Cloud Banner

Press Release

Sep, 22 2023

Growing Demand for Medicines Drives the Demand for the Global Polyethylene Glycol Market

PEG is used in a variety of sectors, including healthcare, cosmetics, manufacturing, and more. It is prized for its solubility, viscosity, and stability, among other qualities. The market encompasses producers, suppliers, and consumers engaged in the manufacturing, formulation, and utilization of PEG-based products. Factors influencing the market include raw material costs, demand in various sectors, regulatory considerations, and technological advancements. PEG's widespread use in a variety of applications creates a dynamic global market structure, with pricing, innovation, and sustainable practices serving as key focal points.

The terminal hydroxyl group of polyethylene glycols is changed to one or more reactive functional groups, such as thiols, carboxyl groups, N-hydroxysuccinimide esters azides, or reactive alkyne groups, which start the creation of crosslinks. Their synthesis relies heavily on conjugation chemistry, and different conditions and procedures are used depending on the attached functional group. For instance, acrylate-terminated polyethylene glycols could undergo rapid reaction under mild reaction conditions. It is colorless, low toxic, non-irritating in nature, and has very high biocompatibility. It is widely used as an anti-foaming agent, lubricant, dispersive agent, and laxative. It is applicable to a variety of industries, such as pharmaceuticals, healthcare, building and construction, personal care, and cosmetics.

Access Full Report @ https://www.databridgemarketresearch.com/reports/global-polyethylene-glycol-market

Data Bridge Market Research analyzes that Global Polyethylene Glycol Market is expected to reach USD 8,025.05 million by 2030 from USD 4,914.62 million in 2022, growing with a substantial CAGR of 6.4% in the forecast period of 2023 to 2030. Growing demand for medicines will drive market growth.

Key Findings of the Study

Polyethylene Glycol Market

Growing demand for medicines

The aging population, increased incidence of chronic diseases, the arrival of generic competitors in the market, and R&D efforts to create novel and creative drugs are becoming more important.

The sales rate of "Pfizer" medicine is the highest on the market, and the pharmaceutical business is expanding globally at an accelerated rate. The R&D division of Pfizer also forecast that the focus of research will be on cholesterol regulators, antidiabetics, respiratory medications, and other products, with the U.S. having the largest revenue growth.

In the evaluation of the pharmacodynamics of candidate compounds, the metabolism of drugs plays a direct role. Polyethylene glycol acts as an inactive ingredient in the pharmaceutical industry, usually as a wetting and thickening agent in ointment and creams, and a used to add protective coatings tablets. Moreover, its use as an electrolyte solution for the examination of disorders and dysfunctionality in the colon of humans is well known.

Polyethylene glycol is commonly found as liquids or low-melting solids. The increased demand for polyethylene glycol as surfactants, cleaning, thickening, and softening agents in medicines, diagnostics, and medical devices is driving the market growth.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volume in Tons

Segments Covered

Grade (PEG 200, PEG 300, PEG 400, PEG 600, PEG 1000, PEG 3350, PEG 4000, PEG 6000, PEG 8000, and Others), Form (Opaque Liquid, Powder, Flakes, and White Waxy Solid), Packaging Type (Plastic Bottles, Drums, Bags, Cartons), Application (Healthcare, Building and Construction, Industrial, Cosmetics/Personal Care, and Others)

Countries Covered

U.S., Canada, Mexico, Germany, France, Italy, U.K., Spain, Russia, Switzerland, Belgium, Netherlands, Turkey, Denmark, Sweden, Poland, Norway, Finland, Rest of Europe, Japan, China, South Korea, Australia, Singapore, Thailand, Taiwan, Vietnam, New Zealand, Malaysia, Indonesia, Philippines, India, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, Egypt, South Africa, Qatar, United Arab Emirates, Oman, Kuwait, Bahrain, and Rest of Middle East and Africa

Market Players Covered

SABIC (South Korea), LOTTE Chemical Corporation (South Korea), INEOS (U.K.), Croda International Plc (U.K.), BASF SE (Germany), Dow (U.S.), India Glycols Limited. (India), Liaoning Kelong Fine Chemical Co., Ltd. (China), Noah Chemicals (U.S.), GFS Chemicals, Inc. (U.S.), Hefei TNJ Chemical Industry Co., Ltd. (China), CLARIANT (Germany), Mitsui Chemicals, Inc. (Japan), Dynalene, Inc. (U.S.), Shanghai Bronkow Chemical Co., Ltd. (China), Saibaba Surfactants PVT LTD (India), Carl Roth GmbH + Co. KG (Germany) among others

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Segment Analysis

The market is segmented into four notable segments on the basis of grade, form, packaging type, and application.

  • On the basis of grade, the market is segmented into PEG 200, PEG 300, PEG 400, PEG 600, PEG 1000, PEG 3350, PEG 4000, PEG 6000, PEG 8000, and others.

In 2023, PEG 400 segment is expected to dominate the global polyethylene glycol market

In 2023, PEG 400 segment is expected to dominate the market with 25.86% market share due to its low toxicity widely used for drug formulations in the pharmaceutical industry and is mainly used as a food additive.

  • On the basis of form, the market is segmented into opaque liquid, white waxy solid, powder, and flakes.

In 2023, opaque liquid segment is expected to dominate the global polyethylene glycol market

In 2023, the opaque liquid segment is expected to dominate the market with 64.70% market share as the opaque liquid is utilized as a lubricating agent in processing plants and as a wetting and thickening agent in cosmetics & medical auxiliaries.

  • On the basis of packaging type, the market is segmented into drums, plastic bottles, bags, and cartons. In 2023, the drums segment is expected to dominate the market with 53.36% market share.
  • On the basis of application, the market is segmented into healthcare, building and construction, industrial, cosmetics/personal care, and others. In 2023, the healthcare segment is expected to dominate the market with 47.33% market share.

Major Players

Data Bridge Market Research recognizes the following companies as the major players in the global polyethylene glycol market that include are SABIC (South Korea), LOTTE Chemical Corporation (South Korea), INEOS (U.K.), Croda International Plc (U.K.), BASF SE (Germany), Dow (U.S.), India Glycols Limited. (India), Liaoning Kelong Fine Chemical Co., Ltd. (China), Noah Chemicals (U.S.), GFS Chemicals, Inc. (U.S.), Hefei TNJ Chemical Industry Co., Ltd. (China), CLARIANT (Germany), Mitsui Chemicals, Inc. (Japan), Dynalene, Inc. (U.S.), Shanghai Bronkow Chemical Co., Ltd. (China), Saibaba Surfactants PVT LTD (India), and Carl Roth GmbH + Co. KG (Germany) among others.

Polyethylene Glycol Market

Market Development

  • In June 2023, GFS Chemicals, Inc. is thrilled to have earned the Ohio Chemistry Technology Council's coveted 2023 Award for Excellence (OCTC). The Award for Excellence honors Ohio chemical businesses that have excelled in environmental, health, safety, and security performance throughout the preceding year. This allows the firm to obtain greater awareness and reach across North America.
  • In December 2022, CLARIANT is planning to expand its Care Chemicals factory in Daya Bay, Huizhou, China, to better serve clients in the pharmaceutical, personal care, home care, and industrial applications. The CHF 80 million (USD 91.05 million) investment will see capacity enhancements for existing products as well as the launch of new products by the end of 2024. The CLARIANT Daya Bay production plant has become China's first API producer with approved polyethylene glycol Polyglykol 3350 after successfully receiving the medication GMP certificate. This investment would help Clariant establish a new worldwide base for its healthcare business.
  • In January 2022, INEOS Oxide and Wilmar announced that the sale of the Wilmar Ethoxylation facility in Lavéra, France, to INEOS has been finalized. They can continue to expand in the European market thanks to this purchase, which is a wonderful match for their alkoxylation company. Now, they will run alkoxylation equipment across three connected INEOS plants. They are eager to expand their network with this capacity, which will improve their ability to serve the European market together with their future expansion in Zwijndrecht, Antwerp, Belgium.
  • In August 2021, Croda International Plc has expanded its Mill Hall high-purity excipients factory. Croda's commitment to growing its Life Sciences business and generating breakthrough pharmaceutical excipients is reinforced by this investment, confirming Croda's Purpose to utilize Smart science to enhance lives. Croda continues its ambitious goal of being People Positive by 2030 by contributing to the successful development of 25% of WHO-listed pipeline vaccines with its newest Mill Hall expansion.

In July 2021, ExxonMobil and SABIC declared that a monoethylene glycol unit and two polyethylene units at their joint venture, Gulf Coast Growth Ventures, in Corpus Christi, Texas, had completed mechanical completion. These three factories will create the basic chemicals needed in packaging, automotive, and medical applications. A crucial component of SABIC and ExxonMobil's strategy to meet the rising demand for their high-value performance products is Gulf Coast Growth Ventures.

Regional Analysis

Geographically, the countries covered in the global polyethylene glycol market are U.S., Canada, Mexico, Germany, France, Italy, U.K., Spain, Russia, Switzerland, Belgium, Netherlands, Turkey, Denmark, Sweden, Poland, Norway, Finland, Rest of Europe, Japan, China, South Korea, Australia, Singapore, Thailand, Taiwan, Vietnam, New Zealand, Malaysia, Indonesia, Philippines, India, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, Egypt, South Africa, Qatar, United Arab Emirates, Oman, Kuwait, Bahrain, and Rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant and the fastest growing region in the global polyethylene glycol market

Asia-Pacific region is expected to dominate and be the fastest growing region in the market due to high innovations and development in the pharmaceutical and healthcare industry, large-scale production, easy availability of products, and an increase in customers.

For more detailed information about the global polyethylene glycol market report, click here – https://www.databridgemarketresearch.com/reports/global-polyethylene-glycol-market


Client Testimonials