Polyethylene Glycol Market size worth around $7.4 billion by 2026
Published Date: May 27, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Polyethylene Glycol Market size will likely reach $7.4 billion by 2026. Exponentially growing medical & pharmaceutical industry shall drive market growth.
Increasing expenditure on medical & pharmaceutical anticipated to drive the market growth
Rapidly growing medical & pharmaceutical industry in emerging economies such as India and China is expected to boost global polyethylene glycol market over the forecast period. Good economic growth in these countries along with increasing healthcare expenditure will complement growth.
Moreover, improved healthcare financing coupled with high burden of diseases are driving growth in the domestic healthcare sector. Indian pharmaceutical industry has been growing with a CAGR over 15% from past few years and is expected to grow with an accelerated CAGR during the forecast timespan.
COVID-19 outbreak is expected to hamper the polyethylene glycol market demand in other industries such as automotive, building & construction, aerospace and personal care. Worldwide lockdown due to corona pandemic is affecting affect the industrial production in all major economies. However, coronavirus pandemic is expected to increase the healthcare expenditure across the globe over next few years.
Browse key industry insights spread across 98 pages with 73 market data tables & 18 figures & charts from the report, “Polyethylene Glycol Market By Application (Medical & Pharmaceutical, Automotive, Building & Construction, Plastics, Aerospace), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Plastic anticipated to gain the significant market share by 2026
Increasing plastic consumption in the electrical & electronics, automotive and construction industry expected to drive the polyethylene glycol market share for plastic with 11% CAGR through 2026. To reduce weight and cost of production, many companies are increasing usage of plastic in components.
Indispensable plastic usage of the above-mentioned sectors on account of its light weight and low-cost characteristics will complement business growth. However, increasing environmental regulation regarding plastic usage is expected hamper its demand at some extent over the forecast period.
Increasing PEG applications in personal care industry
Polyethylene glycol is widely used in shampoos, hair care products, skin care products, toothpaste, soaps, bath oils, and detergents. The personal care sector is directly affected by factors such as increase in disposable income and increased awareness among the population.
Additionally, rapid growth in sales in the personal care business allows better penetration in the emerging markets. This is anticipated to increase the polyethylene glycol market revenue in personal care applications.
North America was one of the prominent region in 2019
North America was the one of the largest market in 2019 and is expected to account for close to 20% demand share in 2026. Significantly growing personal care and medical & pharmaceutical industry in the region expected to drive the PEG demand over the forecast period. High disposable income coupled with high awareness regarding personal hygiene and appearance anticipated to boost the polyethylene glycol market growth in next few years.
Companies operating in the industry are launching new products
Major multinational companies working in the polyethylene glycol industry are launching new innovative products to gain more customers base. For instance, Dow Chemicals launched Carbowax, which is highly used in the pharmaceutical industry due to its unique medicament properties.
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