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Polyethylene Glycol Market Report 2024 - Polyethylene Glycol Market Share And Trends
Polyethylene Glycol Market
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According to The Business Research Company's, The polyethylene glycol market size has grown strongly in recent years. It will grow from $4.31 billion in 2023 to $4.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the growing demand for pharmaceuticals, increasing use in textile manufacturing, rising demand in the automotive sector, growing awareness about environmental concerns, regulatory approvals, and safety standards compliance.
The polyethylene glycol market size is expected to see strong growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to shifting consumer preferences towards green products, expanding applications in nanotechnology, increasing demand for personal care products, regulatory focus on sustainable production practices, and growing demand from emerging economies. Major trends in the forecast period include increased focus on bio-based polyethylene glycol, integration of polyethylene glycol in 3D printing applications, expansion of polyethylene glycol applications in medical devices, development of specialized grades catering to specific industries, collaboration between manufacturers and end-users for product customization.
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Market Drivers and Trends:
The growing government initiatives for environmental sustainability are expected to propel the growth of the polyfluoroalkyl substances (PFAS) waste management market going forward. Environmental sustainability involves managing natural resources responsibly to meet current needs without compromising future generations' ability to do the same. The rising government initiatives for environmental sustainability are due to public health protection, economic benefits, and biodiversity conservation. Government initiatives for environmental sustainability aim to create a more sustainable and resilient future for both the environment and society. For instance, in March 2022, the United States Environmental Protection Agency proposed a budget allocation of $11.881 billion, along with 16,204 full-time equivalent (FTE) positions, that aim to bolster agency initiatives in safeguarding the environment and public health. This request represents a $2.644 billion rise from the financial year 2022 annualized continuing resolution (ACR). Therefore, the growing demand for environmental sustainability is driving the polyfluoroalkyl substances (PFAS) waste management market.
Major companies operating in the polyethylene glycol market are developing high-dose formulations of polyethylene glycol (PEG) medications to improve patient convenience and compliance. These formulations are designed to reduce the frequency of dosing, thereby enhancing patient adherence to the treatment regimen. For instance, in May 2022, EA Pharma Co., Ltd., a Japan-based specialty pharmaceutical company, in collaboration with its parent company Eisai Co. Ltd., a Japan-based health care company, and Mochida Pharmaceutical Co. Ltd., a Japan-based company providing pharmaceuticals and skin care products, launched MOVICOL HD, a high-dose formulation of the polyethylene glycol (PEG) medication MOVICOL LD. This product includes increased convenience by doubling the quantity per sachet, providing improved treatment options, and enhancing the patient experience for chronic constipation sufferers. These advancements represent significant progress in medical and pharmaceutical applications of polyethylene glycol, offering enhanced treatment efficacy and patient satisfaction, thus contributing to the ongoing evolution and growth of the polyethylene glycol market in addressing chronic constipation concerns.
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Major Key Players of the Market:
Exxon Mobil Corporation, Mitsui Chemicals Inc., BASF SE, Dow Chemical Company, Saudi Basic Industries Corporation, Thermo Fisher Scientific Inc., Mitsubishi Chemical Corporation, Merck KGaA, INEOS Group, Evonik Industries AG, Solvay S.A., Arkema S.A., Huntsman Corporation, PETRONAS Chemicals Group, Clariant, Croda International Plc, Ashland, Liaoning Oxiranphex Inc., India Glycols Limited, GFS Chemicals Inc., Saibaba Surfactants PVT LTD, Tokyo Chemical Industry Co. Ltd., Noah Chemicals, Carl Roth, Dynalene Inc.
Polyethylene Glycol Market 2024 Key Insights:
• The polyethylene glycol market size is expected to see strong growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Medication Demand Propels Polyethylene Glycol Market Amid Healthcare Expansion
• High-Dose Formulations Enhancing Treatment Convenience And Patient Adherence
• Asia-Pacific was the largest region in the polyethylene glycol market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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