| Study Period | 2019 - 2030 |
| 2024 Market Size | USD 5,102.0 Million |
| 2025 Market Size | USD 5,367.3 Million |
| 2030 Forecast | USD 6,909.6 Million |
| Growth Rate (CAGR) | 5.2% |
| Largest Region | Asia-Pacific |
| Fastest Growing Region | Asia-Pacific |
| Nature of the Market | Fragmented |
| Largest Application Category | Medical |
|
Explore the market potential with our data-driven report
The polyethylene glycol market size is estimated at USD 5,102.0 million in 2024, and it will grow at a CAGR of 5.2% during 2024–2030, reaching USD 6,909.6 million by 2030. The major factors driving the market are the rising consumption of polyethylene glycol as a specialty solvent and surface-active agent in creams & lotions, toothpaste, shampoos, deodorants, conditioners, lipsticks, bath oils, soaps, and detergents.
With the increasing use of water-based coatings, paints, and inks in the construction industry, the APAC market has shown extensive growth in the past few decades, which is why it holds the largest share in the market. Additionally, the expansion of the paper industry in China and India is expected to boost the demand for the chemical, as it is used in the production of paper and ceramics as a color stabilizer.
Furthermore, the hydraulic fracturing technology has increased the production of unconventional resources, such as shale gas and tight oil, which is expected to augment the availability of the petrochemicals used in the production of PEG and open up new market opportunities.
During the COVID-19 pandemic, manufacturing sector faced challenges due to the stringent lockdowns in most countries. Moreover, the closure of international borders severely affected the economy. However, polyethylene glycol is widely used in drugs as a carrier molecule, and further, two FDA-approved vaccines, of Pfizer and Moderna, have it. Thus, there has been an overall positive influence on the market.
In recent years, there has been an increase in demand for bio-based PEG, in order to reduce the impact of petroleum-based waste. Advancements in manufacturing technologies and R&D are aimed at improving the processing technologies, enhancing product development, and increasing the number of application areas of PEG, thus offering ample growth opportunities to players offering bio-based PEG.
Furthermore, the demand for bio-based PEG from end-use industries, including cosmetics, pharmaceuticals, food, adhesives & sealants, and paints & coatings, is increasing. For instance, the bio-based ingredients used in skin and sun care solutions generated around $2 billion revenue in 2021. These ingredients hold the largest share in the market, and the demand for these products is expected to maintain the same trend in the coming years. This is primarily due to the surge in awareness about skin and sun care products among consumers and the active involvement of chemical companies in launching natural ingredients for such cosmetics. For instance, in February 2022, Clariant International Ltd. announced the launch of Vita 100% bio-based surfactants and PEGs range. Clariant uses 100% bioethanol derived from sugar cane or corn to create ethylene oxide for its innovative new surfactants and PEGs. The bio-based material is fully segregated along the value chain from the field to the final consumer product. Because only bio-based feedstock is used, the ingredients have significantly lower carbon footprints than their fossil-based counterparts.
The pharmaceutical industry’s growth in emerging economies, including China, India, and Brazil, coupled with the increasing expenditure on technological advancements, is expected to drive the market. PEG is used as an inactive ingredient in the pharmaceutical industry, including as a solvent, surfactant, plasticizer, ointment, and suppository base for tablets and capsules. It has low toxicity, with systemic absorption of less than 0.5%. The proliferating production of eye drops and laxatives for treating constipation, along with its extensive usage in drug delivery and nanotechnology due to its reported “stealth” properties and biocompatibility, strengthen the demand for PEG. The outbreak of new diseases and surging cases of obesity, skeletal problems, cardiovascular diseases, and hypertension contribute to the increasing healthcare expenditure across the globe, which, in turn, will propel the demand for this chemical.
Moreover, PEG-containing materials are extensively used in the adhesion, hemostasis, anti-leakage, and anti-adhesion treatment of wounds in various surgical operations. At the same time, they can also be utilized as a raw material for implanted medical devices in the human body, replacing the widely used plant-, animal-, and human-sourced materials. The other major application is multi-arm PEG derivatives in medical devices, which can form hydrogels due to their relatively high molecular weights; they also have good water barrier properties and tissue activity. Utilizing this characteristic of PEG, it can be made into a medical device for hemostasis and tissue isolation, which progressively degrades in the human body and is completely discharged outside the body. The above-mentioned tissue sealants or tissue isolation medical devices are widely used in surgery or tumor radiotherapy.
PEG often instigates signs of allergic reactions, such as difficulty in breathing and swelling of THE face, lips, tongue, and throat. One could potentially develop sleep disorder, rectal bleeding, blood in stools or severe and worsening stomach pain. Moreover, it can cause nausea, abdominal bloating, and cramping. There are also a few serious side-effects of drugs containing PEG, such as diarrhea and hives.
In the pediatric population, the U.S. Food and Drug Administration (FDA) has received reports of seizures, tremors, obsessive-compulsive behaviors (including repetitive chewing and sucking), paranoia and mood swings, tics, headaches, sedation, aggression, anxiety, lethargy, and rage with the prolonged use of PEG-containing drugs. Hence, these side-effects hinder the consumption of drugs containing PEG and hamper the market growth.
The PEG 400 category holds the largest polyethylene glycol market share in 2024, of 30%. This will mainly be due to the fact that PEG 400 is a low-molecular-weight grade with low toxicity. Additionally, it is hydrophilic, which allows for its usage in the manufacturing of drugs to increase the bioavailability and solubility of weakly water-soluble drugs. It is also used in ophthalmic solutions for relief from the irritation, burning, and/or discomfort that one experiences following the drying of the eyes.
The PEG 3350 category will have the highest CAGR, of 6.3%, over this decade. This is primarily owing to the high-volume usage of this grade as a laxative in the pharmaceutical industry. In this regard, the high incidence of constipation and other GI issues in elderly and pediatric patients drives the market. This variant is widely prescribed for constipation associated with persistent opioid drug usage and irritable bowel syndrome. Additionally, it has approvals from the FDA and other regulatory body for usage as a medicinal ingredient. This is why its is available both on prescription and OTC, thus increasing access for users. PEG 3350 is also compatible with other pharmaceutical ingredients and can be made into different forms.
The report offers analysis on the below-mentioned grades:
The medical category holds the largest market share in 2024. This is attributed to the usage of PEG as a dispensing agent, solvent, and delivery liquid for medications and ointments; filler for tablets, and suppository base in ophthalmic solutions and for treating constipation. Moreover, the usage of polyethylene glycol instead of mono-ethylene glycol (MEG) in the pharmaceutical industry is set to impact the market positively.
Construction & infrastructure is the fastest-growing category, with a CAGR of 5.6%, during the forecast period. PEGs are used as curing agents in cement for self-curing, better hydration, and reducing shrinkage. It is also used as a thickener in paints and coatings and as an intermediate in the production of alkyd resins for paints and varnishes. In this regard, the continuous increase in building activities around the world to accommodate the burgeoning population, especially in developing countries, drives the market.
The segment is categorized as follows:
The flake/powder form dominates the market with around 50% share in 2024. This is because flakes and powders can be easily handled, measured, packed in bulk, and added to formulations. Moreover, they readily and uniformly dissolve in water, a property that is prized in the cosmetics, pharmaceutical, and personal care industries. Additionally, flakes and powders are more stable and longer lasting than the liquid form and have diverse applications, such as lubricants, excipients, and binders in pharmaceuticals; emollients, solvents, and humectants in cosmetics; and industrial use.
The opaque liquid category is the fastest among all, during the forecast period. This is attributed to the increasing usage of liquid PEG in pharmaceutical products, such as topical solutions, injectable drugs, and syrups. It also finds usage in cosmetic products, such as haircare formulations, lotions, and creams, on account of its emulsifying, moisturizing, and thickening attributes. Another key application of liquid PEG is resins, paints, adhesives, and inks, as well as industrial cleaning products, where it acts as a dispersing agent, lubricant, and surfactant.
The following forms have been studied:
Drive strategic growth with comprehensive market analysis
APAC is the largest market, with a share of 45%, and also the fastest-growing, with an expected CAGR of 5.9% over the forecast period. This can be mainly attributed to the rising usage of PEG in the growing medical and pharmaceutical, automotive, and building and construction sectors. Further, the increasing use of water-based coatings, paints, and inks in the construction industry is likely to boost the market growth.
For instance, the Japanese pharmaceutical market is expanding to become the world's second-largest. Foreign direct investment (FDI) has steadily increased in this sector over the years, helping the country to become one of the global leaders in the pharmaceutical sector. Japan is also home to four of the world's top 25 pharmaceutical businesses. Further, India holds around 20% share of all generic pharmaceuticals across the globe.
Furthermore, the surging export of cosmetic and personal care products from China, Japan, and South Korea is also boosting the market growth in APAC. The region provides a huge growth opportunity to PEG manufacturers, due to the booming cosmetics & personal care industry. Also, people are becoming more aware of ingredients and quality of such products, and with the increasing disposable income, they are willing to pay extra for quality products.
The following regions and countries have been covered:
The polyethylene glycol market is fragmented due to the wide range of applications of these products. Further, certain applications have stringent mandates for quality and purity, especially pharmaceuticals and cosmetics, while others, especially industrial ones, either have relaxed regulations or none at all. Additionally, the regulatory scenario differs across countries, with advanced economies generally characterized by stricter mandates than developing countries. This leads to the dominance of different kinds of players in different regions and countries. Additionally, lower grades do not entail much investments and R&D expertise to produce, which is why small, local firms enjoy a sizable output.
Want a report tailored exactly to your business need?
Request Customization
Working with P&S Intelligence and their team was an absolute pleasure – their awareness of timelines and commitment to value greatly contributed to our project's success. Eagerly anticipating future collaborations.
McKinsey & Company
India
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws
Customize the Report to Align with Your Business Objectives
Request the Free Sample Pages