Polyoxy Tetramethylene Glycol Market to Grow with a CAGR of 4.87% through 2028
Growth in
research and development activities are expected to drive the Global Polyoxy
Tetramethylene Glycol Market growth in the forecast period, 2024-2028
According to
TechSci Research report, “Polyoxy Tetramethylene Glycol Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Polyoxy Tetramethylene Glycol Market stood at 1.05
million tonnes in 2022 and is anticipated to grow with a CAGR of 4.87% in the
forecast period, 2023-2028. The initiatives taken by government based on
polyoxy tetramethylene glycol has led to favorable market conditions for the
Global Polyoxy Tetramethylene Glycol Market. Several factors contribute to the
growth of various polyoxy tetramethylene glycol products
Governments
worldwide are actively promoting the adoption of electric vehicles (EVs) as
part of their efforts to reduce reliance on crude oil and improve environmental
quality. Polytetramethylene glycol (PTMG) plays a crucial role in the
production of polyurethane, a key component in EVs, particularly in battery
technology and insulation. As the global adoption of EVs continues to rise, the
demand for PTMG experiences a direct upsurge, reflecting its integral position
in the EV industry.
In the
Asia-Pacific region, governments are implementing various initiatives aimed at
strengthening the textile industry. These initiatives encompass policies,
subsidies, and investments to support the growth and competitiveness of the
textile sector. PTMG, being a vital ingredient in the production of spandex, a
widely used fabric in the textile industry, indirectly benefits from these
initiatives. The increased emphasis on the textile industry indirectly
contributes to the expansion of the PTMG market, as the demand for spandex and
other textile products rises in response to the government-led initiatives.
Innovative
applications of PTMG (polytetramethylene glycol) are continually being
discovered through ongoing research and development activities. These
advancements have not only expanded the possibilities for PTMG utilization but
have also brought about new opportunities in various industries, such as
automotive, construction, and textiles.
For example, the
increasing demand for PTMG-based polyurethane products within these sectors has
played a pivotal role in driving market growth. Polyurethane, derived from
PTMG, boasts exceptional properties including remarkable flexibility,
durability, and resistance to diverse weather conditions. These outstanding
characteristics make it an ideal material for a wide range of applications,
spanning from essential car components and insulation materials to
high-performance fabrics.
As the
exploration of PTMG's potential continues, it is expected that more exciting
discoveries and applications will emerge, further revolutionizing these
industries. The versatility and adaptability of PTMG pave the way for
innovative solutions and advancements, shaping the future of various sectors
and contributing to the overall progress of technology and materials science.
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"Polyoxy Tetramethylene Glycol Market”
The Global
Polyoxy Tetramethylene Glycol Market is segmented into sales channel, end user
industry, regional distribution, and company.
Based on its end
user industry, the textile segment held the largest share in the market. One of
the main drivers of PTMG in the textile industry is the increasing demand for
enhanced quality stretch fabric. As consumer expectations for comfort and
performance continue to rise, the need for fabrics with exceptional elasticity
has become paramount. PTMG plays a crucial role in the production of spandex, a
synthetic fiber renowned for its outstanding stretchability and recovery
properties.
Spandex, also
known as elastane, offers high-performance characteristics that make it a
preferred choice for various textile applications. Its durability ensures
long-lasting garments, while its inherent comfort provides a pleasant wearing
experience. Additionally, spandex exhibits excellent resistance to sweat and
body oils, making it ideal for athletic wear and undergarments that require
moisture management and odor control.
Moreover, the
surge in athletic apparel sales has significantly contributed to the growth of
the PTMG market. The global trend towards fitness and health has fueled the
demand for performance-driven sportswear. With spandex being a key component in
many athletic garments, the demand for PTMG has witnessed a notable upswing.
In summary,
PTMG's role in the textile industry goes beyond being a crucial ingredient in
spandex production. Its ability to enhance the quality and performance of
stretch fabrics, coupled with the increasing demand for athletic apparel,
solidifies its position as a driving force in the PTMG market.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
One of the
primary reasons for Asia Pacific's dominance in the PTMG market is the
exponential growth experienced by key industries such as automotive, textile,
and construction. These industries heavily rely on the production of
polyurethane, a material derived from PTMG, which is renowned for its
exceptional properties including unparalleled durability, flexibility, and
resistance to various weather conditions. As these sectors continue to expand
and evolve within the region, the demand for PTMG is correspondingly
increasing, solidifying Asia Pacific's position as a leading force in the
global PTMG market.
Major companies
operating in Global Polyoxy Tetramethylene Glycol Market are:
- BASF
SE.
- Lanxess
AG
- Mitsubishi
Chemical Corporation
- Sinopec
Corporation
- Shandong
Ruyi Investment Holding
- Perstorp
AB
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“Growing
application of polyoxy tetramethylene glycol in various end user industries are
key drivers of the polyoxy tetramethylene glycol market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of polyoxy tetramethylene glycol with
every passing year are anticipated to register an impressive growth to Global
Polyoxy Tetramethylene Glycol Market in the forecast period.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Polyoxy
Tetramethylene Glycol Market By Sales Channel (Direct, Indirect), By End User
Industry (Automotive, Adhesives and Sealants, Textile, Electrical and
Electronics, Medical Industry, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Polyoxy Tetramethylene
Glycol Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Polyoxy
Tetramethylene Glycol Market.
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