Los Angeles, CA -- (SBWIRE) -- 10/12/2021 -- QY Research has recently published a report titled "Global Polyethylene Glycol (PEG) Market Report, History and Forecast 2014-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application". According to the report, the global polythylene glycol market was worth US$2810.71mn in 2018 and is expected to rise to US$4452.09mn by the end of 2025, registering a CAGR of 7.30% during the forecast period.
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Multiple Applications Due to Wear Resistance to Boost Demand for Polythylene Glycol
Polythene glycol is considered as a pro drug conjugation hence it is extensively used for polymer-based drug delivery and various other bioactivities. PEGlycation technology has bolstered the demand for polythylene glycol in many pharmaceutical and biotechnological applications. Approval from governing bodies is regarded as a trigger for the growth of this market. It is finding increasing usage in various medical devices and drugs due to its popularity. Research and development activities for innovation is also expected to expand its market demand.
The polyethylene glycol market will be experiencing surge in demand owing to its demand for applications such as wound healing, tissue regeneration, cell culture models, drug delivery, drug development, and diagnostics area. It is also favoured in household products, cosmetics, wood treatment, ceramics, agriculture, textiles, chemical intermediates, and other applications due to its solubility, non-toxicity, and wear resistance.
Investment in Research and Development Activities to Boost Medical Segment
The medical segment is expected to be the key user of polyethylene glycol during the forecast period as it is expected to witness highest number of investments in research and development activities. Innovations and novel discoveries shape the future thus, demand for polythylene glycol will be demanded from medical industry.
Asia Pacific to Lead Owing to Dominance of Huge Automotive Industry
Asia Pacific is expected to lead the global market during the forecast period as this region has the largest automotive and pharmaceutical industry due to emerging economies such as China, and India. This region is also witnessing increased expenditure in construction sector.
Dow Chemical in 2014, launched polythylene glycols CARBOWAX and CARBOWAX SENTRY MW 200 1000 water soluble pegs and solid polymers to be incorporated in adhesives, chemical intermediates, personal care, ceramics, lubricants, and other applications.
The key players operating in the global Dow Chemical, Ineos, BASF, KAO, Blaunon, Liaoning Oxiranchem, Jiangsu Haian, Clariant, Croda, and PCC SE.
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