According to the Market Statsville Group (MSG), the global polyethylene glycol market size is expected to grow from USD 4.8 billion in 2021 to USD 7.2 billion by 2030, at a CAGR of 5.1% from 2022 to 2030. Polyethylene glycol (PEG) is a polymeric material composed of ethylene oxide and water as monomers that are not only hydrophilic but also biocompatible, despite the fact that it is a synthetic molecule created by ring-opening polymerization of ethylene oxide. Because it is made of water and ethylene oxide, it has several applications ranging from medicines to construction. Polyethylene glycol (PEG) is a non-ionic polymer widely employed in polymer-based medication delivery and other bioactivities. Polyethylene glycol is being studied for pro-drug conjugation due to its excellent water solubility. This esteem and usage of PEGlycation technology in biotechnological and pharmaceutical applications has resulted in several advances in the medical field.
The global polyethylene glycol (PEG) market is predicted to expand due to the increasing relevance of material features such as non-toxicity, wear resistance, and organic solvent solubility. Because of the aforementioned features, the advent of PEG as a lubricant solution in the pharmaceutical sector is projected to have a favorable influence on the market. PEG market growth is expected to be driven by pharmaceutical industry expansion in emerging economies – India, China, and Brazil- and increased investment in technological innovation. The growing application scope of water-based coatings, paints, and inks in the construction and automotive industries will likely boost PEG market demand throughout the research period. PEG is also utilized as a color stabilizer in the paper and ceramic industries. Paper sector expansion in China and India due to rising domestic demand is predicted to boost PEG demand.
Ceramic tiles are widely used in the automotive, construction, and domestic industries and expansion in these sectors will likely boost PEG demand over the next six years. The availability of replacements such as MEG and other glycol ethers in the market is projected to constitute a real threat and have a negative impact on the industry during the forecast period.
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COVID–19 Impact on the Global Polyethylene Glycol Market
The recent coronavirus pandemic had a severe influence on the polyethylene glycol market. The COVID-19 pandemic has influenced the operations and profitability of the polyethylene glycol market. Many countries implemented some form of quarantine to prevent the spread of the coronavirus. This affects product logistics and raw material distribution across the value chain. Furthermore, the economic crisis caused by the pandemic has caused end-user industries to cut their operational rates. Financing constraints, lockdowns, and travel restrictions have affected global industry and major end-user markets.
On the positive side, the market has expanded in healthcare and pharmaceutical applications. The medical and pharmaceutical sectors are thriving in the midst of the pandemic. Many countries have increased their expenditure on healthcare, which will assist the medical and pharmaceutical businesses in the near future. PEG serves as a dispersant, delivery liquid, solvent, filler and ointment, and laxative. As a result, demand for polyethylene glycol surged in the healthcare and pharmaceutical sectors, allowing the industry to flourish even during the pandemic.
Scope of the Global Polyethylene Glycol Market
The study categorizes the polyethylene glycol market based on type and application at regional and global levels.
By Type Outlook (Sales, USD Billion, 2017–2030)
- Mw (?1000)
- Mw (1000-10000)
- Mw (10000-20000)
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By Application Outlook (Sales, USD Billion, 2017–2030)
- Personal Care
By Region Outlook (Sales, USD Billion, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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Medical application segment accounts for the largest market share by application
Based on the application, the polyethylene glycol market is divided into medical, personal care and industrial. The medical application segment dominated the global polyethylene glycol market with the largest share due to its multiple uses in medications and ointments, as a filler for tablets, and as a suppository base in ophthalmic solutions; it is also used to treat constipation because it encourages the feces to retain water, encouraging bowel movement. Moreover, emerging nations like China and India have boosted their healthcare spending, enhancing the market in the coming years.
Asia Pacific accounts for the largest market share by Region
Based on the regions, the global Polyethylene Glycol Market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Asia–Pacific Region is to account for the largest share of the global Polyethylene Glycols industry due to increased utilization in the region’s expanding medical and pharmaceutical, automotive, and building and construction industries. The rising usage of water-based coatings, paints, and inks in the construction industry is expected to enhance the market in this region.
As a result, such market trends are likely to assist Asia-Pacific in dominating the overall market.
Key Market Players in the Global Polyethylene Glycol Market
The global polyethylene glycol market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global polyethylene glycol market are:
- Dow Chemical
- Liaoning Oxiranchem
- Jiangsu Haian
- PCC SE
- Lotte Chemical
- Sanyo Chemical
- India Glycols
- Petronas Chemicals
- Shandong Ruisheng
- Jiangxi Yipusheng
- Liaoning Huaxing