Global polyethylene glycol market is expected to reach USD 2,382,595.74 thousand by 2026 from USD 1,529,186.18 thousand in 2018, at a CAGR of 5.8% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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Global polyethylene glycol market is a highly concentrated market which includes key players and local players. The market has witnessed increased strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to the demand of healthcare, industrial, cosmetics/personal care, buildings and constructions which is one of the factors boosting the growth of the market. The polyethylene glycol serves great importance in the pharmaceutical industry. It is an active ingredient as a solvent, ointment, tablet and capsule lubricant. It is widely used in application as a film coating agent in tablets provided by the medical preventing the rupture or damage of these coating films. It biocompatible property of the polyethylene helps in the production of hydrogels which are compatible for tissue engineering
The market has witness developments in terms of merger and acquisitions or product launches to enhance the product portfolio in order to meet the rising demand of innovative technology. For instance, In December 2018, Merck KGaA, a leading science and technology, has expanded its business by collaborating with Kuraray Europe so that they can increase their supply of pharmaceutical polyvinyl alcohol and provide benefits to the customer of the pharmaceutical market. By combining with them they increase their product portfolio in the market and also provide different solution to the customers.
Merck KGaA dominated the polyethylene glycol market and accounts for the highest market share in 2018 which is followed by SABIC and INEOS. The other key players existing in the market includes BASF SE, Dow, Lotte Chemical, Dynalene Inc., Clariant, Mitsui Chemicals, Inc. and others.
Merck KGaA is headquartered in Darmstadt, Germany and was founded in 1668. The company is involved in the research and development of the healthcare and life science related products. The company has three operating divisions namely, healthcare, life-science and performance materials.
Life-Science which is market focused segment operates in clinical & diagnostics, industrial, emerging biotech, pharma and bio-pharma manufacturing, environmental testing, pharmaceutical research, food & beverages and pharma quality control divisions. The life science segment recorded revenue of USD 7081.83 million in 2018 and increased by 5.2% as compared to previous year owing to growth due to fast-growing business particularly bioprocessing technology for the production of medicines.
In April 2019, the company has signed an agreement to acquire Versum Materials so that they can enhance their long term growth in the electronics materials industry. The company has a wide variety of business which will help the customers to get innovative solutions from them. The transaction will also help the shareholders to get long term growth from the company and for the employees as well. This acts as an opportunity to expand their business and increase their market share.
It has its global networks in Europe, Asia-Pacific, Europe, North America, Latin America and Middle East and Africa. The company has various subsidiaries such as Merck India (India), Sigma-Aldrich (U.S.), Allergopharma GmbH & Co. KG (Germany), AZ Electronic Materials (U.S.), Seven Seas (U.K.). Technochem Limited (Qatar) and others.
SABIC headquartered in Riyadh, Saudi Arabia was founded in 1976. The company focusses on manufacturing engaged development of medical devices, construction, packaging, agri-nutrients, transportation and clean energy products. The company operates through three business segments which include petrochemicals & specialties, agri-nutrients and hadeed.
Petrochemicals & specialties which is market focused segment provides chemical materials used from household goods to packaging and thermoplastic resins to additive production solutions. The petrochemicals & specialties segment recorded revenue of USD 40117.56 million in 2018 and a growth by 11.17% as compared to previous year owing to growth is driven increasing demand of the high demand in the chemical and pharmaceuticals industries.
In July, BASF announced the expansion of the integrated ethylene oxide complex capacity at Verbund site in Belgium. The expansion of the products such particularly ethylene oxide and plenty other downstream derivatives, including surfactants. The combined total capacity of the site is 845,000 metric tons per year making it will make it largest manufacturer of ethylene oxide derivatives in the region. It helped in strengthening its backward integration into ethylene oxide to meet the customers demand in downstream markets.
It has its global networks in the America, Asia, Europe and MEA. It operates through its subsidiaries such as SABIC Innovative Plastics (India), Black Diamond Structures LLC (U.S.), SABIC UK Ltd (U.K.), Sabic Luxembourg Sarl (Germany), SABIC France S.A.S. (France), GE Plastics China Ltd. (China), SABIC Americas, Inc. (U.S.) and among others.
INEOS is headquartered in London, U.K. was founded in 1998. The company is engaged in manufacturing raw materials which helps in making variety of products and improving the health and living standards. The company operates through three business segments which include O&P North America, O&P Europe and Chemical Intermediates.
The chemical intermediates deal which is market focused segment deals with chemical components for industrial and consumer products. The chemical intermediates segment generated revenue of USD 9,276.76 million in 2018 and has witnessed growth by 3.5% as compared to the previous year. The growth is because of the rising demand in the healthcare industry for the manufacturing of drugs in pharmaceutical industry and products related to cosmetics or skincare.
In March 2019, INEOS announced the about maximizing the size of its Ethylene Oxide Derivatives (EOD) and Ethylene Oxide (EO) at the U.S. Gulf Coast. It will help in growing the EO merchant market and meeting the growing needs of the customer. By Doubling the capacity of the manufacturing facility will help in giving reliable products and securing its company’s position in the market.
The company has its global networks through direct sales representatives and distributors in North America, Europe and Asia-Pacific. It operates through its subsidiaries such INEOS Upstream Limited (Denmark), Inspec Belgium NV (Belgium), INEOS Healthcare Ltd. (U.K.), INEOS Films Inc.(U.K.), INEOS Services Belgium Sa (Belgium), INEOS Compounds Sweden AB (Sweden) and among others.
Global Polyethylene Glycol Market – Industry Trends and Forecast to 2026
Asia-Pacific Polyethylene Glycol Market – Industry Trends - Forecast to 2026
Europe Polyethylene Glycol Market – Industry Trends - Forecast to 2026
Middle East and Africa Polyethylene Glycol Market – Industry Trends - Forecast to 2026
North America Polyethylene Glycol Market – Industry Trends - Forecast to 2026