PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1650856
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1650856
The PEG market is projected to reach USD 5.31 Billion By 2029, At A CAGR Of 6.2% From USD 3.94 Billion in 2024. PEG have versatile applications among various end-use industries including pharmaceuticals. PEG are widely used for drug formulations and delivery systems in pharmaceutical industries. It enhances the solubility and bioavailability of poorly soluble drugs. Additionally, due to its low toxicity and non-irritating properties it is widely used in cosmetics & personal care industries for manufacturing various products such as creams, lotions and bath gels.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Kiloton; Value (USD Million) |
Segments | Type, Material, End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Based on grade, PEG 400 accounts for the fastest market during the forecast period, in terms of value."
PEG 400 accounts for the fastest market during the forecast period due to its versatility of applications across various range of industries including pharmaceuticals and cosmetics & personal care. This grade of PEG has low molecular weight and high hydrophilicity. These properties make it an effective lubricant for enhancing the solubility and bioavailability in drug formulations and drug delivery systems. Moreover, it is used for manufacturing of oral, topical, and injectable formulations due to its low toxicity which fuels the market growth. Additionally, due to its non-irritating and biodegradable nature it is highly used in cosmetics and personal care industry acting as humectant, lubricant and solvents for different products such as creams, lotions and bath gels.
"Based on package size, bulk container is the largest market during the forecast period, in terms of value."
Bulk containers account for the largest market by package size due to several factors. In industrial applications such as pharmaceuticals and cosmetics & personal care require large quantities of PEG for efficient manufacturing processes. The packaging in bulk containers minimizes the handling and storage costs required for small containers offering cost effective storage for manufacturers. Moreover, using of bulk containers enhance the supply chain efficiency by minimizing the frequency of PEG deliveries for industrial applications. Furthermore, bulk containers minimize the waste of material as it requires less packaging material compared to smaller containers. Collectively, these factors contribute to making bulk containers account largest share by package size in PEG market.
"Based on region, Asia Pacific is the largest and fastest growing market for PEG, in terms of value."
Asia Pacific is the largest and fastest growing region for PEG market. The region has rapidly expanding pharmaceutical, cosmetics & personal care and other industries particularly in countries like China and India. The demand for PEG in various applications such as drug formulation, delivery systems, cosmetics and chemical formulation is rising in the region. Additionally, the region's growing population has resulted into expansion of healthcare boosting the consumption of PEG in pharmaceutical industries. The rising disposable income of people is fueling the use of PEG in cosmetics & personal care products. Furthermore, the presence of major manufacturers, low production costs and favorable government policies accelerate the market growth in the region. As the region continues to industrialize and urbanize, the PEG market is anticipated to grow in the Asia pacific region.
The key players in this market are BASF (Germany), Dow (US), Clariant (Switzerland), Lotte Chemical Corporation (South Korea), Sanyo Chemicals Industries Ltd (Japan), Sabic (Saudi Arabia), Kao Corporation (Japan), Croda International Plc (UK), India Glycols Limited (India), INEOS (India), Merck KGaA (Germany), Indorama Ventures Public Company Limited (Thailand), NOF Corporation (Japan) and Spectrum Chemical (US).
Research Coverage
This report segments the PEG market based on grade, form, end-use industry, package size and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products and services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the PEG market.
Key benefits of buying this report
This research report focuses on various levels of analysis, including industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the PEG market, high-growth regions, and market drivers, restraints, opportunities, and challenges.