The current valuation of the PEG and PPG esters market in 2022 is US$ 4.27 billion and it is projected to grow at a CAGR of 4% during the forecast period to reach a market value of US$ 6.33 billion by 2032.
| Attributes | Details |
|---|---|
| Market Valuation (2022) | US$ 4.27 billion |
| Market Valuation (2032) | US$ 6.33 billion |
| CAGR | 4% |
Since PEG and PPG esters cannot be stored infinitely without becoming unstable, their wide-scale application in industries has become bothersome. Hence there is a need to develop innovative measures to achieve longer stability.
The manufacturers need to develop more stable variants that are suitable for commercial applications and long-term storage.
Through extensive research new areas of application for PEG And PPG esters are constantly being carved out. In recent times these have found new utility in cosmetics as well as other toiletries. During the forecast period, innovations are expected to increase its nuanced application as a solvent.
Several key players are working to develop end-user industry-based variants, particularly for the cosmetic industry. Research is being channeled into assessing the substances’ toxicity profile and improving their purity for commercial application.
Currently, there is increasing interest in the development of energy-efficient fuels such as bio-diesel and PEG and PPG esters are projected to find wide utility in manufacturing the same.
North America has been one of the global market leaders due to extensive research and development activities in the region. In countries such as the United States, recent innovations have significantly bolstered product demand and application.
In the Asia-Pacific region, government initiatives to strengthen domestic industries have increased product demand for commercial applications. Less stringent laws and regulations, as compared to North America and Europe have made the region fertile ground for wide-scale commercial application of the product.
In the Asia-Pacific, regional demand mostly arises from textiles, lubricants, pharmaceuticals, aerospace, construction, and automotive.
Polyethylene glycol esters are the products of a fatty acid or fatty alcohol and polyethylene glycol. Whereas, polypropylene glycol esters are the combination of propylene glycol mono and diesters of saturated and unsaturated fatty acids which are derived from fats and edible oils.
The feedstock required in the production of PEG and PPG esters include edible oils such as palm oil and sunflower oil among others. PEG and PPG esters are utilized in thickeners, resin plasticizer, pacifiers, formulation of emulsifier blends, emollients, viscosity builders, etc.
The most common feature of PEG appears to be water-solubility. It is also soluble in inorganic solvents such as aromatic hydrocarbons which makes it useful for various purposes. Various physical and chemical properties of PEG and PPG esters include non-irritating, non-ionic emulsifiers and non-toxicity. PEG and PPG esters are generally considered as non-greasy ingredients and hence reduce the greasiness in various end-use products.
Rising demand for PEG and PPG esters from end-use industries such as personal care and cosmetics, pulp and paper is expected to push the market growth. Since these esters are derived from fatty acids and edible oil, human health risks caused by fatty esters are almost null. In addition, demand for these esters from lubricant industry is also expected to boost the market growth.
PEG and PPG esters cannot be exposed under direct sunlight or heat and also they have less storage time (generally 1 year). Aforementioned reasons are expected to weaken the demand of esters and thus in turn restraining the growth of global PEG and PPG esters market.
Increased cost of PEG and PPG ester based lubricants is expected to hamper the growth of market. High production cost of PEG and PPG ester production for specific application may hinder the market growth. Chemically synthesized PEG and PPG esters are petroleum derivatives and hence instability in crude oil prices is expected to hinder the market growth.
Niche applications of PEG and PPG esters such as solvency, bio-diesel and thickening are expected to provide significant growth opportunities for the manufacturers in this market.
Considering regions, Asia-Pacific is dominated by other regions in the global PEG and PPG esters market. The region appears to be one of the largest markets in terms of both production and consumption; factors which include GDP growth and availability of raw materials have augmented the production capacity in countries such as India and China.
Demand for PEG and PPG esters in personal care and cosmetic products have exceeded the demand from developed regions. In addition, demand from textile and lubricants industry is expected to drive the market in this region.
North America holds the major market share in terms of consumption of PEG and PPG esters followed by Asia-Pacific, Europe and other regions. Upsurge in demand for PEG and PPG esters is expected to fuel the market in Europe.
Examples of some of the market participants in the PEG and PPG Esters market identified across the value chain include Ivanhoe Industries, Inc., American eChem Inc., Venus Ethoxyethers Pvt. Ltd., ZSCHIMMER & SCHWARZ INCORPORATED, Fine Organics, Hangzhou GengYang Chemical Materials Co. Ltd., Pacific Texchem Private Limited, INEOS Oxide among others. Manufacturers of PEG and PPG esters are continuously focusing on removing impurities from various by-products such as 1, 4-dioxane and ethylene oxide.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global PEG and PPG esters market can be segmented on the basis of end-use industry and application.
The market is likely to register a CAGR of 4% through 2032.
The market is currently valued at US$ 4.27 Bn in 2022.
The market is likely to grow to a valuation of US$ 6.33 Bn by 2032.
North America is likely to be a leading market during the forecast period.
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PEG and PPG Esters Market
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