Polyethylene Glycol Market is Forecast to Reach $4.6 Billion by 2025
iCrowdNewswire Jan 17, 20201:54 AM ET
Polyethylene Glycol Market is forecast to reach $4.6 billion by 2025, after growing at a CAGR of 5.3% during 2020-2025. The increasing demand for biologically safe and non-immunogenic substances in food & beverage and biological application is driving the 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.
- 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. 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.
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.
- 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.
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