Polyethylene Glycol Market Size

Polyethylene Glycol Market Future Prospects

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.