Macrogol Polyethylene Glycol Market Size Worth USD 8.98 Billion in 2032 | Emergen Research

Vancouver, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global macrogol/Polyethylene Glycol (PEG) market size was USD 4.90 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.3% during the forecast period. The global macrogol/PEG market is poised for substantial growth, driven by a surge in demand for PEG in drugs, medicinal devices, and chemical applications. Market research indicates that key factors influencing this growth include the adoption of PEG derivatives in various industries, such as pharmaceuticals, cosmetics, and food products, as well as the rising use of PEG in cancer therapy technologies. The market is characterized by polyether compounds like PEG 200, PEG 400, PEG 600, PEG 1000, PEG 3350, and PEG 8000, with their molecular weight playing a crucial role in ensuring performance standards.

The medical sector emerges as a significant contributor to the market's revenue, with PEG finding applications in laxatives, drug deliveries, topical creams, and medical devices. Furthermore, the opaque liquid form of macrogol/PEG dominates the market, driven by its widespread use in construction, healthcare, and personal care products, particularly skin whitening creams. The market is witnessing a notable trend towards sustainable and environmentally friendly opaque liquids, with manufacturers investing in research and development to meet these preferences.

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While the market experiences robust growth, challenges such as high production costs and competition from alternative materials pose potential constraints. The shift towards organic therapeutics is also impacting the demand for PEG, especially in the treatment of chronic diseases affecting older populations.

Regional Highlights: Asia Pacific Takes the Lead, North America Shows Fastest Growth

The Asia Pacific region leads the global macrogol/PEG market, primarily attributed to the growing adoption of pharmaceutical and biotechnological industries in countries like China, Japan, South Korea, and India. Technological advancements in PEG manufacturing, including the development of biodegradable derivatives, contribute to the region's dominance.

North America is expected to witness the fastest growth in the market, driven by increasing demand for chemicals and personal care products, particularly in the U.S. and Canada. The versatility of PEG, used as a solvent, dispersant, binder, and lubricant, further propels its demand in the region.

Europe accounts for a significant share in the market, fueled by the demand for pharmaceutical and cosmetics industries, particularly in the UK, Germany, and France. Strict regulations regarding chemical use and a growing preference for safer and eco-friendly products contribute to the market's steady growth in this region.

Outlook and Future Prospects

Despite challenges, the global macrogol/PEG market is set for continued expansion, driven by innovation, technological advancements, and the growing application of PEG in diverse industries. The market players, including major acquisitions such as INEOS Enterprises' acquisition of ASHTA Chemicals Inc., are positioning themselves strategically to meet the rising demand for medicinal and healthcare products.

As the market evolves, manufacturers are likely to focus on developing tailored products aligned with specific application needs and investing in sustainable and environmentally friendly solutions. The medical and chemical sectors, in particular, are anticipated to play a pivotal role in shaping the market's trajectory, with ongoing efforts to enhance product performance and durability.

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Scope of Research

Major Companies and Competitive Landscape

The global macrogol/Polyethylene Glycol (PEG) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective macrogol/Polyethylene Glycol (PEG). Some of the major companies included in the global macrogol/Polyethylene Glycol (PEG) market report are:

• Dow Chemical Company
• BASF SE
• Chempep Inc.
• INEOS
• Jaiangsu Hai’an Petrochemical Plant
•  Croda International Plc
• Liaoning Kelong Fine Chemical Co., Ltd.
• Petroliam Nasional Berhad
• Lotte Chemical corporation
• Hutsman International LLC
• Shangai Taijie Chemical Co., Ltd.
• Shell PLC
• Reliance Industries Limited
• India Glyols Limited
• Liaoning Oxiranchem
• Clariant, AkzoNobel N.V.
• Zhejiang Huangma Chemical
• GFS Chemical Inc.
• Noah Chemicals
• Honghe Chemical

Strategic Development

• On 21 September, 2023, Dow launched a new line of Propylene Glycol (PG) solutions in Europe that uses low-carbon, bio-based and circular alternative feedstocks. Customers can now deliver finished products to a wide range of industries including pharmaceuticals, agriculture and food, with third-party verified sustainability benefits based on a mass balance approach. This mass balance approach tracks the flow of sustainable raw materials used in PG production through complex value chains and allocates based on auditable accounting.
• On 19 June, 2023, BASF SE announced to start a Polyethylene (PE) plant at its Verbund plant in Zhanjiang, China. The new plant will have an annual production capacity of 500,000 tons of PE, meeting the rising demand in China. The plant is scheduled to start operating in 2025. With this groundbreaking initiative, BASF will enter the China PE market through a competitive manufacturing base of a fully integrated manufacturing site in Zhanjiang City, serving customers in the consumer goods, packaging, construction, and transportation industries.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global macrogol/Polyethylene Glycol (PEG) market on the basis of form, grade, application, end-use, and region:

• Form Outlook (Revenue, USD Billion; 2019-2032)
  • Opaque Liquid
  • White Waxy Solid
  • Flakes/Powder
• Grade Outlook (Revenue, USD Billion; 2019-2032)
  • Polyethylene Glycol 200
  • Polyethylene Glycol 300
  • Polyethylene Glycol 400
  • Polyethylene Glycol 600
  • Polyethylene Glycol 1000
  • Polyethylene Glycol 3350
  • Polyethylene Glycol 4000
  • Polyethylene Glycol 6000
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Medical
  • Personal Care
  • Industrial

Others

• End-use Outlook (Revenue, USD Billion; 2019-2032)
  • Adhesives
  • Agriculture
  • Ceramic
  • Chemicals
  • Lubricants
  • Pharmaceuticals
  • Paints and Coatings
  • Paper Products
  • Metal Working
  • Textiles
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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