Polyethylene Glycol Market Research Highlights Future Growth Areas and Applications
The global polyethylene glycol market size is expected to reach USD 7,482.4 million by 2030, registering a CAGR of 6.0% according to a new report by Grand View Research, Inc. Increasing use of Polyethylene Glycol (PEG) as a solvent in the manufacturing of laxatives and eye drops coupled with the growth of the pharmaceutical industry is anticipated to drive the market. The evolution of waterborne coating and paint in automotive and construction industries owing to the growing demand for eco-friendly products is expected to augment PEG market growth.
Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.
Gather more insights about the market drivers, restrains and growth of the Global Polyethylene Glycol Market
Polyethylene Glycol Market Report Highlights
- PEG market demand in industrial applications accounted for less than 30.6% of volume share in 2022 and is expected to witness growth on account of development in automotive, construction, marine, electronics, and aerospace industries. Growing automotive production coupled with increasing construction expenditure, particularly in emerging economies of Asia Pacific, Middle East and Latin America, is anticipated to drive PEG market growth.
- Asia Pacific was the largest market for PEG owing to the presence of a large scale pharmaceutical and automotive manufacturing base in the region. Rapid industrialization in the region over the past decade augmented PEG demand and the trend is anticipated to continue over the forecast period. Growing demand for skincare products as a result of rising consumer purchasing power is expected to play a vital role in the growth of PEG market.
- Latin America and the Middle East are likely to witness above-average growth on account of the growing automotive industry as well as increasing expenditure on building & construction over the forecast period.
- Key market participants include BASF SE, The Dow Chemical Company, Ineos, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, India Glycols and Taijie Chemical. The global market for PEG was fragmented due to the presence of numerous companies. Gaining popularity of PEGlycation technology in pharmaceutical and biotechnological applications due to its pharmacological advantages and acceptability is expected to have a positive impact.
Key Companies & Market Share Insights
The global market is highly fragmented on account of the high penetration of companies across the world. Raw material availability of ethylene oxide on account of its increased demand for the production of MEG, which is further processed to manufacture PET, is expected to be a paramount concern for manufacturers.
List Of Key Players in Polyethylene Glycol Market
- BASF
- Dow Chemical Company
- LOTTE CHEMICAL
- Ineos
- Croda
- Liaoning Oxiranchem
- Liaoning Kelong
- Jiangsu Haian Petrochemical Plant
- Shanghai Bronkow Chemical
- Taijie Chemical
- Huangma Chemical
- India Glycols
Order a free sample PDF of the Polyethylene Glycol Market Intelligence Study, published by Grand View Research.
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