Global Polyalkylene Glycol Market To Grow At A CAGR Of 10.5% By 2028

12-Sep-2022 | Zion Market Research

The global polyalkylene glycol market size was worth around USD 1.9 billion in 2021 and is predicted to grow to around USD 4.0 billion by 2028 with a compound annual growth rate (CAGR) of roughly 10.5% between 2022 and 2028.

Alcohol and one or more alkylene oxides react to generate polyalkylene glycol base oil, often known as polyglycols or PAGs (Polypropylene Glycol and Polyethylene Glycol). Group V base oils known as polyalkylene glycols are heavily favored in the creation of synthetic lubricants.

The increasing applications of polyethylene glycols in targeted diagnostics and cancer drug delivery are expected to propel the growth of the global polyalkylene glycol market during the forecast period. Through direct therapeutic PEGylation or PEG-containing vehicles such as liposomes, micelles, nanoparticles, and dendrimers, research and development efforts on novel applications of PEG derivatives are mostly focused on drug delivery and targeted diagnostics. PEGylation location, chain length, reaction temperature specifically for PEGylation, and linker chemistry are significant factors influencing the bioactivity of PEGylated drugs.

For instance, heat treatment has been shown to increase the bioactivity of staphylokinases that have had their C-termini PEGylated, in which the amyl linker for around 20 kDa PEG developed the bioactivity of staphylokinases. When deciding on an organic solvent for hydrophobic proteins, it is possible to reduce the cost of reagents and response times, which are crucial factors in industrial-scale PEGylation methods. PEGylation has improved therapies in several ways, including improved water solubility, controlled release, increased stability, extended medication, and improved pharmacodynamic/pharmacokinetic profile. All of these aspects are expected to spur the global market growth during the projection period.

Global Polyalkylene Glycol Market

The global polyalkylene glycol market is segmented based on type, application, and region.

The global market is divided into two segments based on type: polypropylene glycol (PPG) and polyethylene glycol (PEG). In 2021, Polypropylene Glycol [PPG] held the biggest market share, and it is anticipated that it will continue to dominate the industry in the coming future. PPG's largest consumer is PU foam since it is used to make a variety of foams, including hard, spray, and flexible. In the automotive and aviation industries, it is also extensively used as a lubricant and in the formulation of deicing agents.

Strong demand for PU foam and lubricants on a global scale will consequently favorably impact business expansion. On the other hand, Polyethylene Glycol [PEG] is projected to grow at the highest CAGR during the forecast period due to its adaptable qualities, which make it desirable for widespread application across industries like plastics, chemicals, pharmaceuticals, and personal care. PEG is additionally utilized in lubricant formulations and functional fluids in the industrial, refrigeration, aerospace, and automotive industries.

The global polyalkylene glycol market is segmented based on application into surface active agents, functional fluids, lubricants, personal care, and polyurethane foam. The market share leader in 2021 was the lubricants segment, and similar patterns are anticipated for the projected period. This is because PAG-based lubricants perform better under challenging conditions, helping to achieve excellent performance in strong vehicle engines, aircraft, marine applications, and automotive applications. They are also preferred over their more mature rivals due to their environmental friendliness.

The Asia-Pacific region holds the largest market share in the global polyalkylene glycol market. The regional market is anticipated to benefit from product prospects in the Asia-Pacific personal care, pharmaceutical, construction, automotive, and aerospace sectors. Rapid industrialization and urbanization in China & India, along with rising populations, have led to the growth of the construction sector, which in turn has increased demand for polyalkylene foam. Lubricants made on polyalkylene glycol are frequently utilized in the automobile sector.

These lubricants can be found in a variety of fluids, including engine oils, gear oils, bearing oils, compressor oils, grease, heat transfer fluids, transmission fluids, and metalworking fluids. The market for polyalkylene glycol is also being propelled by a rise in demand from the auto industry.

The global polyalkylene glycol market is dominated by players like BASF SE, Dow, INEOS, SABIC, DuPont, Royal Dutch Shell Plc, Bayer AG, Clariant, Huntsman International LLC, and LyondellBasell Industries Holdings B.V. among others.

Recent Developments:

  • In October 2020, BASF started the expansion of synthetic ester base stock production capacity at its Jinshan, China, site in response to rising demand for high-performance lubricants that address sustainability trends in the Asia-Pacific region. The expansion is expected to be completed by the second half of 2022.
  • In May 2021, by releasing HFC-free Froth-Pak Spray Foam, DuPont introduced the most recent standard for polyurethane foams with a main focus on reducing greenhouse gas emissions while providing sustainable innovation. Froth-Pak Spray Foam offers consumers a cutting-edge solution that significantly reduces the risk of global warming while aiding the company's advancement toward its 2030 Sustainability Goals.

Browse the full Global Polyalkylene Glycol Market By Type (Polyethylene Glycol [PEG] and Polypropylene Glycol [PPG]), By Application (Polyurethane Foam, Functional Fluids, Lubricants, Personal Care, Pharmaceuticals and Surface Active Agents), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/polyalkylene-glycol-market

The global polyalkylene glycol market is segmented as follows:

By Type

  •  Polyethylene Glycol [PEG]
  • Polypropylene Glycol [PPG]

By Application

  • Polyurethane Foam
  • Functional Fluids
  • Lubricants
  • Personal Care
  • Pharmaceuticals
  • Surface Active Agents

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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