Global polyethylene glycol (PEG) market is expected to reach USD 1.68 billion
by 2020, according to a new study by Grand View Research, Inc. Increasing use
of PEG as a solvent in the manufacturing of laxatives and eye drops coupled
with the growth of pharmaceutical industry is anticipated to drive market.
Evolution of waterborne coating and paint in automotive and construction
industries owing to growing demand for eco-friendly products is expected to
augment PEG market growth.
Medical was the largest application for
PEG, accounting for more than 40% of market share in 2013. Superior blending,
hygroscopicity and non-toxic properties of PEG have resulted in high demand for
the chemical in numerous pharmaceutical products such as tablets and ointments.
Increasing pharmaceutical expenditure, particularly in emerging economies of
India, China and Brazil, is expected to boost PEG market over the forecast period.
Growing demand for paints & coatings coupled with increasing use of PEG as
solvent due to its low VOC emissions is anticipated to fuel market growth over
the next six years.
Pharmaceutical industry growth in emerging
markets including China, India, and Brazil coupled with increased expenditure
on technology advancement is expected to drive PEG market. Rising popularity of
water-based coatings, paints, and inks on account of increased application
scope in construction and automotive industries is expected to augment PEG
market demand over the forecast period. PEG is also used as a color stabilizer
in the production of paper and ceramic. Paper industry growth in China and
India on account of surging domestic demand is expected to promote PEG demand.
Automotive, construction, and household industries are a key consumer of
ceramic tiles and the growth in these industries are expected to augment PEG
demand over the next six years. Market presence of substitutes such as MEG and
other glycol ethers is expected to pose a credible threat and negatively impact
the market over the forecast period.
Access Research Report
of Polyethylene Glycol Market@
http://www.grandviewresearch.com/industry-analysis/polyethylene-glycol-peg-market
Further key findings from the study suggest:
· PEG market demand in industrial
applications accounted for less than 30% of volume share in 2013 and is
expected to witness growth on account of development in automotive,
construction, marine, electronics and aerospace industries. Growing automotive
production coupled with increasing construction expenditure, particularly in
emerging economies of Asia Pacific, Middle East and Latin America, is
anticipated to drive PEG market growth.
· Asia Pacific was the largest market for PEG
owing to the presence of a large scale pharmaceutical and automotive
manufacturing base in the region. Rapid industrialization in the region over
the past decade augmented PEG demand and the trend is anticipated to continue
over the forecast period. Growing demand for skin care products as a result of
rising consumer purchasing power is expected to play a vital role in the growth
of PEG market.
· Latin America and Middle East are likely to
witness above average growth on account of growing automotive industry as well
as increasing expenditure on building & construction over the forecast
period.
· Key market participants include BASF SE,
The Dow Chemical Company, Ineos, Liaoning Oxiranchem, Jiangsu Haian
Petrochemical Plant, India Glycols and Taijie Chemical. Global market for PEG
was fragmented due to the presence of numerous companies. Gaining popularity of
PEGlycation technology in pharmaceutical and biotechnological applications due
to its pharmacological advantages and acceptability is expected to have a
positive impact.
Grand View Research has segmented the
global PEG market on the basis of application and region:
Global Polyethylene Glycol (PEG)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
·
Medical
·
Personal Care
·
Industrial
·
Others
Global Polyethylene Glycol (PEG) Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
·
North America
·
Europe
·
Asia Pacific
·
RoW
Access Press Release of
Polyethylene Glycol Market@ https://www.grandviewresearch.com/press-release/global-polyethylene-glycol-peg-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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