December 04, 2018: Adroit Market Research published a study titled, “Global polyethylene glycol Market Size 2017 by application (Medical, Personal care, Industrial and others) by region (North America, Europe, Asia Pacific, Rest of the World) and Forecast 2018 to 2025”. The report consists of global polyethylene glycol market trends such as such as drivers, restraints and opportunities. Porter’s Five Forces analysis, PESTEL analysis, and value chain analysis are the analytical tools utilized in the published study in order to gain a better understanding of the global polyethylene glycol market. The global polyethylene glycol market study provides the market estimates in terms of volume (Kilo tons) and revenue (USD million), for a total period of 2015 to 2025. The historic market figures have been provided from 2015 to 2017 and forecast figures from 2018 to 2025. The global polyethylene glycol market 2018 gives a holistic view encompassing production, consumption, import and export for key regions and countries.
The global polyethylene glycol market size is anticipated to reach USD 2.27 billion by 2025, owing to the overall growth of pharmaceutical industry growth in emerging economies of India, China and Brazil, coupled with growing number applications of PEG in other sectors. For instance, PEG is used in cosmetic industry for preparing skin creams, ointments bases and lubricants because of their skin friendliness. Thus, rapid growth in the cosmetics industry has eventually augmented the growth of polyethylene glycol market.
Different methods are used to create PEGs with wide variety in their physical attributes, allowing them to be utilized by polyethylene glycol market. This wide variety of physical properties can be achieved by controlling the PEG’s molecular weight. These numerous attributes of PEGs allow for their vast range of applications ranging from pharmaceutical industry to food industry.
Based on the application of polyethylene glycol, industrial segment is fastest growing segment with the CAGR of 5.8% in the forecast period. For instance, water-based coatings, paints and inks are few applications in construction and automotive industry which would lead to the growth of polyethylene glycol market in the forecast period. Other industrial applications of PEG include lubrication coating for various surfaces in aqueous and non-aqueous environments and as a polar stationary phase for gas chromatography.
Medical sector had the biggest market share of more than 40% in 2017, among the other application segments of the polyethylene glycol market. Because of their non-toxic and biologically inert nature, PEGs are can be safely used in the medical and food-processing industries. Polyethylene glycol work as water binding agent in the toothpastes, which keep xanthum gum distributed uniformly in the toothpaste. Increased usage of PEG as a solvent in the manufacturing of eye drops and laxatives will propel the growth of polyethylene glycol market.
Geographically, Asia-Pacific region has dominated the global polyethylene glycol market by contributing almost 47% of market share in 2017. With growing pharmaceutical and food sectors in Asian countries such as India and China, the demand for PEG and its derivatives has grown over the past years and is expected to grow further in the forecast period. Additionally, Middle East and Latin America region look promising in terms of polyethylene market growth owing to the rapid increase in construction and automotive sector.
The global polyethylene glycol market is fragmented with large number of players operating in the global and country level. Some of the major key players include BASF, Dow Chemical Company, Lotte Chemical, Ineos, Croda, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, Shanghai Bronkow Chemical, Taijie Chemical, Huangma Chemical and India Glycols. These companies have established their presence in the market owing to continuous R&D activities and their various strategic initiatives.