DELRAY BEACH, Fla., Oct. 9, 2024 /PRNewswire/ -- The report "Polyethylene Glycol Market by Grade, Form (Liquid, White wax, Flake/Powder), Package Size (Drums, Bulk Container, Glass Bottles), End-Use Industry (Pharmaceutical, Cosmetics & Personal care, Food & Beverage, Industrial) & Region - Global Forecast to 2029", Polyethylene Glycol Market Is Projected to Reach USD 5.31 Billion By 2029, At A CAGR Of 6.2% From USD 3.94 Billion In 2024.
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The PEG market is driven by increasing demand in various end-use industries like pharmaceutical and personal care. PEG is widely used as solvent, stabilizer, and binder for drug formulations to enhance the solubility and bioavailability of drugs. Moreover, the increasing awareness of product efficacy and safety in cosmetics and skincare products has led to rise in the demand for PEG in personal care industry. The regions with strong industrial base such as North America, the ongoing research and development has helped to increase the use of PEG in products like coatings, lubricants, and other industrial applications. Additionally, the government policies supporting industrial growth contribute to the market growth.
"Pharmaceutical Industry account the largest share in PEG market."
PEG is widely used as excipient in pharmaceutical industry for drug formulations and drug delivery systems. PEG helps to improve the solubility and stability of active pharmaceutical ingredients which is important in manufacturing of various drugs. In drug delivery systems PEG can enhance the controlled release of medications and reduce the toxicity which is vital for efficient treatment. PEG is also used as a solvent, plasticizer, and binder for manufacturing of tablets, ointments, and capsules. Moreover, its application in ointments, topical creams and laxatives further expand its utility in pharmaceutical industry. Additionally, the widespread growing of chronic diseases such as diabetes and cancer has led to rise in the demand of PEG for drug formulations and delivery systems.
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"White wax solid is the fastest growing form of PEG during the forecast period, in terms of value."
White wax solid is the fastest growing form of PEG due to its properties and versatile applications across different industries. This form of PEG is easy to handle particularly in applications that require controlled melting and uniform texture. The white wax solid PEG is used for pharmaceutical applications for producing ointments, creams, and topical formulations. Its ability to stay in solid forms at room temperature makes it ideal for applications which require long shelf life. The moisturizing and binding properties of white wax solid make it especially useful in cosmetics & personal care industry in manufacturing of lotions, creams, and lip balms. Additionally, it is preferred for industrial applications its lubricating and anti-static properties in coatings and plastic processing. Collectively, all these factors drive the market growth for white wax solid form of PEG making it the fastest growing form.
"Asia Pacific is projected to be the fastest growing region of PEG, in terms of value, during the forecast period."
The Asia Pacific region has rapidly growing pharmaceutical and healthcare industries especially in countries like India and China which drive the market for PEG in drug formulations and delivery systems. With rising consumer awareness and disposable income, there is an increase in the usage of PEG in skin care and beauty products. Additionally, significant investments in healthcare infrastructure and personal care industry further enhance PEG applications, while the government policies support the industrial growth to the region's rapid market expansion. The ongoing expansions of end use industries along with growing awareness of PEG's advantages position Asia Pacific as a fastest growing region for PEG market.
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Mergers, new product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PEG market include 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), Indian Glycols Limited (India), INEOS (India), Merck KGaA (Germany), Indorama Ventures Public Company Limited (Thailand) and NOF Corporation (Japan)
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