Polyalkylene Glycol Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials


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This study intends to unfurl the multiple facets of global polyalkylene glycol market. The insights offered in the report aid in market growth examination during the forecast period.

Polyalkylene Glycol Market Expands on Account of Advantages of PAG over Petroleum-based Lubricants

The global rise in the use of synthetic lubricants, and automotive lubricants is anticipated to fuel the expansion of the polyalkylene glycol industry. Demand for polyalkylene glycol (PAG) has increased due to the increased demand for polyurethane (PU) foam in many different industries, including furniture, vehicles, sculpture, decorating, building and construction, electronics, adhesives, and footwear. The automotive industry's need for accelerating lubricants fuels the expansion of the polyalkylene glycol market. As a dispersion, polyethylene glycol is utilized in toothpaste. It binds water during this process and aids in maintaining xanthan gum's even distribution throughout the toothpaste. Due to its advantages over petroleum-based lubricants and its application as chemical intermediates and surface active agents, the is predicted to expand. In addition to being water soluble and environmentally safe, polyalkylene glycol also offers the best lubrication for compressors, minimal volatility in high-temperature applications, notable energy economy, and easy equipment cleanup, resulting in the polyalkylene glycol market expansion. However, the expansion of the market is anticipated to be hampered by the volatility of crude oil prices. The expansion of the market is further hampered by the availability and introduction of novel replacement compounds and the high cost of the product compared to conventional mineral oils.

Polyalkylene Glycol Market: COVID-19 Impact

The COVID-19 outbreak created significant economic issues and hurdles for the global oil and gas industry. The COVID-19 economic impact, according to the International Monetary Fund (IMF), caused a 3.5% drop in world GDP growth. The manufacture of non-essential commodities was prohibited by governments around the world, which had an influence on the non-essential commodity industries and, in turn, had an impact on the production of polyalkylene glycols. Economic, nevertheless. The suspension of transportation operations and the closure of industrial plants both affected the world's demand for lubricants and the polyalkylene glycol market.

Growing Application in Lubricants Fuels Polyalkylene Glycol Market Growth

Since polyalkylene glycol is excellent for metal-on-metal applications with operating temperatures ranging from -40°C to 200°C, it is used as a base oil for lubricants such as gear lubricants, metalworking lubricants, refrigeration oil, and hydraulic fluids, among others. They are also used in situations requiring thermal stability and elastomeric compatibility at high temperatures. The development of high-performance lubricants for many end-use industries, including automotive, textile, food & beverage, is supported by the global lubricants industry participants' use of synthetic base oils. Leading lubricant manufacturers are creating PAG-based hydraulic and gear lubricants, including Shell, Castrol, Cargill, and Exxon. In October 2020, Shell Plc increased its lubricants business and added a few fire-resistant fluids based on polyalkylene glycol to its product line. In end-use industries, these items operate superbly, even under difficult situations.

Growing Demand from Metallurgy Sector Will Stimulate Polyalkylene Glycol Market

Polyalkylene glycol is used to make metalworking fluids, primarily used in the metallurgy sector to provide lubrication and cooling during machining and shaping metals, including iron, aluminum, manganese, and others. They are most frequently utilized in metal cutting tools to lessen heat and friction between the cutting tool and the workpiece. The expanding automotive, construction and industrial industries drive the need for metalworking fluids. The United States produced 91,67,214 vehicles overall in 2021, up 4% from 2020, according to the International Organization of Motor Vehicle Manufacturers (OICA). This figure includes both passenger cars, and commercial vehicles. According to the United States Geological Survey (USGS) statistics, the polyalkylene glycol market for metalworking fluids is also benefiting from the expansion of mining activities. For instance, the USGS reports that global aluminum production increased by 4.4% from 2021 to 2021, from 65,100 MT to approximately 68,000 thousand MT.

Availability of Competing Products to Restrain Polyalkylene Glycol Market Growth

There are several alternatives to polyalkylene glycol, including artificial esters, polyalphaolefin (PAO), ionic fluids, and more. Replacements, which have equivalent chemical properties, functionalities, and other qualities including viscosity, temperature range, and more, are limiting the growth of the polyalkylene glycol industry. Polyalphaolefin is commonly substituted in the manufacturing of lubricants (PAO). Because only select mineral oils are soluble but polyalkylene glycol is entirely soluble in them, polyalphaolefin is superior to polyalkylene glycol in terms of mineral oil solubility. The rolling wear property of polyalkylene glycol is weaker than that of polyalphaolefin.

Water Soluble PAG Category Dominates Polyalkylene Glycol Market Owing to Less Toxic Attribute

The water-soluble polyakylene glycol category held the largest polyalkylene glycol market share, and it is anticipated that it will continue to rule the market during the forecast period. Water-soluble PGA oils are the main focus of big businesses like Dow, BASF, and Clariant. The feedstock used to produce water-soluble polyalkylene glycol is entirely renewable. Compared to conventional polyalkylene glycol, it cuts greenhouse gas emissions by about 80%. They are less eco-toxic than oil soluble, and naturally biodegradable. PAG oil that is water soluble has several characteristics that make it perfect for high-temperature lubrication, including high thermal stability, high shear stability, high viscosity, and low volatility. As a result, the need for water-soluble PAG is driven by the rising demand for metalworking fluids. The World Steel Organization estimates that North American crude steel production totaled 108.3 million tonnes in 2021, up 17.8% from 2020. Similarly, crude steel production in South America increased by 20.7% from 2020 to 42.1 million tonnes in 2021, or 42.1 million tonnes in total.

Lubricants Category to Dominate Polyalkylene Glycol Market

The lubricants category dominated the polyalkylene glycol market in 2021. Polyalkylene glycols are used to make a variety of lubricants, including compressor lubricants, textile lubricants, refrigeration oils, and gear lubricants. The PAG has a variety of qualities, including high viscosity indices, hydrolytic stability, and excellent deposit management, which makes them appropriate for lubricant manufacture. The market growth for polyalkylene glycols is supported by recent developments in lubricant technology and the expansion of lubricant producers during the anticipated period. For instance, a global leader in polyalkylene glycol lubricants, Idemitsu Kosan Company, Ltd., began operating its new lubricant production facility in China in August 2020. The facility has a yearly production capacity of 120,000 kiloliters of lubricants. The BPCL company added two new lubricants to its product lineup in October 2020: Mak TitaniumCK4 and Mak BlazeSynth.

Presence of Major Lubricant Producers Upholds Asia Pacific’s Dominant Position in Global Polyalkylene Glycol Market

Over the forecast period, it is anticipated that the Asia Pacific polyalkylene glycol market will account for the largest revenue share. The Asia Pacific region is experiencing rapid expansion in the polyalkylene glycols market because of the presence of major lubricant producers, including B.P. Plc (Castrol), China National Petroleum Corporation, ExxonMobil Corporation, China Petroleum & Chemical Corporation, and Royal Dutch Shell Plc. The market is expected to rise during the forecast period due to the rising production of passenger vehicles in developing countries like China, and India. China produced 2,60,82,220 automobiles in total in 2021, up from 2,52,25,242 in 2020 and 2,57,20,665 in 2019, according to the International Organization of Motor Vehicle Manufacturers (OICA). Additionally, during the anticipated time, the market growth is being supported by lubricant makers' rising investments. The Gujarati government and Indian oil inked an MOU in June 2021 for the "Investment Promotion" of a new petrochemical and lube integration (LuPech) project and acrylics/oxo alcohol projects in Gujarat.

North America’s polyalkylene glycol market is anticipated to experience stable revenue growth throughout the forecast period. Consumption of polyalkylene glycol is increasing due to the substantial growth of North America's pharmaceutical and personal care industries. Due to polyethylene glycol's solubility, excellent biocompatibility, lack of toxicity, and low immunogenicity, it is frequently used in surgical equipment materials for wound adhesion, hemostasis, anti-leakage, and adhesion therapy. The North American pharmaceutical and personal care businesses are expanding due to rising demand for multifunctional personal care products and an aging population. Additionally, the growing P.U. foam, lubricants, and functional fluids markets, which consume a sizable amount of polyalkylene glycol, are driving rising demand.

Global Polyalkylene Glycol Market: Competitive Landscape

In July 2021, DOW made plans to increase the array of propylene glycol it offers in Thailand. The goal of this development is to address the rising demand for propylene glycol across a range of end sectors. Similarly, in April 2021, in conjunction with UCON PAG-based synthetic products in China, Univar Solutions China Limited, a division of Univar Solutions Inc., a global distributor of chemicals and ingredients based in the United States, announced an extension of its partnership with Dow Chemical.

A few of the players in the polyalkylene glycol market BASF SE (Germany), Dow (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.).

Global Polyalkylene Glycol Market is Segmented as Below:

By Type

  • Polyethylene Glycol
  • Polypropylene Glycol
  • Higher Polyols-adducts
  • Others

By Solubility

  • Oil Soluble Polyalkylene Glycol
  • Mineral Oil Soluble Polyalkylene Glycol
  • Water Soluble Polyalkylene Glycol

By Application

  • Lubricants
  • Functional Fluids
  • Surfactants
  • Intermediates
  • Polyurethane Foam

By End User

  • Personal Care Products
  • Pharmaceuticals
  • Surface Active Agents
  • Military
  • Automotive
  • Aerospace Industry

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Polyalkylene Glycol Market

  • Polyalkylene Glycol Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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