The worldwide polyethylene glycol market is expected to be driven by rapid industrialization and urbanization across various developing countries. PEG finds key application in the medical, pharmaceuticals and automobile sectors owing to its cost-efficiency and favorable properties.
A by-product derived from petroleum refining process, polyethylene glycol is extracted from coal or natural gas. PEGs of different molecular weights are used in households products like cosmetics, cleaners, and skincare items.
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Owing to its hydrophilic properties, synthetic polyethylene glycol is used as softeners, thickeners, surfactants, moisture-carrying agents, and penetration enhancers. The wide uses of polyethylene glycol will continue to support its market growth in the years to come.
According to a report by Global Market Insights Inc. the polyethylene glycol market size is slated to amass USD 6.7 billion in value through 2027.
What is the application of polyethylene glycol in the chemical sector?
In the chemical sector, polyethylene glycol or PEG finds use as a binding and dispersing agent since it can enhance the separation of particles and prevent incidences of clumping. Since PEG is a non-toxic compound, it can also be used in coatings that allow lubrication in several applications.
The chemical sector is expanding owing to the need for diverse chemical in day-to-day manufacturing operations. According to Chemical Industries Association (CIA), the UK chemical industry adds nearly USD 25 billion in value to the UK economy annually.
What is the medical sector expanding polyethylene glycol market size?
The medical and pharmaceutical sector have emerged as one of the leading application areas for polyethylene glycol. The substance is widely being used as a surfactant, solvent, plasticizer, ointment, suppository base, and tablet in the pharmaceutical sector. It has comparatively low toxicity with systematic absorption of less than 0.5%.
Polyethylene glycol derivatives like PEGylation reagents, linkers, and coupling chemistries, are applied to all the classes of drug molecules, drug delivery solutions, and new pharmaceutical formulations like nanospheres and liposomes.
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What are some of the advancements driving PEG market growth?
Witnessing the various uses of polyethylene glycol, many researchers are focusing on the development of new healthcare solution. For instance in September’21, MIT engineers, in collaboration with scientists at the Cancer Research UK Manchester Institute, developed a novel way to grow tiny replicas of pancreas to help develop and test potential drugs for pancreatic cancer.
With the help of a specialized gel based on polyethylene glycol that replicates the extracellular environment around the pancreas, researchers could grow pancreatic organoids permitting them to study the integral interactions between pancreatic tumor and their environment.
PEG companies are actively entering into partnerships and strategic alliances to increase their revenue margins and achieve a competitive edge.
Some of the leading polyethylene glycol market players include BASF, Dow Chemicals, India Glycols, Huntsman Corporation, Croda International, AkzoNobel, and Jiangsu Haian Petrochemical Plant, among various others.
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