Consistent demand from the automotive sector to mainly offer lubrication and reduce friction of the auto components will significantly drive the polyalkylene glycol industry trends over the next few years. The polyalkylene glycol polymers possess an optimum thermal and oxidative stability as well as a higher load capacity. They also render anti-wear properties, excellent lubricity, and exhibit resistance against micropitting.
A report compiled by Global Market Insights, Inc., reveals that the global polyalkylene glycol market size will reach more than USD 18 billion in yearly estimation by 2024.
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On account of these factors, they are witnessing higher penetration across diverse industrial verticals like pharmaceuticals, personal care, and surface-active agents. Furthermore, polyalkylene glycol compounds are found to be water or oil-soluble, hence are suitable for use in screw-type refrigeration compressors, heat transfer fluids, and high-temperature bearing oils.
Industrial benefits from polypropylene and polyethylene glycols
The annual value from polypropylene glycol products is anticipated to reach a significant CAGR through 2024. This can be owed to their liquid form and water-insoluble attributes that help in operations related to suppress foaming across industrial various processes. This polyalkylene glycol ether is also widely adopted in the manufacturing of several synthetic components like polyurethane resins, and hydraulic fluids.
On the other hand, the demand for polyethylene glycols held a dominant revenue share for the industry in the past few years due to their increasing preference across the cosmetic and pharmaceutical applications. For instance, ANI Pharmaceuticals, launched the Polyethylene Glycol 3350, to help in the treatment of occasional constipation. Owing to their solubility with oil and water, polyethylene glycol acts as a catalyst in the production of emulsifying or wetting agents.
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Higher potential in lubrication
The market value of polyalkylene glycol across the lubrication sector is likely to strike an exponential growth rate in the next few years. This can be attributed high viscosity and temperature, as well as moderate film strength properties that make the glycol apt for use as a carrier oil to formulate superlative industrial lubricants as they can burn off completely without leaving behind any residue.
Polyalkylene glycols uses can be identified across gear and compressor oils, fire-resistant hydraulic, aluminum processing and metalworking fluids, quenchants, as well as chain and textile lubricants. Furthermore, they are also consumed as a compressor liquid across rotary screws and reciprocating units, brake fluids, fire-resistant lubricants, and worm gear oils.
Polyalkylene glycol suppliers are consistently working towards strategic marketing initiatives like partnerships, and mergers, to increase their global presence and extend their offerings across the globe while expanding their customer and product base. For instance, in August 2019, Indorama Ventures completely acquired Huntsman Corporation’s chemicals and surfactants business by inking a deal of more than USD 2.1 billion. This collaboration helped the former company to increase its petrochemical presence in the U.S.
The ongoing COVID-19 pandemic has also driven the need for novel product launches to help these firms sustain competition. Dow Chemical, GC International, BASF, Lanxess AG, Emery Oleochemicals, GC International, Mitsui Chemicals are some of the other global manufacturers of the product.
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