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Overview
Polyethylene Glycol Market is
forecast to reach $6.27 billion by 2025, after growing at a CAGR of 5.3% during
2020-2025. Polyethylene glycol (PEG), also known as polyethylene oxide is one
of the most frequently used non-ionic polymers in polymer-based drug delivery
and other bioactivities. The increasing demand for biologically safe and
non-immunogenic substances in food & beverage and biological application is
driving market growth during the forecast period. Polyethylene Glycol’s
emergence as a lubricating solution in the pharmaceutical industry is expected
to have a positive impact on the market because of its properties such as wear
resistance, non-toxicity, and solubility in organic solvents.
Report Coverage
The report: “Polyethylene Glycol Market – Forecast (2020-2025)”, by IndustryARC,
covers an in-depth analysis of the following segments of the Polyethylene
Glycol Market.
Key Takeaways
- Asia-Pacific dominates the polyethylene glycol market owing to rising demand for water borne-based coatings and paints for application in automotive and construction industries.
- The advancement of technology in hydraulic fracturing has resulted in increased production of unconventional resources such as shale gas and tight oil, which is likely to increase the supply of petrochemicals for PEG production.
- Acme-Hardesty, Oleochemical Distributor in America developed bio-based PEG produced from sugarcane which is expected to be utilized as a sustainable solution, and would open new opportunities for PEG over the forecast period.
By Application - Segment Analysis
Medical segment held the largest
share in the polyethylene glycol market in 2019 growing at a CAGR of 5.75%. Polyethylene
glycol (PEG) is used to increase the osmotic pressure of fluids which cleanses
the gastrointestinal tract. In many pharmaceutical products, such as tablets
and ointments, superior mixing, hygroscopicity and non-toxic properties of PEG
resulted in high demand for the chemical. Growing demand for polyethylene
glycol in developing countries such as China, Brazil and India on account of
increasing pharmaceutical investments is projected to boost the PEG demand over
the forecast period.
Geography - Segment Analysis
APAC dominated
the polyethylene glycol market with a share of more than 41% during the
forecast period. Asia Pacific is the
largest market for PEG
owing to the presence of
a large scale automotive and pharmaceutical
manufacturing base in the region. Rapid industrialization in APAC over the past
decade augmented PEG demand and the trend is anticipated to continue over the
forecast period. Growing demand for skin care products is projected to play a
vital role in the growth of the PEG market as a result of increased consumer
purchasing power.
Drivers – Polyethylene Glycol Market
·
Increasing demand for
skincare and cosmetic products
Increasing demand for skincare
and cosmetic products is one of the major reasons for growth of polyethylene
glycol market. Some of the new experiments being done in the field of research
& development such as the development of polyethylene glycol hydrogels
which are used as adhesives for wound closure, wound healing, regenerative
medicine tool with dopamine, cell cultures and tissue models will lead to growth
for the polyethylene glycol market. PEG is used in formulations of oral care
products such as mouth washes, toothpastes and to improve the durability and
stability of dental products.
Challenges – Polyethylene Glycol Market
·
Presence
of substitutes and stringent environmental regulations
Presence of substitutes such as
Monoethylene glycol (MEG) and presence of other glycol ethers in the market
will act as a credible risk to the polyethylene glycol market. Strict
environmental regulations associated with pharmaceutical and personal care
products manufacturing can impede market growth.
Market Landscape
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the polyethylene
glycol market. In 2019,
the market of polyethylene glycol has been consolidated by the top five players
accounting for xx% of the share. Major players in the polyethylene
glycol market are DowDuPont
Inc., BASF SE, INEOS Oxide, Nizhnekamskneftekhim, Polak Group, Kazanorgsintez,
India Glycols, Sabic, Huntsman, Clariant, Lotte Chemical and Sanyo Chemical
among others.
Acquisitions/Expansion
- In April 2019, Merck KGaA has signed an agreement to acquire Versum Materials to enhance their long term growth in the electronics materials industry.
- In November 2018, Dow expanded a low-capital, high-ROIC investment to increase its production capacity polyethylene glycols. The expansion was made particularly for expanding the capacity of CARBOWAX SENTRY polyethylene glycols.
- In July 2017 Croda International Plc acquired Enza Biotech which is a research enterprise based in Sweden. It helped in providing opportunity to fill an identified technological gap in the surfactants market using natural & renewable raw materials.