The Polyethylene Glycol Market is set to Surpass $7.4 Billion by 2026, Says Global Market Insights Inc.

SELBYVILLE, Delaware, May 28, 2020 /PRNewswire/ --  Based on a Global Market Insights, Inc. report, the global Polyethylene Glycol Market size is anticipated to reach $7.4 billion by 2026, registering a CAGR of 10.8% from 2020 to 2026. The report delivers an in-depth analysis of evolving market trends, drivers & opportunities, key investment pockets, competitive scenario, market size & estimations, and top winning strategies.

Surging demand for water-based coatings from various industries such as automotive and construction is likely to accelerate polyethylene glycol market expansion over the projected timeframe. Moreover, the emerging healthcare sector across nations like China is also asserting a positive influence on product demand, especially from Asian countries.

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Polyethylene glycol or PEG is a type of polyether-based compound. PEG has a broad application potential and can be utilized across myriad industrial sectors, ranging from industrial manufacturing to healthcare.

Key reasons for Polyethylene Glycol market growth:

• Burgeoning global pharmaceutical landscape
• Growing demand for water-based coatings and paints
• Escalating sales of vehicles and automobiles

2026 forecasts show the medical & pharmaceutical application segment gaining prominence:

Based on application, the medical and pharmaceutical segment is set to emerge as a key contributor to polyethylene glycol market growth. The medical and pharmaceutical segment held over 35% market share in 2019, owing to proliferating investments in the sector, alongside myriad favorable factors such as market expansions, technological advancements, as well as aging & growing population. Furthermore, the emerging universal health trend is set to add impetus to industry expansion, as more economies engage in efforts to improve healthcare systems and reduce overhead expenses.

Meanwhile, market growth from the automotive segment is likely to witness a setback in 2020, as a result of industrial losses and lockdowns put into effect to combat the COVID-19 pandemic. Key reasons contributing to the decline in polyethylene glycol market growth from the automotive segment include diminishing vehicle parts supply, falling vehicle sales and shutdown of manufacturing facilities, among others. However, PEG market demand is projected to gain traction once the impact of the COVID-19 pandemic eases across the globe.

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Asia Pacific to achieve top status in terms of revenue:

In terms of geography, Asia Pacific accounted for nearly 50% of the global polyethylene glycol market share in 2019. This is attributable largely to high demand from the flourishing construction and building sector, across emerging economies like Malaysia, India and China.

Meanwhile, increasing medical & pharmaceutical as well as personal care industries in North America are projected to drive polyethylene glycol market development over the estimated timeline. In fact, North America was among the largest PEG markets in 2019 and is anticipated to hold approximately 20% share in industry demand over 2026.

Leading market players:

Key polyethylene glycol industry players include Croda International, Ineous, Dow Chemicals and BASF, among others. The firms are engaged in various strategic initiatives in order to gain a stronghold in the global market space.

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.

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SOURCE Global Market Insights, Inc.