Global Polyalkylene Glycol Market – Trends, Drivers, and Challenges | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
polyalkylene glycol market is expected to grow at a CAGR of
above 11% during the period 2018-2022, according to a new market
research study by Technavio.

The report presents a comprehensive research of the global
polyalkylene glycol market by product (polypropylene glycol and
polyethylene glycol) and by application (PU foams, lubricants, personal
care, and pharmaceuticals). The report also determines the geographic
breakdown of the market in terms of detailed analysis and impact, which
includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: increasing demand for PU foams

The primary reason for the high demand of polyalkylene
glycol is the increased use of PU foams as a material in
automotive seating. Polyalkylene glycols superior properties is the
reason it is used as an important material in the production of PU
foams. PU foams are used in bed liners, boat floors and tire-covers, and
instrumental panels. The automobile sector also uses PU foam solutions,
as they offer shorter production time, reduced cost, higher quality, and
emit lesser volatile organic compounds (VOC).

According to a senior analyst at Technavio for specialty
chemicals research, “When PU foams are used in
vehicles, they exhibit properties such as sustainable cushioning, shock
absorption, and insulation, leading to its high demand. PU foams help
achieve the required size of automotive seating as per the requirement,
which reduces cost and waste. PU foams are recyclable and help in
minimizing the environmental impact, which is another factor leading to
its high demand. Such factors have further strengthened the global
polyalkylene glycol market.”

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Market trend: growing popularity of bio-based glycols

The demand for bio-based glycols is expected to increase during the
forecast period. The usage of non-perishable resources has increased as
various governments are taking initiatives toward mitigating
environmental concerns. During the production process of various
petrochemicals, many initiatives have been taken toward the release of
hazardous pollutants. Such initiatives are expected to fuel the demand
for bio-based products, including bio-based glycols. Bio-based glycols
are considered to be safe, eco-friendly, and compliant with stringent
government regulations. The demand for it is expected to increase during
the forecast period due to their extensive use in the pharmaceutical,
cosmetic, and food industries.

Market challenge: volatility in the prices of petrochemicals

The two main classes of petrochemical raw materials that are extracted
from refineries are propylene and ethylene. The prices of crude oil,
propylene, and ethylene are inter-dependent. Owing to the varying demand
of crude oil across the globe, the prices fluctuate and affect the price
of propylene. Propylene is mainly produced by steam cracking and
catalytic reforming processes and is used as a monomer in the production
of polypropylene. Thus, any fluctuation in the prices of crude oil or
petrochemicals will directly affect the price of polypropylene which
will result in an impact on the supply of and demand for polyalkylene
glycol products.

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