The pharmaceutical industry is witnessing a monumental growth in emerging economies, such as India, Brazil, and China, owing to which the consumption of polyethylene glycol (PEG) is increasing exponentially, as it is used as an inactive ingredient in the pharmaceutical sector. PEG is used as a surfactant, solvent, and suppository base for capsules and tablets. Additionally, the rapid technological advancements in the pharmaceutical sector will also facilitate the consumption of PEG in the forthcoming years.
Moreover, the escalating healthcare expenditure, on account of the surging cases of skeletal problems, obesity, hypertension, and cardiovascular diseases (CVDs), will also catalyze the polyethylene glycol market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated ~$4.5 billion revenue in 2020. The market growth can also be owed to the burgeoning demand for personal care products, as PEG is used as a specialty solvent and surface-active agent in creams and lotions, bath oils, toothpaste, deodorants, detergents, soaps, conditioners, shampoos, and lipsticks.
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PEG used in the pharmaceutical and personal care industries are available in flake/powder, white wax solid, and opaque liquid forms. In the recent past, opaque liquid PEG was preferred over other forms, due to its ability to be used as a release agent and excipient for capsules. Based on their requirement, end users can opt for PEG 8000 NF, PEG 6000, PEG 4000, PEG 3350, PEG 400, PEG 400 FCC grade, PEG 300, PEG 200, and 400 distearate grade. In the past few years, PEG 400 was consumed in the highest quantity, due to its low-molecular-weight, low toxicity and hydrophilic properties.
The application segment of the polyethylene glycol market is classified into industrial, medical, personal care, construction and infrastructure, and others, such as plastic, aerospace, and automotive. Under this segment, the medical category generated the highest revenue in 2020, due to the widening application base of PEG in the medical industry, owing to the soaring healthcare expenditure worldwide. For instance, the World Bank estimates that the global per capita healthcare expenditure increased from $1,405.843 in 2017 to $1,459.319 in 2018.
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Globally, the Asia-Pacific (APAC) region accounted for the largest share in the polyethylene glycol market during the historical period, and it is expected to retain its dominance during the forecast period as well. This can be owed to the expanding medical and pharmaceutical, building and construction, and automotive industries in the region. The increasing consumption of water-based paints, inks, and coatings in the construction sector is driving the PEG demand in the region.
Thus, the flourishing pharmaceutical sector and growing healthcare expenditure will create an enormous requirement for PEG.
Market Size Breakdown by Segments
- Opaque Liquid
- White Wax Solid
- PEG 200
- PEG 300
- PEG 400
- PEG 400 FCC Grade
- PEG 3350
- PEG 4000
- PEG 6000
- Construction & Infrastructure
- Personal Care
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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Green Chemicals Market – According to P&S Intelligence, Europe accounted for the largest share in the green chemicals market in 2020, and it is expected to maintain its dominance throughout the forecast period. This can be ascribed to the high-volume consumption of green chemicals in the personal care, packaging, food and beverages, and automotive industries, owing to the increasing environmental concerns in the region.
Polymer Market – Globally, the Asia-Pacific polymer market generated the highest revenue during the historical period, and it is projected to continue this trend throughout the forecast period. This can be owed to the increasing adoption of this substance in the automotive, packaging, construction, agriculture, textile, and electronics and electrical industries in the region.
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