Polyethylene Glycol Market Estimated to Reach $5.31 billion by 2029 Globally, at a CAGR of 6.2%, says MarketsandMarkets™
Delray Beach, FL, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Polyethylene Glycol Market is projected to grow from USD 3.94 billion in 2024 to USD 5.31 billion by 2029, at a CAGR of 6.2% during the forecast period, as per the recent study by MarketsandMarkets. The PEG market is driven by increasing demand in various end-use industries like pharmaceutical and personal care. PEG is widely used as solvent, stabilizer, and binder for drug formulations to enhance the solubility and bioavailability of drugs. Moreover, the increasing awareness of product efficacy and safety in cosmetics and skincare products has led to rise in the demand for PEG in personal care industry. The regions with strong industrial base such as North America, the ongoing research and development has helped to increase the use of PEG in products like coatings, lubricants, and other industrial applications. Additionally, the government policies supporting industrial growth contribute to the market growth.
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Browse in-depth TOC on “Polyethylene Glycol Market”
302 – Market Data Tables
64 – Figures
289 – Pages
List of Key Players in Polyethylene Glycol Market:
- BASF (Germany)
- Dow (US)
- Clariant (Switzerland)
- Lotte Chemical Corporation (South Korea)
- Sanyo Chemicals Industries Ltd (Japan)
- Sabic (Saudi Arabia)
- Kao Corporation (Japan)
- Croda International Plc (UK)
- Indian Glycols Limited (India)
- INEOS (India)
- Merck KGaA (Germany)
- Indorama Ventures Public Company Limited (Thailand)
- NOF Corporation (Japan)
Drivers, Restraints, Opportunities and Challenges in Polyethylene Glycol Market:
- Driver: Growing demand for Medicines
- Restraint: Fluctuating raw material prices
- Opportunity: Increasing demand for long-acting medications
- Challenge: Degradation Issues
Key Findings of the Study:
- By grade, PEG 200 is the second fastest growing grade in PEG market in 2023
- By form, flake/powder held largest share of PEGs market in 2023
- Asia Pacific is the fastest growing PEG market during forecast period, in terms of value.
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Based on end-use industry, the PEG market has been segmented into pharmaceutical, cosmetics & personal care, food & beverage, industrial and others. The prevalence of chronic diseases and advanced drug delivery systems are increasing the demand for PEG in pharmaceutical industry. Additionally, the expanding healthcare infrastructure in Asia Pacific, North America and Europe provide significant opportunities for PEG suppliers and manufacturers, with countries like India, China, and US experiencing rapid growth in pharmaceutical industry and driving the PEG market. Moreover, the advancements in PEGylation technology are significantly influencing the PEG market. There are developments of PEG hydrogels used for controlled release of drugs to enhance the drug delivery system. These technological advancements are fuelling the application of PEG in pharmaceutical industry.
The Asia Pacific region has rapidly growing pharmaceutical and healthcare industries especially in countries like India and China which drive the market for PEG in drug formulations and delivery systems. With rising consumer awareness and disposable income, there’s an increase in the usage of PEG in skin care and beauty products. Additionally, significant investments in healthcare infrastructure and personal care industry further enhance PEG applications, while the government policies support the industrial growth to the region’s rapid market expansion. The ongoing expansions of end use industries along with growing awareness of PEG’s advantages position Asia Pacific as a fastest growing region for PEG market.
The rise of biologics and personalized medicines provides with the opportunities for key players in the market for developing advanced PEG formulations for versatile applications. Additionally, the increasing incline of countries towards sustainability creates a room for manufacturing bio-based PEG to attract environmentally conscious consumers. Companies can also merge and collaborate with research institutes for innovation in PEG formulations for applications in upcoming fields like regenerative medicines. Investments in R&D for producing high quality and cost-effective PEG products can help manufacturers to strengthen their position in the market.
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PEG is widely used as excipient in pharmaceutical industry for drug formulations and drug delivery systems. PEG helps to improve the solubility and stability of active pharmaceutical ingredients which is important in manufacturing of various drugs. In drug delivery systems PEG can enhance the controlled release of medications and reduce the toxicity which is vital for efficient treatment. PEG is also used as a solvent, plasticizer, and binder for manufacturing of tablets, ointments, and capsules. Moreover, its application in ointments, topical creams and laxatives further expand its utility in pharmaceutical industry. Additionally, the widespread growing of chronic diseases such as diabetes and cancer has led to rise in the demand of PEG for drug formulations and delivery systems.
White wax solid is the fastest growing form of PEG due to its properties and versatile applications across different industries. This form of PEG is easy to handle particularly in applications that require controlled melting and uniform texture. The white wax solid PEG is used for pharmaceutical applications for producing ointments, creams, and topical formulations. Its ability to stay in solid forms at room temperature makes it ideal for applications which require long shelf life. The moisturizing and binding properties of white wax solid make it especially useful in cosmetics & personal care industry in manufacturing of lotions, creams, and lip balms. Additionally, it is preferred for industrial applications its lubricating and anti-static properties in coatings and plastic processing. Collectively, all these factors drive the market growth for white wax solid form of PEG making it the fastest growing form.
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