How Does PEG400 Drive Polyethylene Glycol Market Growth?

In 2021, the polyethylene glycol market size stood at $4,534.8 million; it is expected to reach $6,909.6 million by 2030, growing at a rate of 4.8% from 2021 to 2030, attributed to the surge in demand for polyethylene glycol in the pharmaceutical industry to manufacture drugs and medical devices. Similarly, the increase in demand for PEG in inks, paints and water-based coatings drives the market growth. Moreover, the massive usage of polyethylene glycol as a specialty solvent or surface-active agents such as conditioners, shampoos, lotions, toothpaste and deodorants propel the market. 

PEG400 holds a significant share of polyethylene glycol market revenue, attributed to its low-molecular-weight grade with low toxicity. It is highly utilized in the manufacturing of drugs due to the hydrophilic nature of the PEG400, resulting in increased bioavailability and solubility of weaker water-soluble drugs. Ophthalmic solutions also use PEG400 as it acts as a relieving agent in irritation, discomfort or burning sensation in the eyes. Under the form segment, the opaque liquid category holds a significant market share. 

APAC holds the largest share of the polyethylene glycol market, attributed to the massive usage of water-based coatings, inks and paints in the construction industry. Similarly, the surge in the paper industry in China and India results in market proliferation due to the rising demand for chemicals. The hydraulic fracturing technology is expected to create new opportunities for market players, attributed to the surge in unconventional resources production such as tight oil and shale gas.

The U.S. Energy Information Administration reported that presently the crude oil production in the region amounts to 11 million barrels daily. This is why North America holds a 30% polyethylene glycol market revenue share. Moreover, the expansion of the food and beverage and cosmetics and self-care industries drive the market. The rise in the cosmetics & personal care businesses is witnessed in the region, attributed to rising employment, busy lifestyles and growing demand for personal care products. 

Therefore, the construction and pharmaceutical industry expansion drives the market. 

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How Is Polyethylene Glycol Market Driven by Growing Pharmaceutical Sector?

The polyethylene glycol market is primarily witnessing growth on account of the rising usage of this chemical as a specialty solvent and surface-active agent in toothpaste, lotions, creams, shampoos, lipsticks, soaps, deodorants, bath oils, detergents, and conditioners. Moreover, due to the importance of the compound in the medical device, automobile, paper and ceramics, paint and coating, and construction sectors, its sales already generated ~$4.5 billion revenue in 2020, which is set to increase massively during 2021–2030 (forecast period).

The grade segment of the market is categorized into PEG 6000, PEG 4000, PEG 3350, PEG 400 FCC Grade, PEG 400, PEG 300, and PEG 200. Among these, the PEG 400 category dominated the market for PEG in 2020, and it is set to advance significantly during the forecast period. PEG 400 has a low molecular weight and toxicity, which makes it useful in numerous applications. Moreover, this grade’s hydrophilic nature allows for its usage in drugs to improve the bioavailability and solubility of drug molecules that are weakly soluble in water.

On the basis of application, the polyethylene glycol market is divided into medical, industrial, construction & infrastructure, and personal care. During the historical period (2015–2020), the largest share, in terms of volume and value, was held by the medical category due to the wide usage of PEG in drugs as an excipient (inactive agent). Some of the most-common medicines have this ingredient, such as acetaminophen, cetirizine, diclofenac, ibuprofen, and tramadol. Moreover, PEG 3350 is used to treat constipation, by helping in the retention of water in the stool.

The polyethylene glycol market garnered the highest revenue from the Asia-Pacific (APAC) region in 2020 because of the region’s vast and growing pharmaceutical industry. India is one of the largest exporters of medical drugs, which keeps the demand for PEG and other raw materials high here. Moreover, PEG is an important raw material in the automotive and construction chemical sectors, which are also witnessing rapid growth in APAC. China and India are already two of the largest construction and automotive markets globally, and their booming population is giving a further boost to these industries. 

Therefore, the market will continue to grow with the rising demand for pharmaceutical products across the globe.

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