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$6.9 Billion Polyethylene Glycol Markets: Medical, Construction & Infrastructure, Industrial, Personal Care - Global Forecast to 2030
Global Polyethylene Glycol Market
Dublin, Nov. 25, 2022 (GLOBE NEWSWIRE) -- The "Polyethylene Glycol Market Size and Share Analysis by Form, Grade, Application - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The polyethylene glycol market was worth $4,534.8 million, which will increase at a 4.8% CAGR from 2021 to 2030, to reach $6,909.6 million
The growing consumption of polyethylene glycol (PEG) as a specialty solvent and surface-active agent in shampoos, creams & lotions, toothpastes, conditioners, deodorants, lipsticks, soaps, bath oils, and detergents is the key factor driving the market.
The APAC polyethylene glycol market has seen significant expansion in recent decades because of the rising demand for water-based paints, coatings, and inks in the construction sector; therefore, it currently has the largest share. Furthermore, the rise of the paper industry in India and China is predicted to enhance the requirement for the chemical, which is used as a color stabilizer in ceramics and paper.
Additionally, the hydraulic fracturing technology has expanded the production of unconventional resources, including shale gas and tight oil, thus improving the access to the petrochemicals used in PEG and open up market opportunities.
PEG 400 Holds Largest Share in Market
PEG 400 holds the largest share in the polyethylene glycol market, and it will grow at a 5% CAGR in the coming years. This is mainly because this variant has a low molecular weight and not as toxic. It is also hydrophilic, which means it is ideal for boosting the solubility and bioavailability of drugs that are not adequately water-soluble.
Medical Sector Offers Largest Application Area for PEG
In 2021, the medical category held the largest share in the market. PEG is used as a solvent, dispensing agent, and delivery liquid for pharmaceuticals and ointments, as well as a tablet filler and suppository base in ophthalmic solutions and for curing constipation. Furthermore, the use of PEG, rather than monoethylene glycol, in the pharmaceutical sector is expected to have a favorable impact on the market.
North America Holds Significant Share
North America holds around 30% revenue share of the polyethylene glycol market, owing to the high production of crude oil. As per the U.S. Energy Information Administration, the present per-day production of crude oil in the country is approximately 11 million barrels.
PEG usage is also being driven by the substantial expansion of the cosmetics and personal care sectors in the U.S. and Canada. Customers' rising requirement for multifunctional personal care products and the increasing employed population are driving growth in the cosmetics and personal care industry in the continent.
Companies Engaged in Various Strategic Developments to Increase Market Share
To maintain a competitive edge, major companies in the polyethylene glycol market are engaging in several strategic activities. For example:
Clariant announced the launch of a range of Vita 100% bio-based PEGs and surfactants in February 2021.
Report Attribute | Details |
No. of Pages | 362 |
Forecast Period | 2021 - 2030 |
Estimated Market Value (USD) in 2021 | $4534.8 Million |
Forecasted Market Value (USD) by 2030 | $6909.6 Million |
Compound Annual Growth Rate | 4.8% |
Regions Covered | Global |
Industry Outlook
Trends
Technological advances to manufacture PEG
Increasing demand for bio-based PEG
Drivers
Growing demand for PEG in drugs and medical devices
Rising application in skin and personal care products
Proliferating construction industry
Impact Analysis of Drivers on Market Forecast
Restraints
Increasing preference for alternatives
Side-effects of drugs containing PEG
Impact Analysis of Restraints on Market Forecast
Impact of COVID-19
Value Chain Analysis
Porter's Five Forces Analysis
Company Profiles
Akzo Nobel N.V.
BASF SE
The Dow Chemical Company
Liaoning Oxiranchem Inc.
India Glycols Ltd.
Clariant AG
INEOS Group Holdings S.A.
Huntsman Corporation
Jiangsu Haian Petroleum Chemical Factory
Croda International Plc
Definition of Market Segments
By Form
Opaque Liquid
White Wax Solid
Flake/Powder
By Grade
PEG 200
PEG 300
PEG 400
PEG 400 FCC Grade
PEG 3350
PEG 4000
PEG 6000
Others
By Application
Medical
Construction & Infrastructure
Industrial
Personal Care
Others
For more information about this report visit https://www.researchandmarkets.com/r/t1dtxm
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