The increasing use of Polyethylene glycol in various applications and rapid economic growth are expected to create growth opportunities for the market.
The global polyethylene glycol market size is anticipated to reach USD 2.27 billion by 2028, 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 study also assesses the demand using value chain analysis to highlight the different characteristics of the global Polyethylene glycol industry. Furthermore, the Polyethylene glycol market report covers various qualitative aspects of the industry, such as market restraints, key industry drivers, and opportunities. In addition, the report offers a comprehensive analysis of the competition by company profiles and the competitiveness of local and global vendors.
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.
Key Segments of the Global Polyethylene Glycol Market
Application Overview, 2019-2028 (USD Billion)
- Personal care
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America