Competitive Analysis:
Some of the major players functioning in the Global Polyalkylene Glycol Market are BASF SE (Germany), The Dow Chemical Company (U.S.), INEOS( Switzerland), SABIC ( Saudi Arabia), LyondellBasell Industries Holdings B.V.( the Netherlands), DuPont (U.S.), Royal Dutch Shell plc ( the Netherlands), Bayer AG ( Germany), Clariant ( Switzerland),and Huntsman International LLC (U.S.) among others.
Market Insight:
Polyalkylene Glycol is manufactured from ethylene or propylene oxides with the help of polymerization process using alcohol or water. It provides significant properties such as excellent performance, strength, and durable nature to the finished material. Moreover, they provide versatility and reliability to the product.
The Global Polyalkylene Glycol Market has been driven by the range of its application in various uses such as polyurethane foam, functional fluids, lubricants, personal care, pharmaceuticals, surface active agents, and others. Moreover, it is estimated that the polyurethane foam segment is set to witness the highest growth in the market due to its extensive use in heavy end-use industries.
Market Segmentation:
The Global Polyalkylene Glycol Market is segregated into the product and application. On the basis of product, the market is segmented into polyethylene glycol, polypropylene glycol, and other segments. On the basis of application, the market is segregated into polyurethane foam, functional fluids, lubricants, personal care, pharmaceuticals, surface active agents, and others.
Market Scenario:
The Polypropylene Glycol Market is the leading segment of the market on account of its growing consumption as flexible, rigid foams, and others in automotive, construction, and other industries. These materials provide enhanced energy, strength, and flexibility to the product.
The Polyurethane Foam is the leading application used in the market and is anticipated to observe a higher CAGR due to extensive use of product to impart long life and eco-friendly nature to the product.
Regional Analysis:
The Global Polyalkylene Glycol Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for polypropylene glycol product in various applications. Countries such as China, Japan, and India are the major players in this region. The North American region is estimated to witness a higher growth in the U.S., Canada, and Mexico owing to increasing demand for lubricants in automotive, aviation, industrial, and other systems. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use reduced weight materials in end-use industries. Moreover, it is projected that the advancing research & development of polyalkylene glycol in the market has propelled this region to witness a significant growth in Germany, the U.K, and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increased consumption of polyalkylene glycol in end-use industries. Additionally, the growing demand for polyurethane foams in automotive, pharmaceutical, medical, and other industries is projected to boost the market in the Latin American region.
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