Press release
Polyethylene Glycol Market Size, Share, Industry, Forecast and Outlook (2024-2031)
Polyethylene Glycol Market | DataM Intelligence 4Market Research
Global Polyethylene Glycol (PEG) market reached US$ 4.3 billion in 2022 and is expected to reach US$ 7.1 billion by 2031, growing with a CAGR of 6.4% during the forecast period 2024-2031.
PEG, is a common ingredient in makeup and personal hygiene, skincare and hair care products. Its potent emulsifying and moisturizing qualities are the reason behind its use in cosmetic compositions. Due to changing customer tastes and increased awareness of health and beauty trends, the PEG market's growth is closely linked to the personal care industry's continuous rise.
Rising Demand for Cosmetics and Personal Care Products
The personal care and cosmetics sector is a major driver for the global PEG market. Due to its emulsifying, moisturizing and thickening characteristics, PEG is commonly incorporated into formulations for skincare, haircare and toiletry products. The increasing demand for personal care solutions that are both innovative and efficacious reflects shifting customer preferences, with a heightened emphasis on grooming and beauty standards.
Growth of the Pharmaceutical Industry
The pharmaceutical industry's continuous growth is one of the main factors driving the global polyethylene glycol (PEG) market. PEG is essential to pharmaceutical formulations because it improves drug distribution and makes some medications more soluble. PEG is in high demand as the pharmaceutical industry grows due to reasons such as an aging population, rising healthcare costs and advances in medication discovery.
Polyethylene Glycol (PEG) Market Segment Analysis:
The global polyethylene glycol market is segmented based on type, form, packaging type, average molecular weight, application and region.
Rising PEG Use in Pharmaceutical and Medical Applications
The healthcare segment is among the growing regions in the global polyethylene glycol market covering more than 1/3rd of the market. The expansion of the global polyethylene glycol (PEG) market is significantly driven by the burgeoning healthcare industry. Due to its versatile applications, PEG is commonly employed in pharmaceutical and medicals.
Its pivotal role in the pharmaceutical sector involves enhancing the solubility and bioavailability of medications, making it a crucial component in various drug formulations. The sustained demand for PEG is propelled by the increasing prevalence of chronic diseases, a rising demand for advanced medication formulations and the continual expansion of the healthcare sector.
Regional Insights:
Growing Personal Care and Cosmetics Products in Asia-Pacific
Asia-Pacific has been a dominant force in the global polyethylene glycol market is being driven by growing personal care and cosmetic items that are heavily consumed in the Asia-Pacific and this demand has been rising rapidly. PEG's popularity in skincare, hair care and toiletry products is attributed to its emulsifying and moisturizing attributes. The cosmetics industry is witnessing a rising demand for PEG, driven by heightened customer awareness of grooming and beauty standards.
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