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Polyalkylene Glycols Market

Polyalkylene Glycols Market Size, Trends Analysis, By Type (Polyethylene, Polypropylene, Higher Polyols-Adducts), By Solubility (Oil-soluble, Mineral Oil-soluble, others), By Application ( Personal Care, Pharmaceuticals , Others) & Region - Global Market Insights 2022 to 2032

Polyalkylene Glycols Market Outlook (2022-2032)

The global polyalkylene glycols market stands at a valuation of US$ 2.3 billion by 2022 and is speculated to reach a sales revenue of US$ 5.5 billion by the end of 2032. Worldwide shipments of polyalkylene glycols are slated to increase at an impressive CAGR of 9.1% over the next ten years.

Heightened demand for lubricants in the automotive industry is anticipated to be a key driver for overall market growth in the future. The ability of this chemical to reduce abrasion and pressure when used in lubricants is what is projected to result in high demand for polyalkylene glycols over the years to come.

Flourishing manufacturing activity in various economies trying to boost their economic growth is also expected to boost market potential across the forecast period owing to the high demand for water-soluble lubricants in metalworking and other manufacturing processes. Rapid industrialization and urbanization are also expected to play a crucial role in market evolution over the next ten years.

Increasing investments in aerospace & defense sectors, rising automotive production, the flourishing shipping industry, the good water solubility of polyalkylene glycols, and approval for use in the food industry are other factors that are anticipated to steer market growth in a positive direction in the forthcoming years.

Rising demand for polyurethane (PU) foams in various industries and investments of various companies to develop novel polyurethane foam products are also expected to favour demand for polyalkylene glycols in the long run.

However, the volatility in raw material and crude oil prices ascribed to changing political and economic climate across the world is expected to lead to dwarfed polyalkylene glycol demand over the coming years.

The market for polyalkylene glycols in the Asia Pacific region is anticipated to lead the global market evolution owing to the presence of a robust manufacturing sector and high demand for lubricants from the automotive sector. China is anticipated to be a key market in this region owing to the presence of several manufacturing facilities and rapid industrialization and urbanization.

Demand for polyalkylene glycols in China is forecasted to rise at a phenomenal CAGR of 10.8% over the next ten years and account for an estimated market valuation of US$ 1.9 billion by the end of 2032. India, Japan, and Korea are predicted to be other notable regional markets in the Asia Pacific region.

The European region is also anticipated to provide new opportunities for the polyalkylene glycols market players owing to the presence of several chemical manufacturing facilities in this region. However, the Russia-Ukraine war situation in this region is anticipated to put a dent in market aspirations at present.

As of 2021, BASF SE, Royal Dutch Shell plc, The Dow Chemical Company, Covestro AG, and LyondellBasell Industries Holdings B.V. were the top five manufacturers of polyalkylene glycols accounting for over 52% of the global market share.

Report Attributes

Details

Polyalkylene Glycols Market Size (2022)

US$ 2.3 Billion

Projected Market Value (2032F)

US$ 5.5 Billion

Global Market Growth Rate (2022-2032)

9.1% CAGR

United States Market Value (2022)

US$ 420 Million

Polyethylene Glycol Segment Growth Rate (2022-2032)

8.8% CAGR

Canada Market Growth Rate (2022-2032)

8.2% CAGR

China Market Growth Rate (2022-2032)

10.8% CAGR

Polypropylene Glycol Segment Market Value (2032F)

US$ 2.5 Billion

Key Companies Profiled

  • BASF SE
  • PAN Asia Chemical Corporation
  • Clariant
  • LyondellBasell Industries Holdings B.V.
  • ExxonMobil
  • DOW Chemical Company
  • Royal Dutch Shell plc
  • Idemitsu Kosan
  • Covestro AG
  • AkzoNobel NV
  • Croda International Corp.
  • Ineos AG
  • Huntsman

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Which Crucial Dynamics are Shaping Demand for Polyalkylene Glycols?

“Rising Automotive Production Across the World”

Automotive production across the world has been witnessing a substantial rise in recent years owing to rising sales of vehicles and the increasing purchasing power of people in developing economies. Increasing investments in the expansion of production capacities, the rising availability of different types of vehicles, and the increasing popularity of electric vehicles are key factors that are driving automotive production.

Increasing demand for lubricants in the automotive industry as the production increase is expected to favor demand for polyalkylene glycols over the coming years.

“Volatility in Raw Material & Crude Oil Pricing”

The raw materials required for the production of polyalkylene glycols are derived from crude oil and other petroleum-based products. The uncertain and fluctuating nature of crude oil pricing poses a risk for polyalkylene glycol manufacturers and creates difficulty in maintaining solid profit margins, which in turn has an adverse impact on the global market development characteristics. This uncertainty in raw material pricing is expected to be a persistent restraint for the overall market growth in the foreseeable future.

A detailed account of all the key market drivers, restraints, challenges, and opportunities has been compiled in this latest polyalkylene glycols market report by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Polyalkylene glycols market forecast by Fact.MR

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Country-wise Insights

Why Should Polyalkylene Glycol Manufacturers Invest in the U.S.?

“Presence of Key Chemical Manufacturing Companies & Increasing Investments in R&D”

The market for polyalkylene glycols in the United States is a highly lucrative one in the North American region and is projected to maintain a similar stance throughout the forecast period. Supportive government initiatives to boost chemical manufacturing, increasing investments in R&D to promote decarbonization, and growing demand for lubricants are some of the prime factors that influence market potential in the United States going forward.

At present, sales of polyalkylene glycols account for a revenue of US$ 420 million in the U.S.

Which European Countries Have a Bright Market Outlook?

“Germany, France, & United Kingdom Lead European Polyalkylene Glycol Sales”

High demand for lubricants in Germany is expected to provide attractive opportunities for polyalkylene glycol suppliers in the European region. The presence of key automotive manufacturers and rising demand for polyurethane (PU) foams in the automotive industry are expected to drive sales of polyalkylene glycols at a robust 8.5% CAGR through 2032. The increasing use of polyalkylene glycols in the food industry and aerospace applications is projected to drive market growth in France going forward.

Increasing demand for various products and supportive government initiatives to boost the manufacturing sector are expected to drive polyalkylene glycol sales in the U.K.

What Prospects Govern Growth of the Polyalkylene Glycols Market in Japan?

“Robust Manufacturing Activities Driving Demand for Chemicals”

The chemical industry in Japan is one of the most prominent ones in the world and the fourth largest across the world, following China, the United States, and Germany.

The presence of robust transportation machinery and automotive industries in the country is expected to be a prominent driver for market growth in Japan going forward. Moreover, the presence of key chemical manufacturing companies in the country is also expected to supplement polyalkylene glycols demand over the next ten years. The market in Japan is set to exhibit evolution at a positive CAGR of 7.5% from 2022 to 2032.

Will S. Korea Be an Opportune Market for Polyalkylene Glycol Producers?

“Increasing Chemical Exports & Presence of Robust Chemical Manufacturing Infrastructure”

Korea is anticipated to be a highly opportunistic market for polyalkylene glycol vendors and manufacturers going forward and this can be ascribed to the high demand for specialty chemicals in the automotive, pharmaceutical, and personal care industries.

  • As per statistics provided by Korea’s Ministry of Trade, Industry, and Energy, the country was ranked 5th on the chemical production scale globally in 2020.

Increasing exports of various chemicals from Korea to European and ASEAN countries is expected to be a prominent factor driving sales of polyalkylene glycols in the country in the future.

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Category-wise Insights

Which Application of Polyalkylene Glycols Generates Most Revenue?

“High Use of Polyalkylene Glycols in Lubricants”

Based on application, the market for polyalkylene glycols is segmented into polyurethane foam, functional fluids, lubricants, personal care, pharmaceuticals, surface active agents, and others

The demand for polyalkylene glycols is expected to highest for lubricant applications over the coming years and this can be ascribed to the superior performance capabilities of polyalkylene glycol-based lubricants and their better bio-compatibility as compared to other lubricants in the market. Growing demand for personal care products across the world is also expected to favor sales of polyalkylene glycols over the coming years.

What Strategies are Shaping the Future of Prime Companies?

Key players in the polyalkylene glycols market are anticipated to invest in the development of their production capacity to meet high demands from several industry verticals.

  • In July 2021, Dow, a global chemicals and materials manufacturer announced the launch of its plans to expand its production capacity for plants across the world. Through this, the company is expected to increase production capacity for silicone elastomers, polyethylene glycols (PEGs), silicone sealants, etc.

Manufacturers in the polyalkylene glycols market are predicted to focus on the development and launch of new sustainable products to meet their carbon reduction goals and reduce their carbon footprint.

  • In February 2022, Clariant, a leading specialty chemical manufacturer announced the launch of a new line of 100% bio-based products. The launch of Vita bio-based surfactants and polyethylene glycols (PEGs) is part of the company’s efforts to transition toward a more sustainable bio-economy and meet the growing demand for bio-based chemicals.

Key Segments in Polyalkylene Glycols Industry Research

  • By Type :

    • Polyethylene Glycols
    • Polypropylene Glycols
    • Higher Polyols-Adducts
    • Others
  • By Solubility :

    • Oil-soluble Polyalkylene Glycols
    • Mineral Oil-soluble Polyalkylene Glycols
    • Water-soluble Polyalkylene Glycols
  • By Application :

    • Polyurethane Foam
    • Functional Fluids
    • Lubricants
    • Personal Care
    • Pharmaceuticals
    • Surface Active Agents
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

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In 2022, worldwide sales of polyalkylene glycols account for a revenue of US$ 2.3 billion.

The market for polyalkylene glycols is slated to expand at a stellar 9.1% CAGR and account for a value of US$ 5.5 billion by 2032.

Type, application, and solubility are the key segments covered in this research report.

ExxonMobil, DOW Chemical Company, Royal Dutch Shell plc, Idemitsu Kosan, Covestro AG, AkzoNobel NV, Croda International Corp., and Ineos AG are prominent suppliers of polyalkylene glycols.

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