“The PAGs market is expected to reach USD 2.62 billion by 2031”
The PAGs’ market size is expected to reach USD 2.62 billion by 2031, at a CAGR of 11.7% between 2022 and 2031. The fast growth in end-use industries such as automotive, textile, oil & gas, and food processing is one of the key reasons which is expected to drive the demand for PAGs. The growing automobile industry in emerging economies is driving the demand of PAGs for lubricants application. The demand of PAGs is also driven by its increasing usage in oil & gas application in the Middle Eastern countries.
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“Lubricants application is projected to dominate the PAGs market during forecast period”
The lubricants application segment dominated the global PAGs market in 2014. The lubricants application is also expected to register the highest growth rate between 2022 and 2031, closely followed by surface active agents. Polyethylene glycol (PEG) is the most commonly used type of PAGs due to its growing demand in lubricants and pharmaceutical applications.
“Asia-Pacific projected to be fastest growing market during the forecast period”
Asia-Pacific is estimated to be the largest and fastest-growing market for PAGs in the world. This is attributed to the presence of emerging economies such as India and China. North America is expected to remain the second-largest market for PAGs on account of its flourishing packaged food and healthcare industries.
“Emerging applications: opportunity for the PAGs market”
The emerging applications of PAGs in industries such as turbine and marine vessels present a major opportunity for the PAGs market. The wind turbine industry is growing as a major consumer of PAGs as wind energy projects are gaining popularity across the world. Earlier, the turbine industry used API group II and III hydrocarbon oil, which have led to various turbine equipment failures. The use of PAGs in turbines have been approved as it helps the equipment to work under extreme pressure due to its excellent deposit control characteristics.
Break-up of profile of primary participants for the report
• By Company Type – Tier 1–37%, Tier 2–50%, and Tier 3–13%
• By Designation – C Level– 50%, Director Level–31%, Others–19%
• By Region – North America–31%, Europe–38%, Asia-Pacific–25%, and RoW–6%
The report includes company profiles of major players; recent activities in the market such as new product launches, expansions, and R&D; and SWOT analysis. Some of the major companies profiled in this report are the Dow Chemical Company (U.S.), BASF SE (Germany), Ineos Group (Japan), Clariant AG (U.S.), Huntsman Corporation (Japan), Idemitsu Kosan Co. (U.S.), Ashland Inc. (U.S.), Exxon Mobil (U.S.), AkzoNobel N.V. (Netherlands), and Stepan Company (U.S.).
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