In terms of revenue, PEG is projected to rise at a CAGR close to 11% during the forecast span. Widespread product applications across several end-user industries including chemical, automotive, pharmaceutical, plastics, chemical and personal care will stimulate industry growth. Moreover, it is utilized in lubricant preparations and as useful fluids in machinery, aerospace, refrigeration and automotive industries. Other applications include surface active agents and specialty solvent in personal care industry which will help generate prominent gains to polyalkylene glycol market by 2024.
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Product based lubricants are used for wide variety of applications including engine oils, gear oils, bearing oils, compressor oils, grease, heat transfer fluids, transmission fluids, and metal working fluids owing to its ability to impart superior performance and maximum protection in high-performance and racing applications which will play a vital role in driving polyalkylene glycol market in the forecast spell. Thus, rapid progress of automotive industry, chiefly in the evolving economies owing to rise in socioeconomic factors has led to development of highly advanced vehicles with intricate automotive parts which will push oils demand in the coming years. These trends are likely to make effective contributions towards polyalkylene glycol market by 2024. Adoption of marketing drives by lubricant producers for smooth vehicle functioning in the longer run is expected to boost polyalkylene glycol market in the forecast spell.
Volatility in crude oil prices and higher polyalkylene glycol lubricants are the major factors which are likely to impede the global polyalkylene glycol market by 2024.
Polyalkylene Glycol Market is projected to surpass USD 18 billion; according to this new research report. Strong demand for polyurethane (PU) foam which are extensively utilized across several industries including automobile, construction, textile, electronics, sculpture, etc. will help make prominent contribution to the overall polyalkylene glycol market by 2024. Excellent PU foam characteristics includes versatile nature which can be customized and tailored for specific applications and henceforth making it desirable across aforementioned industries.
Excellent product properties produce synthetic oils with better viscosity index, reduced frictional losses and henceforth better energy efficiency compared to conventional motor oil even at extreme temperature conditions, which will further propel polyalkylene glycol market in the near future.
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Functional fluids segment is anticipated to expand by CAGR close to 7% during the forecast period. These are specialty fluids which finds wide-ranging application in machinery such as motors, gearboxes, seals, and valves for reducing friction and abrasion resistance. Moreover, product is widely applicable as de-icing agents in aircraft and automotive in cold regions which will help in creating growth avenues for polyalkylene glycol market by 2024.
In 2016, North America attained a significant share of the global polyalkylene glycol market was over USD 2 billion. It is chiefly due to strong automotive industry growth which is due to rising R&D investment which propelled PU foam demand and lubricant applications. In addition, rapid personal care industry growth owing to substantial consumer disposable income will drive polyalkylene market by 2024.
The global polyalkylene glycol market share was exceedingly competitive in 2016 due to the presence of prominent players including Dow, INEOS, LyondellBasell, BASF, Clariant, SABIC, DuPont and Repsol.
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