Impact of COVID-19 on Polyalkylene Glycol Market :Implications on Business

 Polyalkylene Glycol Market: Introduction

• The global polyalkylene glycol market was valued at ~US$ 10.2 Bn in 2018 and is anticipated to expand at a CAGR of ~11% from 2019 to 2027. Major raw materials used in polyalkylene glycol companies are mostly petroleum-based substances, such as ethylene oxide and propylene oxide. Propylene oxide (PO) is a chemical intermediate used in the production of polyether polyols. Availability of raw materials, such as ethylene oxide and polyethylene oxide for the manufacturing of polyalkylene glycol is expected to boost the polyalkylene glycol market.

Key Drivers of Polyalkylene Glycol Market

• Manufacturers of polyurethane foam are the major consumers of polyalkylene glycol. Polyalkylene glycol is the most consumed chemical in the manufacturing of polyurethane, in terms of volume. Polyurethane foams are widely used in a variety of applications in several industries, including furniture, automobiles, residential, sculpture, decoration, building & construction, water vessels, boats, textiles, electronic components, adhesives, and footwear. Thus, rise in demand for polyurethane foams in several end-use industries has a positive impact on the polyalkylene glycol market.

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Increase in Application of Polyalkylene Glycol in Personal Care and Pharmaceutical Products to Offer Growth Opportunities

• Polyalkylene glycol is used in a variety of new products in personal care and pharmaceutical industries. There are numerous ongoing research studies to develop products using polyalkylene glycol as an ingredient. PEG is one of the most popular ingredients in several products in the pharmaceuticals industry. It is widely used in laxative formulation and tablet, powder, syrup, and capsule form. Development and commercialization of bio-based polyalkylene glycol is an added advantage in personal care and pharmaceuticals industries. Thus, increase in demand for polyalkylene glycol in pharmaceutical and personal care industries is driving the polyalkylene glycol market.

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High Demand for Polypropylene Glycol in Various End-use Industries

• In terms of type, the polypropylene glycol segment held a major share of the global polyalkylene glycol market in 2018. PEG is used in lubricant formulations and functional fluids in automotive, aerospace, machinery, and refrigeration industries.
• Polyethylene glycols (PEGs) are hydrophilic oligomers or polymers synthesized from ethylene oxide. PEGs are largely used in pharmaceutical and cosmetics industries in ointment bases, creams, lotions, face lotions, lipsticks, and toothpastes.

Polyalkylene Glycol Predominantly Used in Manufacturing of Polyurethane Foam

• In terms of application, the polyurethane foam segment led the polyalkylene glycol market in 2018. Polyalkylene glycols are building blocks of PU foams and they comprise more than 30%–37% of chemicals consumed in the manufacturing of PU foams.

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Key Players in Polyalkylene Glycol Market

• Prominent players operating in the polyalkylene glycol market are The Dow Chemical Company, Covestro AG, LyondellBasell Industries Holdings B.V., BASF SE, and Royal Dutch Shell plc.
• On July 23, 2018, BASF expanded the capacity of its integrated ethylene oxide complex at its Verbund site in Antwerp, Belgium. The project includes capacity expansion for ethylene oxide and for several downstream derivatives, such as surfactants. In Europe, BASF operates ethylene oxide plants in Antwerp and Ludwigshafen with a combined capacity of 845,000 metric tons per year.
• Bayer Material Science, a subsidiary of Covestro AG, is a manufacturer of high performance isocyanates and polyether polyols used to produce polyurethane and polyurea systems

Global Polyalkylene Glycol Market: Segmentation

Polyalkylene Glycol Market, by Type

• Polyethylene Glycol
• Polypropylene Glycol
• Others (higher adducts, copolymers, etc.)

Polyalkylene Glycol Market, by Application

• Polyurethane Foam
• Functional Fluids
• Lubricants
  • Automotive Oils
  • Hydraulic Fluids
  • Metalworking Fluids
  • Others

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