Pune, Aug. 22, 2024 (GLOBE NEWSWIRE) -- As per the SNS Insider research, The Polyethylene Glycol Market Size was valued at USD 5.0 billion in 2023, and is expected to reach USD 8.4 billion by 2032, and grow at a CAGR of 6.0% over the forecast period 2024-2032.
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The Polyethylene Glycol market has been witnessing substantial activity and growth, with several significant developments shaping the landscape. In June 2024, Dow anticipated the need for more PEG production capacity and announced the expansion of its existing unit located at the Freeport, Texas facility. The expansion spans several thousand tons and aims at refining Dow’s position as a front supplier in the market and a supplier of active pharmaceutical ingredients to address the increasing global demand for more of the to-be-made pharmaceutical-grade. On the other hand, in October 2023, Kirya Chemical Industry Co. Ltd. also expressed its intention to capitalize on the rising demand for the processes of more variety of products and introduced the colorless amber viscous liquid used to fulfill its customers’ requirements.
Moreover, the growth in the PEG market is expected to be rapid, driven primarily by the pharmaceutical and personal care industries. In contribution to the largest share of the PEG market, PEG is not only forming the bulk of many formulations to enhance the solubility and bioavailability of active pharmaceutical ingredients but also supporting the accelerated growth of pharmaceutical product demand amid an increase in chronic diseases. The second largest adopter of PEG is the personal care sector which utilizes the compound as a humectant and emollient often incorporated into the formulation of skin creams, lotions, and shampoos. Meanwhile, the industrial segment is the third largest consumer employing PEG as a lubricant as well as resin and plasticizer maker. In addition to other sectors and applications, the PEG market is favored by its all-over spread and wide application base across a broad array of industries.
Polyethylene Glycol Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.0 Billion |
| Market Size by 2032 | US$ 8.4 Billion |
| CAGR | CAGR of 6.0% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Form (White waxy solid, Opaque liquid, and Flakes/ Powder) • By Application (Medical, Building and Construction, Personal Care, Automotive, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Non-toxic nature and biodegradability of polyethylene glycol • Rising demand for the medication is the main driving factor for the Polyethylene glycol market • Increasing demand for polyethylene glycol in various industries |
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Segment Analysis
The Medical sector dominated the Polyethylene Glycol Market in 2023, with a market share exceeding 40%. The significant control is mostly credited to the widespread utilization of Polyethylene Glycol in different medical uses, such as drug creation, where it acts as an ingredient in tablets, creams, and laxatives. There are already some uses in the medical sector in the process of making some of the over-the-counter laxatives and making them a part of everyday life. Furthermore, it is useful when it comes to the pharmaceutical industry and the counter of the decreased solubility and bioavailability of active pharmaceutical ingredients. Moreover, an important factor ensuring the presence of the Medical sector already in the market is the high demand for new drug alternatives when it comes to such chronic diseases, as cancer and diabetes. Additionally, the ongoing development in biopharmaceuticals, which involves the use of Polyethylene Glycol in creating different injectable medications, highlights its importance and consistent need in the healthcare industry.
Trends Analysis: Polyethylene Glycol Market
The Polyethylene Glycol market is moving toward several advancements that provide impetus to its growth trajectory. The major trend that is growing momentum includes a shift towards bio-based polyethylene glycol derivatives linked with a ubiquitously increasing ecological concern and stringent regulatory standards. Industry players are making substantial investments in R&D consultations for sustainable alternatives of polyethylene glycol, which should have minimal carbon footprints and adequate performance. Another fast-growing trend in the polyethylene glycol market is that concerning the food and beverages industries, more and more applications are coming up as food additives and processing aids, quite suitable to enhance texture and stability in a wide range of foodstuffs. Nanotechnology opened new ways for polyethylene glycol, and with the development of new routes, it found application in drug delivery systems for targeted therapies with higher efficacy and lower side effects.
Key Players
- Dow Chemical Company
- BASF
- Croda
- INEOS
- India Glycols
- LOTTE CHEMICAL
- Shanghai Bronkow Chemical
- Liaoning Oxiranchem
- Jiangsu Haian Petrochemical Plant
- Taijie Chemical
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Recent Developments
July 2024: BASF SE received the ISCC+ certification for its product line of Acrylics, Glycol Ethers, Alcohols, and Acetates.
May 2024: INEOS Group Ltd. completed the acquisition of the ethylene oxides and derivatives business and the related manufacturing sites in Bayport, Texas, from LyondellBasell.
February 2024: Evonik Industries AG partnered with the University of Mainz to commercialize randomized polyethylene glycols and also plans to introduce technical-grade rPEG-lipids by mid-2024.
Regional Analysis
In 2023, Asia Pacific dominated and accounted for 40% of the polyethylene market. The leading pharmaceuticals and personal care industries in Asia Pacific consumed significant amounts of polyethylene. For instance, India and China have the largest pharmaceutical industry consuming polyethylene in formulation and as excipients for drug delivery and stability. Additionally, consumer demand for personal care products in countries such as South Korea and Japan increased the consumption of polyethylene since the products required it. Of particular interest is the fact that personal care products such as alon and Pantene contain polyethylene; thus, increased consumption attributed to the production of the products may need constant delivery. Market-wise, the polyethylene production base was in Asia; hence, a continuous increase in consumer demand reinforced Asia’s dominance.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization Analysis by Region
5.2 Feedstock Prices Analysis by Region
5.3 Regulatory Impact: Effects of regulations on Formion and usage.
5.4 Environmental Metrics Analysis by Region
5.5 Innovation and R&D
6. Competitive Landscape
7. Polyethylene Glycol Market Segmentation, by Form
8. Polyethylene Glycol Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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