Global Polyethylene Glycol Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Polyethylene glycol (PEG) is a synthetic polymer produced via the polymerization of ethylene oxide molecules to form joining units of ethylene glycol by an ether linkage. It acts as a laxative by retaining water in the stool, making it easier to pass, and is commonly used for bowel preparation before medical procedures. Its versatility and safety profile make it widely utilized across different fields.

Sizing and Forecast

The polyethylene glycol market size has grown strongly in recent years. It will grow from $4.31 billion in 2023 to $4.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the growing demand for pharmaceuticals, increasing use in textile manufacturing, rising demand in the automotive sector, growing awareness about environmental concerns, regulatory approvals, and safety standards compliance.

The polyethylene glycol market size is expected to see strong growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to shifting consumer preferences towards green products, expanding applications in nanotechnology, increasing demand for personal care products, regulatory focus on sustainable production practices, and growing demand from emerging economies. Major trends in the forecast period include increased focus on bio-based polyethylene glycol, integration of polyethylene glycol in 3D printing applications, expansion of polyethylene glycol applications in medical devices, development of specialized grades catering to specific industries, collaboration between manufacturers and end-users for product customization.

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Segmentation & Regional Insights

The polyethylene glycol market covered in this report is segmented –

1) By Type: Molecular Weight (Mw) (Less than 1000), Molecular Weight (Mw) (1000-10000), Molecular Weight (Mw) (Greater Than 10000)
2) By Form: Opaque Liquid, Powder, Flakes, White Waxy Solid
3) By Application: Medical And Pharmaceutical, Automotive, Building And Construction, Plastics, Aerospace, Other Applications

Asia-Pacific was the largest region in the polyethylene glycol market in 2023. The regions covered in the polyethylene glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising demand for medication is expected to propel the growth of the polyethylene glycol market going forward. Factors behind the rising demand for medication include the increasing prevalence of chronic diseases, aging populations, advancements in medical treatments, expanding healthcare coverage, and rising consumer awareness of healthcare options. Polyethylene glycol acts as a fundamental element in pharmaceutical compositions, aiding in drug delivery mechanisms, boosting solubility, and enhancing the effectiveness of treatments. For instance, in December 2023, according to the data published by the Centers for Medicare & Medicaid Services, a US-based federal agency, prescription drug spending saw an 8.4% increase in 2022, reaching a substantial $405.9 billion, surpassing the growth rate observed in 2021 at 6.8%. Therefore, the rising demand for medication is driving the polyethylene glycol market.

Key Industry Players

Major companies operating in the polyethylene glycol market are Exxon Mobil Corporation, Mitsui Chemicals Inc., BASF SE, Dow Chemical Company, Saudi Basic Industries Corporation, Thermo Fisher Scientific Inc., Mitsubishi Chemical Corporation, Merck KGaA, INEOS Group, Evonik Industries AG, Solvay S.A., Arkema S.A., Huntsman Corporation, PETRONAS Chemicals Group, Clariant, Croda International Plc, Ashland, Liaoning Oxiranphex Inc., India Glycols Limited, GFS Chemicals Inc., Saibaba Surfactants PVT LTD, Tokyo Chemical Industry Co. Ltd., Noah Chemicals, Carl Roth, Dynalene Inc.

The polyethylene glycol market report table of contents includes:

1. Executive Summary
2. Polyethylene Glycol Market Characteristics
3. Polyethylene Glycol Market Trends And Strategies
4. Polyethylene Glycol Market – Macro Economic Scenario
5. Global Polyethylene Glycol Market Size and Growth
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32. Global Polyethylene Glycol Market Competitive Benchmarking
33. Global Polyethylene Glycol Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Polyethylene Glycol Market
35. Polyethylene Glycol Market Future Outlook and Potential Analysis
36. Appendix