stimulating the polyalkylene glycol market in the region.
- Additionally, the rising demand of polyurethane foams in various applications in construction & building, adhesives, electronics, furniture, automobiles and footwear is fueling the demand of polyalkylene glycols and is likely to have positive impact on the PAGs market.
- The construction & building sector in Asia-Pacific is expected to grow at a CAGR of 8% during the forecast period, which would increase the demand of polyurethane foams and consequently propel the polyalkylene glycols market in the region during the forecast period.
- Apart from polyurethane foams and lubricants, polyalkylene glycols finds application in the pharmaceuticals sector in making hydrogels which are used in tissue engineering. The pharmaceuticals sector in Asia-Pacific is expected to grow at a CAGR of over 7% during the forecast period and is likely to provide lucrative opportunities for the growth of polyalkylene glycols market during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - Dow, BASF SE, and Idemitsu Kosan Co.,Ltd.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyalkylene glycols during the forecast period.
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Polyalkylene Glycols PAGs Industry Overview
The polyalkylene glycols market is fragmented with top players accounting for a marginal share of the market. Some of the key companies in the market include Dow, BASF SE, Royal Dutch Shell plc, Idemitsu Kosan Co.,Ltd., and Clariant.
Polyalkylene Glycols PAGs Market Leaders
Dow
BASF SE
Idemitsu Kosan Co.,Ltd.
Clariant
Royal Dutch Shell plc
*Disclaimer: Major Players sorted in no particular order
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Polyalkylene Glycols PAGs Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increasing Demand for Polyalkylene Glycols in Lubricants
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4.1.2 Rising Demand from Pharmaceuticals Segment
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4.2 Restraints
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4.2.1 Higher Cost of Polyalkylene Glycols
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4.2.2 Unfavourable Conditions Arising Due to COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porters Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Typel
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5.1.1 Polyethylene Glycols
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5.1.2 Polypropylene Glycols
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5.1.3 Oil Sludge
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5.2 Application
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5.2.1 Lubricants
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5.2.2 Surface Active Agents
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5.2.3 Pharmaceuticals
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5.2.4 Personal Care
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5.2.5 Polyurethane Foams
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5.2.6 Others
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 Italy
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5.3.3.4 France
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 BASF SE
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6.4.2 Clariant
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6.4.3 Covestro AG
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6.4.4 Croda International Plc
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6.4.5 Dow
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6.4.6 DuPont
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6.4.7 Exxon Mobil Corporation.
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6.4.8 Huntsman International LLC
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6.4.9 Idemitsu Kosan Co.,Ltd.
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6.4.10 India Glycols Limited
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6.4.11 INEOS Group
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6.4.12 Pan Asia Chemicals Corporation
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6.4.13 Royal Dutch Shell plc
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6.4.14 SABIC
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6.4.15 Stepan Company
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Growing Application in Making Polyurethane Foams
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7.2 Other Opportunities
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Polyalkylene Glycols PAGs Industry Segmentation
The Polyalkylene Glycols market report includes:
| Typel | |
| Polyethylene Glycols | |
| Polypropylene Glycols | |
| Oil Sludge |
| Application | |
| Lubricants | |
| Surface Active Agents | |
| Pharmaceuticals | |
| Personal Care | |
| Polyurethane Foams | |
| Others |
| Geography | |||||||
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Polyalkylene Glycols PAGs Market Research FAQs
What is the current Polyalkylene Glycols (PAGs) Market size?
The Polyalkylene Glycols (PAGs) Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Polyalkylene Glycols (PAGs) Market?
Dow, BASF SE, Idemitsu Kosan Co.,Ltd. , Clariant and Royal Dutch Shell plc are the major companies operating in the Polyalkylene Glycols (PAGs) Market.
Which is the fastest growing region in Polyalkylene Glycols (PAGs) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyalkylene Glycols (PAGs) Market?
In 2024, the Asia Pacific accounts for the largest market share in Polyalkylene Glycols (PAGs) Market.
What years does this Polyalkylene Glycols (PAGs) Market cover?
The report covers the Polyalkylene Glycols (PAGs) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyalkylene Glycols (PAGs) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Polyalkylene Glycols (PAGs) Industry Report
Statistics for the 2024 Polyalkylene Glycols (PAGs) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyalkylene Glycols (PAGs) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
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