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.
