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Know Worldwide specifications of the Global Polyethylene Glycol Market Size 2023-2033 | Top Key Players: hina National Chemical Corporation, ExxonMobil, LyondellBasell Industries Holdings B.V., LG Chem, Formosa Plastics Corporation, Huntsman Corporation,
Global Polyethylene Glycol Market Size
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The polyethylene glycol market refers to the market of polymer polyethylene glycol, which is used in various industries. Polyethylene glycol is the laxative class of drug used in the management and treatment of constipation. PEG is also used as a color stabilizer in the production of paper and ceramic. The expansion of the key ceramic tile customers such as the automotive, construction, and residential sectors is anticipated to enhance the PEG demand. The development of unconventional resources like tight oil and shale gas has increased due to technological advancements in hydraulic fracturing which is predicted to boost the availability of petrochemicals for the manufacturing of polyethylene glycol, thereby propelling the market growth opportunity. The increasing demand for medicines, personal care products, and industrial applications is anticipated to drive the market expansion of polyethylene glycol. The increasing popularity of water-based coatings, paints, and inks are significantly contributing to drive the market demand. On the contrary, the price fluctuation of raw materials such as crude oil and natural gas is challenging the market growth.
The pharmaceutical grade segment held the largest revenue share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the grade, the polyethylene glycol market is classified into pharmaceutical grade, industrial grade, cosmetic grade, and food grade. Among these, the pharmaceutical grade segment held the largest revenue share in 2023 and is expected to grow at a significant CAGR during the forecast period. Pharmaceutical-grade polyethylene glycol is an odorless, non-irritating, and non-toxic material that is used as a solvent, dispersion, and lubricant in a variety of pharmaceutical products, including tablets, ointments, and suppositories.
The medical segment dominated the polyethylene glycol market and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the polyethylene glycol market is classified into medical, personal care, industrial, and others. Among these, the medical segment dominated the polyethylene glycol market and is expected to grow at a significant CAGR during the forecast period. The market in the medical segment is being driven by the extensive use of polyethylene glycol in suppository base fillers in ophthalmic solutions and the treatment of constipation, as well as in dispensing agents, solvents, drug delivery liquids, ointments, and tablets.
North America is estimated to hold the largest share of the polyethylene glycol market over the forecast period.
North America is estimated to hold the largest share of the polyethylene glycol market over the forecast period. The rise in the cases of chronic diseases and aging population along with the entry of generic drug competitors is contributing to driving the polyethylene glycol market. The region's strong pharmaceutical and personal care industries are responsible for driving the market demand for polyethylene glycol.
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Asia Pacific is predicted to grow at the fastest CAGR in the polyethylene glycol market over the forecast period. The expanding use of polyethylene glycol (PEG) in the healthcare sector, especially in pharmaceutical and medical devices aids in driving the market expansion. R&D activities and the advancements in PEG manufacturing processes, such as the creation of biodegradable PEG are propelling the market growth.
Major key players in the global polyethylene glycol market include SABIC, BASF, Sinopec Group, Merck KGaA, Dow Chemical Company, Mitsubishi Chemical Corporation, Ineos Group Limited, Braskem, Celanese Corporation, China National Chemical Corporation, ExxonMobil, LyondellBasell Industries Holdings B.V., LG Chem, Formosa Plastics Corporation, Huntsman Corporation, and Others.
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Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Recent Developments
In January 2024, Saudi Basic Industries Corporation (SABIC) announced its final investment decision (FID) to develop a petrochemical complex in Fujian, China, at an investment of $6.4 billion.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the polyethylene glycol market based on the below-mentioned segments:
Global Polyethylene Glycol Market, By Grade
Pharmaceutical Grade
Industrial Grade
Cosmetic Grade
Food Grade
Global Polyethylene Glycol Market, By Application
Medical
Personal Care
Industrial
Others
Global Polyethylene Glycol Market, By Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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