Polyalkylene glycol (PAG) is a hydrofluoro carbon (HFC) used in several industries. PAG was developed as an alternative to chlorofluorocarbon’s (CFC’s) after the ban because of its harmful effects on ozone layer. PAG is environment friendly and has very low toxicity at operational concentrations.
The global automotive lubricants market is expected to be the key driving factor for the PAG market. New applications of PAG lubricants are projected to bring future opportunities for market growth. However, availability of substitutes in the market might hinder the demand growth in coming years.
The PAG market can be divided into four key market segments based on applications such as lubricants, surface active agents, functional fluids and chemical intermediates. Lubricant is the leading market segment in terms of size as well as the growth rate. PAG lubricants are majorly consumed by automotive industry in the automotive air-conditioners and as lubricants for gears and hydraulic fluids. It is also used as chemical intermediate for polycarboxylate ethers (PCE).
The market can be further segmented, based on the product types, into four key segments as polyethylene glycols, higher polyol-adducts, polypropylene glycols and other copolymers. Polyethylene glycols are widely utilized for water soluble applications.
Asia Pacific was the largest as well as fastest growing market for PAG within the forecast period. Significant growth in automotive industry and textile industry, especially in China, is the major driver for the growth of PAG market, in the region. In North America and Europe, the automotive market is recovering owing to economic turnaround in the regions. This in turn is expected to aid the PAG market in these regions.
This market is dominated by few large players with a large number of small and medium size players competing in the market. Some of the key players in the polyalkylene glycol (PAG) market include Bayer, The Dow chemical company, BASF SE, Idemitsu Kosan Co. Ltd., and INEOS among others.
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