Polyethylene Glycol Market Size, Share, Growth Analysis, By Grade(PEG 200, PEG 300, PEG 400, PEG 600), By Application(Medical & Pharmaceutical, Automotive, Building & Construction, Plastics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15B2079 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 74 | Figures: 67

Polyethylene Glycol Market News

In March 2022 when Petro Rabigh entered into an agreement with Gulf Cryo. The purpose of this collaboration was to implement a project for capturing Carbon dioxide emissions from the Mono Ethylene Glycol (MEG) plant located within the Petro Rabigh complex. This initiative is fully aligned with Saudi Arabia's Circular Carbon Economic Concept and supports the ambitious goals set forth in the Saudi Vision 2030 program, which aims to significantly reduce carbon emissions in the Kingdom.

In October 2022, the panel of the Ministry of Environment, Forests, and Climate Change granted approval for the expansion and debottlenecking project at Reliance Industries Ltd Hazira manufacturing complex. This significant undertaking is valued at INR 100 billion (USD 1.33 billion). The Hazira Manufacturing Division (HMD) complex, established by Mukesh Ambani's RIL in 1991-92, was originally designed for the production of MonoEthylene Glycol, Vinyl Chloride Monomer (VCM), and other products, along with utility services.

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Polyethylene Glycol Market size was valued at USD 4.43 billion in 2021 and is poised to grow from USD 4.67 billion in 2022 to USD 7.48 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

The Polyethylene Glycol market is characterized by intense competition among key players, driven by factors such as increasing demand from various industries, including pharmaceuticals, personal care, and industrial applications. Companies are vying for market share by focusing on product innovation, technological advancements, and strategic partnerships to expand their presence. Cost-effectiveness and sustainable production practices also play crucial roles in gaining a competitive edge. The market's growth potential and diverse application areas have created a dynamic landscape, leading companies to continually invest in research and development to meet evolving customer needs and stay ahead in the competition. 'BASF - Germany', 'Dow Chemical Company - United States', 'LOTTE CHEMICAL - South Korea', 'Ineos - United Kingdom', 'Croda - United Kingdom', 'Liaoning Oxiranchem - China', 'Liaoning Kelong - China', 'Jiangsu Haian Petrochemical Plant - China', 'Shanghai Bronkow Chemical - China', 'Taijie Chemical - China', 'Huangma Chemical - China', 'India Glycols - India'

Polyethylene glycol is widely used in various industries such as pharmaceuticals, cosmetics, personal care, and industrial applications. Its versatility as a solvent, lubricant, and emulsifier makes it a crucial component in many formulations. The growing demand from these end-use industries was driving the expansion of the PEG market.

Polyethylene glycol finds extensive use in the pharmaceutical and personal care industries. In pharmaceuticals, PEG is used as an excipient in various formulations, including oral, topical, and injectable products. It helps improve solubility, stability, and bioavailability of drugs. Additionally, PEG is used in laxatives, bowel preparation solutions, and as a binder in tablet formulations. In the personal care industry, PEG is used in cosmetics, skin creams, and lotions as a moisturizer and emollient. The growing demand for pharmaceutical and personal care products has been driving the increased consumption of PEG.

The polyethylene glycol market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America emerges as the dominant segment due to the presence of well-established industries, extensive research and development activities, and increasing demand for PEG in various applications like pharmaceuticals, personal care products, and industrial processes.

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Polyethylene Glycol Market Size, Share, Growth Analysis, By Grade(PEG 200, PEG 300, PEG 400, PEG 600), By Application(Medical & Pharmaceutical, Automotive, Building & Construction, Plastics), By Region - Industry Forecast 2024-2031

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