According to a new research report by Global Market Insights Inc., the Polyethylene Glycol Market size is forecast to exceed USD 6.7 billion by 2027.
The market is witnessing an increasing significance of organic glycols and their efficient properties such as wear resistance, solubility, and non-toxicity. In addition, the development of Polyethylene Glycol (PEG) as a lubricating blend solution in the medical & pharmaceutical industry owing to the abovementioned features is projected to drive the market positively by 2027. Progress in the medical industry in developing markets including India, Brazil, and China along with augmented spending on technological enhancement is likely to boost the polyethylene glycol market in the coming years.
The building & construction industry growth, specifically in emerging nations, has propelled the manufacturing and obtainability of varied grades of PEGs, mainly for usage in water-based paints and coatings. The product offers superior quality protection to constructed structures, augmenting the polyethylene glycol market. This growing acceptance of water-based paints, inks, and coatings due to their expanding usage opportunity in the automotive sector is also expected to bolster the PEG market demand in the near future.
Moreover, polyethylene glycol is also utilized as a color preservative in the making of ceramic and paper. The ever-growing paper and pulp industry in countries including India and China owing to the surging inland demand is projected to expand the PEG demand. The construction, household & automotive sectors are the main consumers of ceramic products and progress in these businesses are estimated to propel the polyethylene glycol demand over the coming years.
Instability in PEG compounds & molecules and the presence of product alternatives, such as Monoethylene Glycol (MEG) and some other ether glycols, are anticipated to impose a credible obstruction and negatively influence the PEG market in the coming years. Furthermore, the complex nature of its production and low availability of raw materials are creating huge obstructions in the polyethylene glycol market growth. Nevertheless, the creation of PEG 400 as an eye drop for employee use in the chemical industry is providing the market with new opportunities.
Browse key industry insights spread across 100 pages with 73 market data tables & 18 figures & charts from the report, “Polyethylene Glycol Market Size, Application (Medical & Pharmaceutical, Automotive, Building & Construction, Plastics, Aerospace), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, China, India, Japan, Brazil, GCC), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
PEG application in the building & construction industry is anticipated to be one of the fastest-growing segment by 2027
Polyethylene glycol usage in the building & construction industry is likely to grow at a CAGR of 10.6% by 2027. Polyethylene glycol solvents are majorly used to produce water-based paints and coatings that are popularly used in constructed structures in recent times. This is due to their low toxicity, solubility, better adhesion, and wear-resistance properties.
Additionally, swelling construction spending in the Middle East and Asia Pacific is estimated to bolster PEG demand over the coming years and will enhance the building & construction industry growth across the globe. Several countries around the world are emphasizing on low carbon emissions and are regulating products with high VOC content. Furthermore, the non-toxicity and low VOC emission offered by PEGs put them at an edge in the global building & construction sector.
Europe to exhibit sturdy growth throughout the forecast period
Europe is expected to record a favorable CAGR, growing at a CAGR of around 5.9% by 2027. The mature medical & pharmaceutical sector and the ever-growing aerospace industry in Europe are projected to augment the PEG market in the coming years. This is due to its use as a solvent in the manufacturing of eye drops and laxatives in the pharma industry. Similarly, its usage as low-toxic water-based paints and coatings in the aerospace industry is likely to enhance the PEG market by 2027.
The key participants in the polyethylene glycol industry are BASF SE, Croda International, The Dow Chemical Company, India Glycols, Huangma Chemical, INEOS Group AG, Jiangsu Haian Petrochemical Plant, and Liaoning Oxiranchem, among others.