Global Polyalkylene Glycol (PAG) Market: Snapshot
The global market for polyalkylene glycol (PAG), also known as polyether polyols, is being boosted by a number of factors. The growing demand for polyurethane foam, which finds application in the automobile, furniture, building and construction, textiles, footwear, adhesives, and electronic components industries, is one such growth driver. The rising uptake of functional fluids and lubricants is also boosting the market for polyalkylene glycol (PAG).
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Acting as a deterrent to the global market for polyalkylene glycol (PAG) is the unstable crude oil prices and the steep process of PAG-based lubricants and functional fluids. However, a flourishing pharmaceutical and an exploding personal care goods market will likely help the market overcome the challenges to grow at a healthy clip.
A report by Transparency Market Research forecasts the global polyethylene glycol (PEG) to expand at a CAGR of 11.0% from 2015 to 2023 to attain a value of US$16.96 bn in 2023 from US$7.49 billion in 2014. In terms of volume, the market was worth 6,522.8 kilo tons in 2014, finds the report.
Manufacturers to Profit from the Fast Expanding Personal Care Products Market
The main types of polyalkylene glycol (PAG) available in the market are polypropylene glycol (PPG) and polyethylene glycol (PEG), among others, including copolymers and higher adducts. Among them, PPG and PEG rake in maximum revenue. This is because of the widespread application of PPG in polyurethane foam and the extensive use of PEG in areas such as pharmaceutical, personal care, lubricant, CASE, and functional fluid.
Based on applications, the global market for polyalkylene glycol (PAG) can be classified into lubricants, polyurethane (PU) foam, personal care, functional fluids surface active agents, and pharmaceutical, among others. Of them, the PU foam segment accounts for a leading share in the market. The application segment of lubricants also holds a key position in the market. It held 15% share in the market vis-à-vis volume in 2014, uncovers the TMR report. Going forward, however, the personal care application segment is projected to outpace all others in terms of growth rate. In fact, producers of global polyalkylene glycol (PAG) are already profiting significantly from the personal care and pharmaceutical sectors.
Booming Construction Industry Makes Asia Pacific Market Leader
Geographically, the key segments of the global market for polyalkylene glycol (PAG) are Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. Asia Pacific, among them, is the leading region that held 45% share in the overall market in 2014. Application segments of polyurethane foam lubricants, personal care, and pharmaceutical are main drivers of growth in the region. This in turn is on account of the burgeoning construction industry in Asia Pacific, which will continue catalyzing growth in the market in the upcoming years as well.
North America is another key market for polyalkylene glycol (PAG) that is expected to expand at a rate greater than the market average in the upcoming years. This is because of the construction industry picking up steam after taking a blow from the financial meltdown precipitated by the banking collapse in 2008 in the U.S. Another factor majorly stoking growth in the market in the region is the fast-expanding pharmaceutical and automotive industries.
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The market for polyalkylene glycol (PAG) in the Middle East and Africa (MEA) is also slated to demonstrate good growth due to the PU foam and lubricant applications driving demand. The construction industry again will be a main driver of growth in the region.