Polyethylene glycol is used as a solvent, dispersant, ointment base, and laxative in the processing of various medical product formulations. The product is preferably used in the production of skin products such as ointment bases and skin creams, to provide relief from skin irritations. Significant consumer spending on cosmetics and skincare products is considered to be a key factor in driving the global market demand for polyethylene glycol over the years ahead. The printing industry is another important end-use of the product. Low molecular weight formulations of PEG are used for the processing of lubricants and ink solvents.
Global polyethylene glycol market size is anticipated to reach USD 2.27 billion by 2025, owing to the overall growth of pharmaceutical industry growth in emerging economies of India, China and Brazil, coupled with growing number applications of PEG in other sectors. For instance, PEG is used in cosmetic industry for preparing skin creams, ointments bases and lubricants because of their skin friendliness. Thus, rapid growth in the cosmetics industry has eventually augmented the growth of market.
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The combined experience around this substance, also assistance delivered by governing authorities across the globe with regards to its usage would lead to its augmented usage in several medical device applications as well as drugs. That will in turn develop the polyethylene glycol market’s research and development capacities. Improved chances are foreseen for polyethylene glycol market in a variety of uses including diagnostics regions along with the drug development, cell culture models, drug delivery and tissue regeneration plus wound restorative over the forecast spell.
Key Players: The Dow Chemical Company, BASF SE, Lotte Chemical, INEOS AG, Croda International plc, Liao Ning Oxiranchem, Jiangsu Haian Petrochemical Plant, Shanghai Bronkow Chemical Co., Ltd., and India Glycols.
Other major characteristics of polyethylene glycol include wear resistance as well as non-toxicity and solubility. These has also benefited the global polyethylene glycol market in terms of several applications for instance chemical intermediates, agriculture, textiles, ceramics, household products, wood treatment and several others.
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Medical sector had the biggest market share of more than 40% in 2017, among the other application segments of the polyethylene glycol market. Because of their non-toxic and biologically inert nature, PEGs are can be safely used in the medical and food-processing industries. Polyethylene glycol work as water binding agent in the toothpastes, which keep xanthum gum distributed uniformly in the toothpaste. Increased usage of PEG as a solvent in the manufacturing of eye drops and laxatives will propel the growth of polyethylene glycol market.
Geographically, Asia-Pacific region has dominated the global polyethylene glycol market by contributing almost 47% of market share in 2017. With growing pharmaceutical and food sectors in Asian countries such as India and China, the demand for PEG and its derivatives has grown over the past years and is expected to grow further in the forecast period. Additionally, Middle East and Latin America region look promising in terms of polyethylene market growth owing to the rapid increase in construction and automotive sector.
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