The Polyethylene Glycol Market size was valued at USD 4552 million in 2022. It is expected to grow to USD 7310.13 million by 2030 and grow at a CAGR of 6.1% over the forecast period of 2023-2030.
Polyethylene glycol, commonly referred to as PEG, is a versatile compound with a wide range of applications across various sectors. This compound is produced through the polymerization of ethylene oxide, resulting in a product that possesses excellent solubility in water and other organic solvents. One of the key drivers behind the growth of the polyethylene glycol market is its extensive use in the pharmaceutical industry. PEG is widely utilized as an excipient in drug formulations, aiding in the solubilization and stabilization of active pharmaceutical ingredients. Additionally, PEG is employed as a lubricant in various medical devices, ensuring smooth operation and reducing friction. Furthermore, the demand for polyethylene glycol is also fueled by its applications in the personal care and cosmetics industry. PEG is commonly found in skincare products, such as creams and lotions, due to its ability to act as a humectant and emollient. It helps to retain moisture, providing hydration to the skin and improving its overall appearance.
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The polyethylene glycol market is not limited to the pharmaceutical and personal care sectors alone. It finds extensive usage in the manufacturing of various industrial products, including adhesives, paints, and coatings. PEG's excellent adhesive properties make it an ideal component in adhesive formulations, ensuring strong bonding between different materials.
The medical application segment dominated the polyethylene glycol market with the highest revenue share of about 42% in 2022. Polyethylene glycol (PEG) is widely used in various industries, including as a dispensing agent, solvent, and delivery liquid for medications, ointments, tablet fillers, suppository bases in ophthalmic solutions, and for treating constipation. Its versatility and broad application make it a valuable component in these fields. In the pharmaceutical industry, PEG has emerged as a promising alternative to mono-ethylene glycol (MEG) due to its non-toxic nature. This shift is expected to have a significant positive impact on the market. The non-toxicity of PEG makes it a safer choice for pharmaceutical applications, ensuring the well-being of patients and reducing potential health risks.
Moreover, PEG's role as a filler for tablets and suppository bases in ophthalmic solutions further highlights its importance in the pharmaceutical industry. By providing stability and consistency to these formulations, PEG contributes to the overall quality and efficacy of the products.
Drivers
Non-toxic nature and biodegradability of polyethylene glycol
Rising demand for the medication is the main driving factor for the Polyethylene glycol market
Increasing demand for polyethylene glycol in various industries
PEG has gained immense popularity in the pharmaceutical sector. Its unique properties make it an ideal ingredient in the formulation of medications, particularly in the production of laxatives and bowel preparations. The ability of PEG to enhance the solubility and absorption of drugs has made it a preferred choice among pharmaceutical manufacturers. As a result, the demand for PEG has soared, driving the growth of the market. Furthermore, PEG's applications extend beyond the pharmaceutical industry. It is widely used in the manufacturing of personal care products, such as creams, lotions, and ointments. The ability of PEG to act as a thickening agent, emulsifier, and moisturizer has made it a sought-after ingredient in the cosmetics industry. With the increasing focus on personal grooming and skincare, the demand for PEG in this sector has witnessed a remarkable upsurge. Additionally, PEG finds extensive usage in the food and beverage industry. It is utilized as a food additive, primarily as a stabilizer and thickening agent. The growing demand for processed and convenience foods has led to an increased requirement for PEG in this sector. Its ability to improve the texture, consistency, and shelf life of food products has made it an indispensable component in the food manufacturing process.
Restraint
Fluctuating prices of raw materials used in the production of polyethylene glycol
Opportunities
Increasing adoption of PEG as an additive in paint and coatings
Increasing application of PEG for skin therapy and ointment applications
The increasing application of Polyethylene Glycol (PEG) in skin therapy and ointment applications presents significant opportunities for the PEG market. PEG-based hydrophilic ointments have proven effective in preventing crystallization in topical semi-solid formulations. Specifically, high molecular weight PEGs like PEG 1450, PEG 3350, and higher act as viscosity enhancers for the hydrophilic ointment base, thereby improving the stability and durability of the product over an extended period. Moreover, due to its water-solubility, topical preparations based on PEG can be utilized as first aid medicines for various wounds, burns, and minor cuts. This versatility further contributes to the market potential of Polyethylene Glycol.
Challenges
Stringent regulations regarding the use and disposal of polyethylene glycol
Chances of allergic reaction to Polyethylene glycol
In the second quarter of 2022, crude oil and natural gas prices experienced a steady rise, causing an increase in the offer of downstream derivative industries in the European region. However, the Russian invasion of Ukraine had a detrimental effect on the economy in Europe. This war has resulted in material shortages and a surge in energy and commodity prices. Furthermore, the rising export prices of the euro area's competitors have also contributed to increased inflationary pressures. The limited supply of raw materials has consequently driven up prices for manufacturers in the region. Moving on to the Asia Pacific region, the prices of upstream ethylene and naphtha have been fluctuating in the international market. As a result, the price of polyethylene glycol has risen in the regional market. Similarly, in the North American region, the cost pressure arising from the fluctuating prices of upstream ethylene oxide, due to the ongoing war between Russia and Ukraine, has further intensified the pressure on petrochemical commodities. It is worth noting that the demand for downstream cosmetics and personal care products has played a role in driving up the price of polyethylene glycol in the region.
In 2023, production rates in the North American region were relatively low due to increased labor costs and a shortage of workers caused by the recession. This led to higher production costs and a slight increase in prices during the middle of the second quarter. However, demand and supply remained stable, and supplies were moderately available. The Pharma sector continued to place sufficient orders for Polyethylene Glycol. Towards the end of the quarter, Polyethylene Glycol prices fell due to an abundance of supplies and cautious buying activities by customers. This caution was prompted by a hike in bank interest rates by the Federal Reserve, which caused a decrease in product prices in the market. In the Asia Pacific region, demand for PEG from the Pharma sector was moderately low. This was primarily due to reduced orders for oil-based ointments caused by increased humidity levels. Additionally, the rise in food inflation in India negatively impacted consumer purchasing power and the sales of skincare products in the market which further decreased the demand for polyethylene glycol in this region.
By Form
White waxy solid
Opaque liquid
Flakes/ Powder
By Application
Medical
Building and Construction
Personal Care
Automotive
Industrial
Others
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Asia Pacific dominated the Polyethylene Glycol Market with the highest revenue share of about 49% in 2022. This dominance is mainly attributed to the rapid industrial growth experienced by the pharmaceutical, automotive, and construction sectors in India and China. Furthermore, the increasing healthcare expenditure, driven by the vast demographic landscape, is expected to create new opportunities for the polyethylene glycol market in the coming future. The pharmaceutical industry is widely recognized as a key driver of growth in the Chinese economy, leading to a significant increase in domestic production expenditure over the years. These factors drive the growth of the Polyethylene Glycol Market in this region.
North America held the significant revenue share of the Polyethylene Glycol Market and is expected to grow with a CAGR of about 6.3% during the forecast period. According to the U.S. Energy Information Administration, current crude oil production in the region is around 11.2 million barrels per day. This, coupled with the strong growth in the cosmetics & personal care, and food industries, is driving the usage of Polyethylene Glycol (PEG). The cosmetics & personal care industry in North America is experiencing growth due to increasing customer demand for multifunctional personal care products, busy lifestyles, and a rising employed population. Additionally, the dominance of the United States of America in the pharmaceutical industry will have a positive impact on the Polyethylene Glycol market in North America.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Dow Chemical Company, BASF, Croda, INEOS, India Glycols, LOTTE CHEMICAL, Shanghai Bronkow Chemical, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, Taijie Chemical, and other key players mentioned in the final report.
In June 2023, BASF commenced construction on a polyethylene (PE) plant at its Verbund site in Zhanjiang, China. This facility, boasting an annual capacity of 500,000 metric tons of PE, aims to cater to the rapidly growing demand in China. The plant is expected to start its operation from 2025.
In September 2022, INEOS achieved a significant milestone by successfully initiating sales of its Propylene Glycol n-Butyl Ethers (PnBs) in Antwerp.
In June 2022, LOTTE Chemical introduced the first-ever Post-Consumer Recycled Polyethylene (PCR-PE) packaging bags for the first time in Korea.
| Report Attributes | Details |
| Market Size in 2022 | US$ 4552 Mn |
| Market Size by 2030 | US$ 7310.13 Mn |
| CAGR | CAGR of 6.1% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Form (White waxy solid, Opaque liquid, and Flakes/ Powder) • By Application (Medical, Building and Construction, Personal Care, Automotive, Industrial, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Dow Chemical Company, BASF, Croda, INEOS, India Glycols, LOTTE CHEMICAL, Shanghai Bronkow Chemical, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, Taijie Chemical |
| Key Drivers | • Non-toxic nature and biodegradability of polyethylene glycol • Rising demand for the medication is the main driving factor for the Polyethylene glycol market • Increasing demand for polyethylene glycol in various industries |
| Market Restraints | • Fluctuating prices of raw materials used in the production of polyethylene glycol |
Ans. The Compound Annual Growth rate for the Polyethylene Glycol Market over the forecast period is 6.1%.
Ans. The projected market size for the Polyethylene Glycol Market is USD 7310.13 million by 2030.
Ans: BASF, Dow Chemical Company, INEOS, Croda, India Glycols, Taijie Chemical, LOTTE CHEMICAL, Liaoning Oxiranchem, Jiangsu Haian Petrochemical Plant, Shanghai Bronkow Chemical are the key players in the Polyethylene Glycol Market.
Ans: The Asia Pacific region dominated the Polyethylene Glycol Market.
Ans: Yes, you can ask for the customization as per your business requirement.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Polyethylene Glycol Market Segmentation, By Form
8.1 White waxy solid
8.2 Opaque liquid
8.3 Flakes/ Powder
9. Polyethylene Glycol Market Segmentation, By Application
9.1 Medical
9.2 Building and Construction
9.3 Personal Care
9.4 Automotive
9.5 Industrial
9.6 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Polyethylene Glycol Market by Country
10.2.2North America Polyethylene Glycol Market by Form
10.2.3 North America Polyethylene Glycol Market by Application
10.2.4 USA
10.2.4.1 USA Polyethylene Glycol Market by Form
10.2.4.2 USA Polyethylene Glycol Market by Application
10.2.5 Canada
10.2.5.1 Canada Polyethylene Glycol Market by Form
10.2.5.2 Canada Polyethylene Glycol Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Polyethylene Glycol Market by Form
10.2.6.2 Mexico Polyethylene Glycol Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Polyethylene Glycol Market by Country
10.3.1.2 Eastern Europe Polyethylene Glycol Market by Form
10.3.1.3 Eastern Europe Polyethylene Glycol Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Polyethylene Glycol Market by Form
10.3.1.4.2 Poland Polyethylene Glycol Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Polyethylene Glycol Market by Form
10.3.1.5.2 Romania Polyethylene Glycol Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Polyethylene Glycol Market by Form
10.3.1.6.2 Hungary Polyethylene Glycol Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Polyethylene Glycol Market by Form
10.3.1.7.2 Turkey Polyethylene Glycol Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Polyethylene Glycol Market by Form
10.3.1.8.2 Rest of Eastern Europe Polyethylene Glycol Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Polyethylene Glycol Market by Country
10.3.2.2 Western Europe Polyethylene Glycol Market by Form
10.3.2.3 Western Europe Polyethylene Glycol Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Polyethylene Glycol Market by Form
10.3.2.4.2 Germany Polyethylene Glycol Market by Application
10.3.2.5 France
10.3.2.5.1 France Polyethylene Glycol Market by Form
10.3.2.5.2 France Polyethylene Glycol Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Polyethylene Glycol Market by Form
10.3.2.6.2 UK Polyethylene Glycol Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Polyethylene Glycol Market by Form
10.3.2.7.2 Italy Polyethylene Glycol Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Polyethylene Glycol Market by Form
10.3.2.8.2 Spain Polyethylene Glycol Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Polyethylene Glycol Market by Form
10.3.2.9.2 Netherlands Polyethylene Glycol Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Polyethylene Glycol Market by Form
10.3.2.10.2 Switzerland Polyethylene Glycol Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Polyethylene Glycol Market by Form
10.3.2.11.2 Austria Polyethylene Glycol Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Polyethylene Glycol Market by Form
10.3.2.12.2 Rest of Western Europe Polyethylene Glycol Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Polyethylene Glycol Market by Country
10.4.2 Asia Pacific Polyethylene Glycol Market by Form
10.4.3 Asia Pacific Polyethylene Glycol Market by Application
10.4.4 China
10.4.4.1 China Polyethylene Glycol Market by Form
10.4.4.2 China Polyethylene Glycol Market by Application
10.4.5 India
10.4.5.1 India Polyethylene Glycol Market by Form
10.4.5.2 India Polyethylene Glycol Market by Application
10.4.6 Japan
10.4.6.1 Japan Polyethylene Glycol Market by Form
10.4.6.2 Japan Polyethylene Glycol Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Polyethylene Glycol Market by Form
10.4.7.2 South Korea Polyethylene Glycol Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Polyethylene Glycol Market by Form
10.4.8.2 Vietnam Polyethylene Glycol Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Polyethylene Glycol Market by Form
10.4.9.2 Singapore Polyethylene Glycol Market by Application
10.4.10 Australia
10.4.10.1 Australia Polyethylene Glycol Market by Form
10.4.10.2 Australia Polyethylene Glycol Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Polyethylene Glycol Market by Form
10.4.11.2 Rest of Asia-Pacific Polyethylene Glycol Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Polyethylene Glycol Market by Country
10.5.1.2 Middle East Polyethylene Glycol Market by Form
10.5.1.3 Middle East Polyethylene Glycol Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Polyethylene Glycol Market by Form
10.5.1.4.2 UAE Polyethylene Glycol Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Polyethylene Glycol Market by Form
10.5.1.5.2 Egypt Polyethylene Glycol Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Polyethylene Glycol Market by Form
10.5.1.6.2 Saudi Arabia Polyethylene Glycol Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Polyethylene Glycol Market by Form
10.5.1.7.2 Qatar Polyethylene Glycol Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Polyethylene Glycol Market by Form
10.5.1.8.2 Rest of Middle East Polyethylene Glycol Market by Application
10.5.2 Africa
10.5.2.1 Africa Polyethylene Glycol Market by Country
10.5.2.2 Africa Polyethylene Glycol Market by Form
10.5.2.3 Africa Polyethylene Glycol Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Polyethylene Glycol Market by Form
10.5.2.4.2 Nigeria Polyethylene Glycol Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Polyethylene Glycol Market by Form
10.5.2.5.2 South Africa Polyethylene Glycol Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Polyethylene Glycol Market by Form
10.5.2.6.2 Rest of Africa Polyethylene Glycol Market by Application
10.6 Latin America
10.6.1 Latin America Polyethylene Glycol Market by Country
10.6.2 Latin America Polyethylene Glycol Market by Form
10.6.3 Latin America Polyethylene Glycol Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Polyethylene Glycol Market by Form
10.6.4.2 Brazil Africa Polyethylene Glycol Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Polyethylene Glycol Market by Form
10.6.5.2 Argentina Polyethylene Glycol Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Polyethylene Glycol Market by Form
10.6.6.2 Colombia Polyethylene Glycol Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Polyethylene Glycol Market by Form
10.6.7.2 Rest of Latin America Polyethylene Glycol Market by Application
11 Company Profile
11.1 Dow Chemical Company
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 BASF
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/ Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Croda
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/ Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 INEOS
11.4.1 Company Overview
11.4.2 Financials
11.4.3 Product/ Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 India Glycols
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/ Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 LOTTE CHEMICAL
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/ Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Shanghai Bronkow Chemical
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/ Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Liaoning Oxiranchem
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/ Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Jiangsu Haian Petrochemical Plant
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Taijie Chemical
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/ Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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