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Polyalkylene Glycol Market Size 2024 evolution boosting the growth worldwide

Author : Ronak Bora | Published Date : 2019-05-27 

Polyalkylene Glycol Market size is expected to demonstrate a phenomenal growth over the coming years, subject to the widespread usage of the product in polyurethane foams, functional fluids, surface active agents, lubricants, pharmaceuticals, refrigeration, aerospace, and personal care items. Key manufacturers are trying to expand their product portfolio and acquire a competitive edge through the implementation of business growth strategies such as product differentiation, technological innovations, and strategic partnerships, which will subsequently fuel the market trends. Global Market Insights, Inc., states that polyalkylene glycol industry value, which was assessed at USD 8 billion in 2016, is set to hit USD 18 billion by 2024.

Polyurethane foam sector, which dominated the overall polyalkylene glycol industry share in 2016, is anticipated to positively affect the business trends over the coming years. The segment marked a contribution of more than USD 3 billion toward the overall polyalkylene glycol market revenue in 2016. Mounting PU foam sales across aerospace, construction, automobile, and refrigeration sectors will accelerate the business progression.

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Polyalkylene glycol market size in the lubricants sector is slated to expand at a cumulative rate of more than 10.5% over the coming timeframe, subject to the growing use of the product in car engines, aircrafts, vehicle parts, and marine applications for enhancing their performance. Surging product demand subject to its beneficial characteristics such as eco-friendliness and oxidation stability is certain to impel the regional growth.

The personal care sector is expected to prominently influence the growth of polyalkylene glycol market, as the product is extensively used to manufacture hair items, toothpastes, and shampoos. Growing consumer consciousness about maintaining cleanliness coupled with the rise in their incomes will drive the business growth.

Asia Pacific led the overall industry and accounted for over 40% of the total polyalkylene glycol market share in 2016. This is due to rapidly growing construction, automotive, personal care and pharmaceuticals industry in the recent years on account of increasing population in China and India accompanied with increasing customer disposable income.

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The overall polyalkylene glycol market size was highly competitive in 2016 owing to the presence of key industry share contributors including BASF, Dow, INEOS, SABIC, LyondellBasell, DuPont, Clariant and Repsol.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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