August 26, 2020
According to the research report titled ‘Polyethylene Glycol Market Size by Application, Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global polyethylene glycol market is anticipated to grow significantly over 2020-2027.
For the record, polyethylene glycol (PEG) is a synthetic, water-soluble polymer that is produced through a polymerization process of ethylene oxide molecules, which involves combining ethylene glycol units by ether linkage.
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Rising demand of PEG products in healthcare as well as construction verticals along with the widespread applications of the product across industrial as well as high revenue medical sectors are propelling the growth of global polyethylene glycol market.
Moreover, PEG is gaining recognition in the field of gastroenterology as an efficient therapeutic agent, due its beneficial properties that favor intestinal enzymatic degradation, lack of substantial toxicity, effective water-binding, and negligible intestinal absorption. The extensive use of PEG 3350 as a laxative as well as in colonoscopy procedures is stimulating the overall market outlook.
With regards to the application spectrum, the medical & pharmaceutical segment accounted for 40% market share in the year 2019 and is estimated to register a CAGR of 10% over 2020-2027. Surging demand of PEG in the pharmaceutical vertical due to its non-toxic properties as well as superior hygroscopicity along with increasing pharmaceutical expenditure in Brazil, India, and China are fostering the growth of the segment.
As per the regional analysis of the report, Europe polyethylene glycol market is expected to witness significant growth over 2020-2027, owing to high concentration of market players in the region.
Alternatively, Latin America is anticipated to emerge to be a lucrative opportunity for the market remuneration. Rising product demand from the medical & pharmaceutical industry followed by increasing expenditure towards healthcare as a result of the outbreak of the COVID-19 pandemic are responsible for the growth of the regional market.
The key players that define the competitive landscape of global polyethylene glycol market are Akzo Nobel N.V., Huntsman Corporation, Clariant AG, Jiangsu Haian Petrochemical Plant, Liaoning Oxiranchem Inc., India Glycols Ltd., INEOS, Croda International plc, The Dow Chemical Company, and BASF SE among others.