The need for materials that are non-toxic, resistant to wear, and soluble in organic solvents is anticipated to fuel market growth for polyethene glycol (PEG). It is projected that the introduction of PEG as a lubricant in the pharmaceutical industry due to its manifestation of the aforementioned features would favourably impact the worldwide polyethene glycol (PEG) market.
Impact of Covid 19 and Market Status
Due to the strict lockdowns in the majority of the countries during the COVID-19 epidemic, the manufacturing sector encountered difficulties. Additionally, the economy was negatively impacted by the closing of foreign borders. Polyethylene glycol, however, is often employed in pharmaceuticals as a carrier molecule, and two FDA-approved vaccines from Pfizer and Moderna contain it. As a result, the market has been generally positively impacted.
PEG400 generated the highest revenue in the market
The PEG 400 category maintained the biggest market share for polyethene glycol, primarily because it is a low-molecular-weight grade with minimal toxicity. Additionally, because of its hydrophilic character, it can be used to make medications with weakly water-soluble ingredients more bioavailable and soluble. Additionally, it is utilised in ophthalmic treatments to provide comfort for those who feel irritation, burning, or pain after their eyes have dried up.
Opaque liquid category held the largest market share due to medical uses
Based on form, the opaque liquid category maintained the biggest market share for polyethylene glycol. This was mostly caused by the extensive use of this kind of polyethylene glycol as a release agent and excipient for capsules in the pharmaceutical sector.
The medical sector accounted for largest market share due to its various medical uses
In the application category the medical sector accounted for the biggest market share. PEG is used as a dispersing agent, solvent, and delivery liquid for pharmaceuticals and ointments; as a filler for tablets; and as the foundation for suppository drops used to treat constipation and ophthalmic solutions. Additionally, switching from mono-ethylene glycol (MEG) to polyethylene glycol in the pharmaceutical business is expected to have a favourable effect on the market.
North America holds the largest market share in the forecast period
Geographically, the market for polyethylene glycol was dominated by North America to the tune of 30%. The region's high level of crude oil production is largely responsible for the second-largest portion of the continent. As stated by the U.S. According to the Energy Information Administration, the current daily output of crude oil is about 11 million barrels. PEG consumption is also being fuelled by the region's booming food and cosmetics & personal care businesses. Due to consumers' increased desire for personal care products with many uses, busy lives, and an expanding workforce, the cosmetics and personal care industry in the area is expanding.
The market for polyethene glycol is expanding quickly as a result of the expanding demand from the healthcare and personal care sectors. Due to their capacity to increase the solubility of active pharmaceutical ingredients (API) and enhance absorption rate, polyethene glycols are utilised as active components or excipients in a variety of pharmaceutical formulations. They are also used in cosmetic and personal care products as bulking agents, wetting agents, dispersing agents, emulsifiers, and lubricants. Due to changing lifestyles, increased disposable incomes, and rising consumer awareness of personal grooming, the personal care business is anticipated to have substantial growth in the upcoming years.
Thanks to technological developments in hydraulic fracturing, the production of unconventional resources like shale gas as well as tight oil have increased. This is anticipated to increase the availability of petrochemicals used to make PEG and open up new opportunities in the global polyethene glycol (PEG) market. Acme-Hardesty developed sugarcane-based bio-based PEG, which is expected to be employed as a sustainable solution and would open up new opportunities for PEG throughout the projected period.
Polyethene glycol is widely used in the healthcare industry for both medical and pharmaceutical applications and will do so throughout the duration of the projected period. The medical and pharmaceutical sectors are flourishing in the middle of the epidemic. Many nations have increased their healthcare spending, which will help the pharmaceutical and medical sectors. It functions as a laxative, filler, solvent, delivery liquid, and dispersion agent. Additionally, the healthcare industry's use of polyethene glycol is anticipated to increase in areas including medication delivery, tissue regeneration, cell culture models, diagnostics, and drug development.
The growing demand for skincare and cosmetics is one of the major factors driving the polyethene glycol market. PEG is used to increase the stability and lifespan of dental products as well as oral care products like toothpaste and mouthwash. The market for polyethene glycol will experience a significant rise due to the rising knowledge of its benefits, such as non-toxicity, solubility, and wear resistance in organic solvents. Additionally, the expanding paper and ceramic sectors as well as the product's growing use as a lubricant in other industries will support market value growth. The need for water-based paints and coatings is predicted to rise along with the growth in vehicle manufacturing, which will boost the market.
The demand for water-based paints and coatings is anticipated to increase in tandem with the expansion of the vehicle manufacturing industry, which will drive the market. These hydrogels also serve as regenerative medicine tools that contain dopamine, as well as cell cultures and tissue models, and they provide lucrative opportunities for market participants during the forecast period. The market for polyethene glycol will continue to increase in the future due to the clear advances in chemical research.
The market for polyethene glycol is predicted to increase by 4.9% CAGR from 2021 to 2030, from USD 4,536.8 million to USD 6,811.8 million. This market is expanding as a result of the rising demand for polyethene glycols from a variety of end-use industries, including medical, personal care, industrial, and others. PEG, or polyethylene glycol, is a crucial basic ingredient utilised in the production of several goods in a variety of industries. It is an odourless, colourless viscous liquid that is used in many different sectors to make a variety of goods.
The strict environmental laws regulating the usage and disposal of polyethene glycols are the main factor limiting this market's growth. Polyethene glycols are thought to be harmful to the environment because they can contaminate soil and water sources. Aquatic life may likewise suffer from their negative impacts. As a result, a number of government agencies have enacted stringent guidelines for the handling and disposal of these substances. During the forecast period, this is anticipated to restrain the market's growth for polyethene glycol. Meanwhile, because of the region's rapid industrialization and economic development, the market is anticipated to expand significantly in the Asia-Pacific region. Grade, form, application, and geography are the key segments used to divide the polyethene glycol market.
Among other major companies operating in the PEG market are Company Lotte, India Glycols, Croda, Liaoning Oxiranchem, Taijie Chemical, Jiangsu, Dow Chemical, Haian Petrochemical, Plant Shanghai, Bronkow Chemical, Huangma Chemical, BASF, and Chemical Ineos.
Latest Developments in the Global Essential Oils Market
- To combat climate change, Clariant introduced a range of Vita 100% bio-based polyethylene glycols and surfactants in February 2021. These products help remove carbon from the value chain that comes from fossil fuels.
- Toto enhance the production of ethylene oxide and its derivatives, BASF SE stated in September 2019 that it will be expanding its Verbund facility in Belgium. The additional expenditure of more than $570.2 million boosted the company's manufacturing capacity for the relevant items by around 400,000 metric tonnes annually.
Polyethene Glycol Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 6,811.8 million.|
|Growth Rate||CAGR of 4.9 % during 2022-2030|
|Segment Covered||Grade, Form, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Company Lotte, India Glycols, Croda, Liaoning Oxiranchem, Taijie Chemical, Jiangsu, Dow Chemical, Haian Petrochemical, Plant Shanghai, Bronkow Chemical, Huangma Chemical, BASF, and Chemical Ineos|
Key segments of the global PEG market
Grade Overview, 2019-2029 (USD Billion)
- Polyethylene Glycol 3350
- Polyethylene Glycol 400
- Polyethylene Glycol 4000
- Polyethylene Glycol 400 FCC Grade
- Polyethylene Glycol 200
- Polyethylene Glycol 6000
- Polyethylene Glycol 300
Form Overview, 2019-2029 (USD Billion)
- Opaque Liquid
- White Waxy Solid
- Flakes/ Powder
Application Overview, 2019-2029 (USD Billion)
- Building and Construction
- Cosmetics/Personal Care
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa