NEW YORK, June 2, 2022 /PRNewswire/ -- According to the market research study published by P&S Intelligence, in 2021, the polyethylene glycol market was worth $4,534.8 million, which will increase at a 4.8% CAGR from 2021 to 2030, to reach $6,909.6 million. The growing consumption of polyethylene glycol (PEG) as a specialty solvent and surface-active agent in shampoos, creams & lotions, toothpastes, conditioners, deodorants, lipsticks, soaps, bath oils, and detergents is the key factor driving the market.
The APAC polyethylene glycol market has seen significant expansion in recent decades because of the rising demand for water-based paints, coatings, and inks in the construction sector; therefore, it currently has the largest share. Furthermore, the rise of the paper industry in India and China is predicted to enhance the requirement for the chemical, which is used as a color stabilizer in ceramics and paper.
Additionally, the hydraulic fracturing technology has expanded the production of unconventional resources, including shale gas and tight oil, thus improving the access to the petrochemicals used in PEG and open up market opportunities.
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PEG 400 Holds Largest Share in Market
PEG 400 holds the largest share in the polyethylene glycol market, and it will grow at a 5% CAGR in the coming years. This is mainly because this variant has a low molecular weight and not as toxic. It is also hydrophilic, which means it is ideal for boosting the solubility and bioavailability of drugs that are not adequately water-soluble.
Medical Sector Offers Largest Application Area for PEG
In 2021, the medical category held the largest share in the market. PEG is used as a solvent, dispensing agent, and delivery liquid for pharmaceuticals and ointments, as well as a tablet filler and suppository base in ophthalmic solutions and for curing constipation. Furthermore, the use of PEG, rather than monoethylene glycol, in the pharmaceutical sector is expected to have a favorable impact on the market.
North America Holds Significant Share
North America holds around 30% revenue share of the polyethylene glycol market, owing to the high production of crude oil. As per the U.S. Energy Information Administration, the present per-day production of crude oil in the country is approximately 11 million barrels. PEG usage is also being driven by the substantial expansion of the cosmetics and personal care sectors in the U.S. and Canada. Customers' rising requirement for multifunctional personal care products and the increasing employed population are driving growth in the cosmetics and personal care industry in the continent.
Browse detailed report on Polyethylene Glycol Market Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2030
Companies Engaged in Various Strategic Developments to Increase Market Share
To maintain a competitive edge, major companies in the polyethylene glycol market are engaging in several strategic activities. For example:
- Clariant announced the launch of a range of Vita 100% bio-based PEGs and surfactants in February 2021.
Polyethylene Glycol Market Segmentation Analysis
By Form
- Opaque Liquid
- White Wax Solid
- Flake/Powder
By Grade
- PEG 200
- PEG 300
- PEG 400
- PEG 400 FCC Grade
- PEG 3350
- PEG 4000
- PEG 6000
By Application
- Medical
- Construction & Infrastructure
- Industrial
- Personal Care
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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