The polyalkylene glycol (PAG) market is poised to exceed $18 billion by 2024, according to a new report by Global Market Insights.

Technological advancements primarily in the automotive sector have resulted in the development of more intricate internal parts, which in turn has propelled lubricant demand. In addition, lubricant producers are encouraging the use of fully formulated engine oils to achieve fuel economy. Automobile demand is also expected to continue to rise, driving lubricant demand. This subsequently should have a positive impact on the polyalkylene glycol market.

PAG lubricants are likely to replace conventional synthetic lubricants in the market due to their better oxidation stability and environment friendly nature. They are also formulated to impart high performance, greater efficiency, reduced maintenance, lower emission and longer service life of machines and components.

The wavering petroleum sector is projected as the most likely hindrance to the global PAG market because of the dependency of petrochemical derivatives as raw material from the oil and gas industry. However, strong growth indicators in the pharmaceuticals and personal care industries should generate sufficient prospects for the market in the near future.

The overall PAG market was highly competitive in 2016 among key industry contributors, including BASF, Dow, INEOS, SABIC, LyondellBasell, DuPont, Clariant and Repsol.

According to the report, the Asia-Pacific region accounted for more than 40 percent of the total polyalkylene glycol market share in 2016. This was attributed to the rapidly growing construction, automotive, personal care and pharmaceuticals industries in recent years, as well as the increasing populations in China and India.

To view the full report, visit www.gminsights.com/industry-analysis/polyalkylene-glycol-market.