Selbyville, Delaware, June 27, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Polyethylene Glycol Market was estimated at $4.06 billion in 2020 and is slated to exceed $6.7 billion by 2027, registering a CAGR of 9.6% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Increasing investments in the construction industry are likely to offer new growth opportunities. Polyethylene glycol is a by-product produced during petroleum refining processes and it can also be extracted from natural gas or coal. PEGs of various molecular weights are widely used in household products such as cosmetics, skincare, and cleaners. Due to its hydrophilic properties, synthetic polyethylene glycol is used as thickeners, softeners, moisture-carrying agents, surfactants, and penetration enhancers.
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In the chemical industry, PEG is used as a binding & dispersing agent as it can improve the separation of particles and prevent clumping. As PEG is a non-toxic compound, it can be used in coatings that enable lubrication in various applications. Furthermore, the growing industrialization in developing economies is one of the key factors driving the polyethylene glycol market share in the building & construction sector.
The plastics segment accounted for the fourth-largest share and is anticipated to grow at a CAGR of over 10.9% from 2021 to 2027. On the other hand, polyethylene glycol is widely used in building & construction such as concretes, architectural paints, adhesives, etc. The building & construction segment is expected to grow at a CAGR of over 10.5% during the forecast period.
Medical & pharmaceutical was the largest segment and will account for around 40% share in the global polyethylene glycol market in 2027. Polyethylene glycol is witnessing surging applications in the pharmaceutical industry. As an inactive ingredient, polyethylene glycol is used as a surfactant, solvent, plasticizer, suppository base, ointment, and tablet & capsule lubricant in the pharmaceutical industry. It has low toxicity with systemic absorption of less than 0.5%. Polyethylene glycol derivatives, such as PEGylation reagents, linkers, and coupling chemistries, are applied to all classes of drug molecules, new pharmaceutical formulations, and drug delivery systems such as liposomes & nanospheres. Additionally, the rising application of polyethylene glycol in the aerospace industry is likely to boost the polyethylene glycol market growth.
North America is anticipated to grow at a CAGR of 8% during the forecast period. The surging industrial sector in developed countries, such as the U.S. and Canada, is projected to expand the demand for polyethylene glycol. Strong growth in various industries including medical & pharmaceutical, automotive, building & construction, and aerospace in North America is expected to boost the overall polyethylene glycol market in the region.
The Asia Pacific PEG market is likely to showcase significant growth owing to emerging applications of polyethylene glycols in the plastics industry. Additionally, rising construction activities in the Asia Pacific are likely to offer new growth opportunities.
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The growing demand for polyethylene glycol with exceptional properties in various applications will positively contribute to the overall industry. Key players in the global polyethylene glycol industry include Croda International, BASF, India Glycols, Dow Chemicals, Huntsman Corporation, INEOS, AkzoNobel, Liaoning Oxiranchem, Clariant, and Jiangsu Haian Petrochemical Plant, among others.
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