Medical Sector Dominates Polyethylene Glycol Market

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.