Albany, NY, June 18, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Polyalkylene Glycol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023." According to the report, the global PAG market was valued at US$ 7.49 Bn in 2014 and is expected to reach US$ 16.96 Bn by 2023, expanding at a CAGR of 11.0% during the forecast period between 2015 and 2023. In terms of volume, the global PAG market stood at 6,522.8 kilo tons in 2014.
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The global PAG market is expected to be driven by the rising demand for polyurethane (PU) foam and lubricant applications. The demand for PU foam, lubricants, and functional fluids is anticipated to witness a considerable rise during the forecast period due to rapidly expanding construction and automotive industries in all the regions except Europe. This in turn, is anticipated to drive the demand for PAG. Additionally, the perpetual rise in sale of personal care and pharmaceutical products is projected to open up growth avenues for ingredients including PAG. However, volatility of crude oil prices results in a downward pressure on the margins of PAG manufacturers. Additionally, PAG-based lubricants and functional fluids are priced higher than the conventional oil-based products. Both of the factors mentioned above are likely to hamper the growth of the PAG market during the forecast period.
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PU foam application was the dominant segment in terms of volume in 2014. Lubricant applications emerged as another key market for PAG with more than 15% share in market volume in 2014. However, the personal care application is expected to be the fastest growing segment for PAG during the forecast period. PAG manufacturers get higher margins from the personal care and pharmaceutical applications, which make them a lucrative market for the industry players. This coupled with high growth rates of the personal care and pharmaceutical industries is expected to result in above average growth rate for the personal care and pharmaceutical application of PAG.
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PAG product types include polyethylene glycol (PEG), polypropylene glycol (PPG), and other higher adducts and copolymers with -R-O- ether linkages. PPG emerged as the dominant product type due to its use in the manufacturing of PU foam. PEG is widely used in lubricants, functional fluids, personal care, and pharmaceutical applications. Higher adducts and copolymers are primarily used in lubricants, surface active agents, functional fluids, and elastomer applications among others.
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The Dow Chemical Company (Dow), Bayer AG, BASF SE, Royal Dutch Shell plc (Shell), LyondellBasell Industries N.V., E. I. du Pont de Nemours and Company (DuPont), INEOS Group AG, Clariant International Ltd., Saudi Basic Industries Corporation (SABIC), and Repsol Group are some key players in the global PAG market.
The Report Segments the Global PAG Market as:
Polyalkylene Glycol (PAG) Market - Product Segment Analysis
- Polyethylene Glycol (PEG)
- Polypropylene Glycol (PPG)
- Others (Including higher adducts, copolymers, etc.)
Polyalkylene Glycol (PAG) Market - Application Analysis
- Polyurethane (PU) Foam
- Functional Fluids
- Personal Care
- Surface Active Agents
- Others (Including chemical intermediates, CASE, additives, etc.)
Polyalkylene Glycol (PAG) Market & Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- South Africa
- Rest of MEA
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Source:Transparency Market Research