Albany, NY -- (SBWIRE) -- 06/12/2015 -- Polyalkylene Glycol (PAG) are polymers obtained by the addition of one or more repeating epoxides. These are also known as polyether polyols, polyglycols polyalkylene oxides, and polyethers. PAG includes the E-series and P-series adducts and block copolymers. PAG finds major application in the manufacturing of polyurethane foams, lubricants, surface active agents, and functional fluids. Polyethylene glycol (PEG) and polypropylene glycol (PPG) are the two major PAGs used in the industry. PEG is derived from ethylene oxide (EO), while PPG is derived from propylene oxide (PO). Most large global players have integrated operations and are the captive consumers of EO, PO, and PAG for manufacturing polyurethane foams, lubricants, and other chemicals.

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Polyurethane foam manufacturers are the major consumers driving the PAG market currently. PAG or polyether polyols, along with isocyanates, are the essential building blocks required for the manufacturing of polyurethane foams. Polyurethane foams are widely used in a variety of applications in several industries including furniture, automobiles, residential, sculptures, decorations, building and construction, water vessels, boats, textiles, electronic components, adhesives, and footwear. Polyurethane foams are very versatile, and can be customized and tailored for specific applications. Construction, automotive, and furniture industries are the key demand generators for polyurethane foams. These markets are anticipated to grow at a high rate in the next few years, driven primarily by the rising purchase power parity of the world's population. Additionally, lubricant applications emerged as another driving market for PAG due to their superior properties. PAG-based lubricants are used in numerous applications including engine oils, gear oils, bearing oils, compressor oils, grease, heat transfer fluids, transmission fluids, and metal working fluids. PAG lubricants provide superior performance and maximum protection in extreme conditions.

Volatile crude oil prices act as key restraining factors for the PAG market players. Additionally, the availability of lower-priced substitutes of PAG for lubricant applications is likely to hamper the growth of PAG market further.

PEG and PPG are the major product types for PAG. PPG emerged as the dominant product type during the forecast period due to its application in PU foam. PEG is widely used in applications such as personal care, pharmaceutical, CASE, lubricant, and functional fluid.

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Asia Pacific continued its dominance in the PAG market, accounting for more than 45% of the global market in terms of volume in 2014. Demand for PAG is anticipated to be high in polyurethane foam lubricants, pharmaceutical, and personal care applications in Asia Pacific. Latin America is estimated to be the fastest growing market for PAG. This fast-paced growth can be attributed to high growth in the construction industry of the region during the forecast period. North America is projected to expand at a CAGR higher than the market average during the forecast period, led by the recovering construction industry and strong growth in the pharmaceutical and automotive industries. PU foam and lubricant applications are projected to be the market drivers for PAG in the Middle East and Africa (MEA) region. The construction industry in the GCC region is undergoing rapid growth with major construction activities underway in Saudi Arabia, Qatar, and Dubai. This is likely to generate huge demand for PU foam and consequently, PAG in the region.

The global PAG market is fragmented, comprising a few players with global operations. Large scale global producers have vertically integrated operations in a move that offers them cost advantage over the smaller players. Key players include The Dow Chemical Company (Dow), Bayer AG, BASF SE, Royal Dutch Shell plc (Shell), LyondellBasell Industries N.V., E. I. du Pont de Nemours and Company (DuPont), INEOS Group AG, Clariant International Ltd., Saudi Basic Industries Corporation (SABIC), and Repsol Group.

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