Polyethylene Glycol Market Size by Application (Medical & Pharmaceutical, Automotive, Building & Construction, Plastics, Aerospace), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: May 2020  |  Report ID: GMI4670  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 98   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Polyethylene Glycol Market size was USD 4.15 billion in 2019 and will grow at a CAGR of 10.8% from 2020 to 2026. Increasing product demand from medical & pharmaceutical industries is expected to boost the industry growth over the forecast period.
 

Polyethylene Glycol Market Outlook

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Polyethylene Glycol (PEG) is a versatile polymeric compound that can be used in several industries including automotive, chemical, pharmaceutical, personal care, and plastics. It is also used in functional fluids and lubricant formulations in aerospace, automotive, machinery and refrigeration industries. PEG is a very popular ingredient used in laxatives. It can also be employed as an excipient in other pharmaceutical formulations such as in tablet, capsule, powder, and syrup forms.
 

PEG is used as a surface-active agent and specialty solvent in the personal care industry in a variety of products including toothpastes, creams and lotions, shampoos, conditioners, deodorants, lipsticks, soaps, bath oils, and detergents. Owing to versatile applications in different end user industries PEG market demand is expected to increase with a significant growth rate over the forecast timeframe.
 

Increasing medical expenditure across the globe on account of recent outbreak of COVID-19 is expected to boost the polyethylene glycol market share in medical & pharmaceutical sector over the forecast period. It is used as an inactive ingredient in the pharmaceutical industry as a solvent, surfactant, plasticizer, ointments and suppository base and tablet and capsule lubricant.
 

Personal care industry was the one of the major application segments for polyethylene glycol in 2019 and projected to experience healthy demand growth over the forecast timespan. It is used as ointment bases, in creams, face lotions, toothpastes and lipsticks. Growing disposable income in emerging economies coupled with growing awareness regarding personal hygiene is likely to have positive impact on the product demand during the projected timespan. Furthermore, introduction of men’s grooming product anticipated to drive the polyethylene glycol market growth in coming years.
 

Polyethylene Glycol Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 4.1 Billion (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 10.8% 2026 Value Projection: 7.4 Billion (USD)
Pages: 98 Tables, Charts & Figures: 91
Geographies covered (10): U.S., Canada, Germany, UK, France, China, India, Japan, Brazil, GCC
Segments covered: Application, Region
Companies covered (10): BASF SE, Dow Chemicals, Croda International, Ineos, India Glycols, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, Clariant, Huntsman Corporation, AkzoNobel N.V.
Growth Drivers:
  • Increasing healthcare expenditure across the globe
  • Increasing automotive production in Asia Pacific
  • Rapidly growing construction industry
Pitfalls & Challenges:
  • Threat from alternative

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Rapidly growing medical & pharmaceutical industry will drive the industry growth

 Polyethylene Glycol Market by Application

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Medical & pharmaceutical was the major application segment and accounted nearly 40% share in 2019. Due to coronavirus pandemic and its spread across the world, majority of the nations are increasing their healthcare expenditure, which is expected to boost the polyethylene glycol market demand in medical & pharmaceutical industry over the forecast period.
 

Furthermore, introduction of new diseases due to changing lifestyle such as obesity, joint and skeletal problems, cardio-vascular diseases, hypertension, etc. will contribute to the increasing healthcare expenditure across the globe.
 

Product demand in automotive expected to register healthy gains by 2026

  U.S. PEG Demand by Application

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Rising demand for water-based coatings and paints for application in automotive sector has also increased the demand for PEG as it has low volatile organic combustion (VOC). Increasing automotive production in the countries such as China and India expected to boost the global polyethylene glycol market in automotive industry over the forecast period.
 

For instance, according to OICA, China automotive production in 2014 was 23.7 million units and with significant growth it is reached to 25.7 million units in 2019. However, outbreak of COVID-19 in 2020 expected to hamper the automotive production and demand in the country at large extent.
 

PEG demand in aerospace industry expected to grow

PEG is used in lubricant formulations and functional fluids in aerospace sector. Prominently growing aerospace industry majorly in North America and Europe is expected to boost the polyethylene glycol market value over the projected timeframe. For instance, tax reforms by the Trump administration have provided both short and long-term benefits and enabled the U.S. aerospace companies to make additional capital investments to ramp-up production.
 

These companies are investing in their people, increasing dividends and evaluating repatriating stranded profits. The lower U.S. corporate tax rate has enabled companies to repatriate cash to fund the expansion of production capacity or invest in research and development activities, as well as funding mergers and acquisitions. Increasing cash in hand of the aerospace companies is expected to fuel the overall polyethylene glycol market revenue in next few years.
 

Asia Pacific will dominate the polyethylene glycol market

  Polyethylene Glycol Market by Region

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In 2019, Asia Pacific accounted for over 50% share and is expected to grow with CAGR around 12% during the forecast timespan. This can be attributed to the rapidly growing medical & pharmaceutical, automotive and building & construction sectors in the region. Increasing usage of water-based coatings, paints, and inks in construction industry is expected to augment polyethylene glycol market demand over the forecast timespan.
 

On account of increasing urbanization and disposable income, construction industry in Asia Pacific has been growing rapidly from past several years. Furthermore, government spending on infrastructure anticipated to grow with a significant CAGR in next couple of years. According to the World Bank emerging economies in the region need to spend around USD 1.7 trillion every year on infrastructure to maintain current rate of economic growth.
 

Companies operating in the industry are increasing their production capacity to cater the growing product demand

Companies operating in the polyethylene glycol industry such as BASF are increasing their production capacity to cater the rapidly growing product demand in medical & pharmaceutical and other end-use industries. For instance, on September 2019 BASF announced that company will expand production capacity of its integrated ethylene oxide and derivatives complex in Antwerp, Belgium by 400 kilo tons per year. Other major players operating in the industry includes Dow Chemical, Croda International, India Glycols, Ineos, Huangma Chemical, Liaoning Oxiranchem and Jiangsu Haian Petrochemical Plant.
 

Polyethylene Glycol market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD million from 2016 to 2026, for the following segments:

By Application

  • Medical & Pharmaceutical
  • Automotive
  • Building & Construction
  • Plastics
  • Aerospace
  • Others

The above information is provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • Middle East & Africa
    • GCC

 

Frequently Asked Questions (FAQ) :

According to the report published by Global Market Insights Inc., the polyethylene glycol (PEG) business is supposed to attain $7.4 billion by 2026.
Increasing healthcare expenditure, growing automotive production, and rapidly growing construction industry are major factors expected to drive the growth of global market.
BASF SE, Dow Chemicals, Croda International, Ineos, India Glycols, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, Clariant, Huntsman Corporation, AkzoNobel N.V., are some of the top contributors in the industry.
The medical & pharmaceutical application segment registered a major share in 2019 and is anticipated to record a remarkable growth rate throughout the forecast period.

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Premium Report Details

  • Published Date: May 2020
  • Pages: 98
  • Tables: 73
  • Charts / Figures: 18
  • Companies covered: 10
  • Countries covered: 10

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