Polyethylene Glycol 400 to Account for 30.94% Global Polyethylene Glycol Market Share

 

The wide range of uses for polyethylene glycol has shown several growth prospects in the global market. There is minimal disagreement about using these glycols to treat a variety of stomach problems. Polyethylene glycol can be used to treat stomach discomfort caused by limited stool movement. Furthermore, the glycols' favorable qualities in promoting appropriate digestion have allowed new income to pour into the worldwide polyethylene glycol industry. As a result, the worldwide polyethylene glycol market's revenue index is expected to reach new highs in the coming years. The differences between polyethylene glycol and other glycols for non-medical uses are a topic of debate in the chemical industry. Together with the medical industry's concentration on research, this element has opened up new opportunities for market growth and expansion.  

Data Bridge Market Research analyses that the Polyethylene Glycol Market is expected to grow at a CAGR of 6.3% in the forecast period of 2021 to 2028 and is expected to reach USD 2,726,047.87 thousand by 2028. The growing importance of material qualities such as non-toxicity, wear resistance, and solubility in organic solvents is likely to boost the global polyethylene glycol (PEG) market. Because of the aforementioned features, PEG's development as a lubricating solution in the pharmaceutical business is predicted to have a favourable impact on the market.  

Key Findings of the Study

  • The polyethylene glycol market is anticipated to reach a value of USD 2,726,047.87 thousand by 2028, with a CAGR of around 6.3% during the forecast period from 2021 to 2028.
  • Asia Pacific dominated the polyethylene glycol market in 2021 due to the rising polyethylene production and consumption in China and India.
  • North America is expected to register lucrative growth over the forecast period of 2021 to 2028 owing to increased demand for opaque liquid segments in pharmaceutical and cosmeceutical goods in this region.
  • The opaque liquid segment accounted for the largest share in 2021 at 79.54%. The rising utilization of opaque liquid as a lubricating agent in the processing plants and as a wetting and thickening agent in cosmetics and medical auxiliaries is expected to boost the polyethylene glycol market growth.
  • The polyethylene glycol market was adversely affected by COVID-19 outbreak. This has an impact on product logistics and raw material distribution throughout the value chain. Furthermore, the pandemic's economic crisis has driven end-user industries to reduce their operational rates.  

Surging demand for skincare and cosmetic products is expected to drive the market's growth rate

One of the main drivers of the polyethylene glycol market is the rising demand for skincare and cosmetics. The development of polyethylene glycol hydrogels that are used as adhesives for wound closure, wound healing, regenerative medicine tool with dopamine, cell cultures, and tissue models, among other new experiments in research and development, will lead to growth for the polyethylene glycol market. PEG is used in the formulation of oral care products such as mouthwashes and toothpaste and in dental goods to improve their longevity and stability.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2018 - 2013)

Quantitative Units

Revenue in USD Thousand, Volumes in Units, Pricing in USD

Segments Covered

Grade (Polyethylene Glycol 200, Polyethylene Glycol 300, Polyethylene Glycol 400, Polyethylene Glycol 400 FCC Grade, Polyethylene Glycol 3350, Polyethylene Glycol 4000, Polyethylene Glycol 6000, Others), Form (Opaque Liquid, White Waxy Solid, Flakes/ Powder), Application (Healthcare, Building and Construction, Industrial, Cosmetics/Personal Care, Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, the rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong, Taiwan, rest of Asia-Pacific, UAE, Saudi Arabia, Egypt, Israel, South Africa, rest of the Middle East and Africa.

Market Players Covered

SABIC (Saudi Arabia), LOTTE Chemical CORPORATION (South Korea), INEOS (UK), Croda International Plc (UK), Liaoning Oxiranchem, Inc. (China), India Glycols Limited (India), BASF SE (Germany), Dow (US), Mitsui Chemicals, Inc. (Japan), Merck KGaA (Germany), Liaoning Kelong Fine Chemical Co., Ltd. (China), Dynalene, Inc. (US), ProChem, Inc. (US), Noah Technologies Corporation (US), Mil-Spec Industries Corporation (US), GFS Chemicals, Inc. (USA), Hefei TNJ Chemical Industry Co., Ltd. (China), Clariant (Switzerland), Shanghai Bronkow Chemical Co.,Ltd (China), Shanghai Taijie Chemical Co., Ltd. (China)

Data Pointers Covered in Report

The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.          

Segment Analysis:

The polyethylene glycol market is segmented on the basis of grade, application and form.

  • Based on grade, the polyethylene glycol market is segmented into polyethylene glycol 200, polyethylene glycol 300, polyethylene glycol 400, polyethylene glycol 400 FCC grade, polyethylene glycol 3350, polyethylene glycol 4000, polyethylene glycol 6000 and others. In 2021, polyethylene glycol 400 segment is anticipated to dominate the market  with 30.94% market share because the surging demand for pharmaceuticals and industrial products including paints, lubricants, ceramic tiles and others.
  • Based on form, the polyethylene glycol market is segmented into opaque liquid, white waxy solid and flakes/ powder. In 2021, the opaque liquid segment dominates the market with 79.54% market share owing to the rising utilization of opaque liquid as a lubricating agent in the processing plants and as a wetting and thickening agent in cosmetics medical auxiliaries.

In 2021, the opaque liquid segment is projected to hold the largest share of distribution channel segment in the polyethylene glycol market

In 2021, the opaque liquid segment is anticipated to hold the largest share of the global polyethylene glycol market due to the rising utilization of opaque liquid as a lubricating agent in processing plants and as a wetting thickening agent in cosmetics and medical auxiliaries. The opaque liquid segment is growing with a CAGR of 6.5% in the forecast period of 2021 to 2028.

  • Based on application, the polyethylene glycol market is segmented into healthcare, building and construction, industrial, cosmetics/personal care and others. In 2021, healthcare segment dominates the market with 45.14% market share due to the rising number of health-related problems that require medicines and ointments.

In 2021, the healthcare segment of application segment is anticipated to dominate the polyethylene glycol market

In 2021, the healthcare segment of this market will dominate the polyethylene glycol market because of the rising number of health-related problems that require medicines and ointments. The healthcare segment is expected reach the highest CAGR of 7.0% in the forecast period of 2021-2028.

Major Players

Data Bridge Market Research recognizes the following companies as the major polyethylene glycol market players in polyethylene glycol market are INEOS (UK), Mitsui Chemicals, Inc. (Japan), Clariant (Switzerland), LOTTE Chemical CORPORATION (South Korea) and India Glycols Limited (India).

Market Development

  • In March 2020, ANI Pharmaceuticals, Inc., Inc. had announced the launch of Polyethylene Glycol 3350, 17g/Packet (PEG-3350). Polyethylene Glycol 3350 is used to treat constipation temporarily. ANI Pharmaceuticals, Inc. is a specialized pharmaceutical firm that develops, manufactures, and markets both branded and generic prescription drugs. Narcotics, oncolytics (anti-cancers), hormones and steroids, as well as complicated formulations incorporating extended-release and combination treatments, are among the Company's current product research areas.
  • In July 2021, Clariant, and India Glycols Limited (IGL) had announced the successful creation of their 51-49% joint venture for renewable ethylene oxide (EO) derivatives after receiving all necessary regulatory approvals. Clariant IGL Specialty Chemicals Private Limited is the name of the joint venture. The joint venture, which is now operational, brings together IGL's renewable bio-ethylene oxide derivatives business, which includes a multipurpose production facility in Kashipur, Uttarakhand (India), as well as Clariant's local Industrial and Consumer Specialties business in India, Sri Lanka, Bangladesh, and Nepal. This acquisition will position the company as a leader in green ethylene oxide derivatives and a key provider of these renewable materials to India's and neighboring nations' fast-increasing consumer care sector.

Regional Analysis

Geographically, the countries covered in the polyethylene glycol market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in polyethylene glycol market during the forecast period 2021 -2028

Asia-Pacific will continue to dominate the polyethylene glycol market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the rising polyethylene production and consumption in China and India. Because of the increasing demand for polyethylene glycols for opaque liquid pharmaceuticals such as creams, ointments, and others, the Asia-Pacific region is anticipated to develop at the fastest rate from 2021 to 2028. Polyethylene glycol is also used in industry as lubricants, solvents, solubilizers, thickeners, and wetting agents, which contributes to the region's growth. Due to its massive population and demand for medicine, food, and industrial items, China dominates the Asia-Pacific region in terms of polyethylene glycol manufacturing and consumption.

North America is estimated to be the fastest-growing region in polyethylene glycol market the forecast period 2021 -2028

North America is expected to grow during the forecast period due to the expanding industrial sector in emerging economies such as U.S. and Canada. North America is predicted to grow because of the United States' dominance in the global pharmaceutical business and Mexico's expanding automobile output. Because of increased demand for opaque liquid segments in pharmaceutical and cosmeceutical goods, the United States controls the North American polyethylene glycol industry.

COVID-19 Impact Analysis

The COVID-19 pandemic had an impact on the polyethylene glycol market's operations and profitability. To stop the spread of the coronavirus, many countries worldwide implemented some type of quarantine. This has an impact on product logistics and raw material distribution throughout the value chain. Furthermore, the pandemic's economic crisis has driven end-user industries to reduce their operational rates. Credit constraints, lockdowns, and travel restrictions have all had an impact on manufacturing and major end-user markets around the world. The introduction of vaccines and quick immunization programs worldwide will help reduce sickness transmission to a minimum, allowing for economic growth.

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