Global polyethylene glycol market is projected to register a healthy CAGR of 5.8% in the forecast period of 2019 to 2026.
The polyethylene glycol is available in so many variants in the market, giving consumers great flexibility in selection of appropriate variant of glycols exhibiting properties for desired applications. It is highly biocompatible which makes its suitable for manufacturing products suitable human use.
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The health issues are increasing worldwide and every individual is suffering from some or another disease which requires the biological fluid testing. Polyethylene glycol acts as an inactive ingredient in the pharmaceutical industry as a solvent, ointment, tablet and capsule lubricant. It acts as an electrolyte solution in colonoscopy i.e. examination of disorders and dysfunctionality in the colon of human body. PEG also finds application as a film coating agent in tablets provided by the medical preventing the rupture or damage of these coating films.
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Production of PEG for skin therapy ointment applications
PEG-based hydrophilic ointments such as PEG 400 prevent crystallization in topical semi solid formulations and ointments. High molecular weight polyethylene glycols serve as PEG 1450, PEG 3350 and higher serve as viscosity enhancers of the hydrophilic ointment base which improves the stability of ointment for a longer period of time sustaining the durability of the product. PEG-base ointments which are water soluble also serve as first aid medicines to various wounds and burns and in the treatment of minor cuts.
Ointments are applied on the skin to reduce inflammation and allergic skin reactions. Some ointments are greasier than creams and are only applied if the skin is dry. One should apply an ointment very thinly as their absorption into the skin can lead to severe skin damaging effect.
Use of polyethylene glycol as an additive to improve the properties of products
Polyethylene Glycol is added as an additive and is used as a thickener in paints and as a color stabilizer in the production of ceramic and papers. Automotive, construction and household industries have a high demand of ceramic tiles which increases the sales of polyethylene glycol in the market.
The architectural coatings have certain properties of anticorrosion, fireproofing, decorative and functional using PEG as a thickener and additive meeting the commercial demands of the consumers and raising their applications in the market. Polyethylene glycol also serves an additive in the food industry as it is a defoaming agent causing no foams during the production and preservation of any kind of food product. PEG achieves efficient foam control with very low level of defects giving away good antifoaming performance at low dosages.
Foam control is an ongoing challenge in today’s food and waterborne paint and ink formulators which is overcome by the antifoaming property of polyethylene glycol.
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Fluctuating raw material prices used for the production of PEG
Low production of the raw materials from which polyethylene glycol is extracted is expensive and time consumable process which results in increase of cost of raw material becomes quite challenging for the polyethylene glycol market.
The raw materials are available at high prices. The major raw materials for the PEG are naturally derived from Ethylene Glycol, which has high chances of the products getting perished very quickly. Rising demand of the polyethylene glycol due to its less toxic nature in the different industries of paints and coatings, pharmaceutical medicines, processed food stuff requires high production of PEG and raw materials.
High import tariffs and regulations related to pharmaceuticals
One-third of the world’s population cannot afford to purchase these medicines as they lack reliable access to it. There are several challenges in meeting the medicines needs limiting the access to pharmaceuticals treatment and drugs. Prices of medicines is generally determined by a certain number of variables which includes national & individual income, degree of competition in the public and private markets, policies of government and the public, health systems and their capacity in the region, non-import barriers and tariff import expenditures.
Thus high import tariffs and regulations imposed on the pharmaceuticals production and manufacturing is a challenging factor to the Global Polyethylene Glycol market.
Global polyethylene glycol market is segmented into three notable segments which are grade, form and application.
- On the basis of grade, the market is segmented into polyethylene glycol 200, polyethylene glycol 300, polyethylene glycol 400, polyethylene glycol 400 FCC grade, polyethylene glycol 3350, polyethylene glycol 4000, polyethylene glycol 6000 and others. In 2019, polyethylene glycol 400 segment is expected to dominate the global polyethylene glycol market with 30.94% market share and is growing at the highest CAGR of 6.7% in the forecast period 2019 to 2026.
- On the basis of form, the market is segmented into opaque liquid, white waxy solid, and flakes/powder. In 2019, opaque liquid segment is expected to dominate the global polyethylene glycol market with 79.54% market share and is growing at the highest CAGR of 6.0% in the forecast period 2019 to 2026.
- On the basis of application, the market is segmented into healthcare, building and construction, industrial, cosmetics/personal care and others. In 2019, Healthcare segment is expected to dominate the global polyethylene glycol market with 45.14% market share and is growing at the highest CAGR of 6.5% in the forecast period 2019 to 2026.
Major Players: Global Polyethylene Glycol Market
Some of the major players operating in this market are SABIC, LOTTE Chemical CORPORATION, INEOS, Croda International Plc, BASF SE, Dow, Liaoning Oxiranchem, Inc., India Glycols Limited, Mitsui Chemicals, Inc., Merck KGaA, Liaoning Kelong Fine Chemical Co., Ltd., Dynalene, Inc., ProChem, Inc International, Noah Technologies Corporation, Mil-Spec Industries Corporation, Norq, Clariant, HAPEC, Shanghai Bronkow Chemical Co., Ltd. and Shanghai Taijie Chemical Co., Ltd.
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