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Polyethylene Glycol Market Segmented By Opaque liquid, White waxy solid and Flakes/ Powder form with application such as Medical, Building construction and automotive industry, Pharmaceutical, Industrial
Polyethylene glycol (PEG) is one of the most frequently used non-ionic polymers in polymer-based drug delivery and other bioactivities. Since polyethylene glycol has high aqueous solubility, it is considered for pro-drug conjugation. This appreciative status and use of PEGlycation technology in biotechnological and pharmaceutical applications has led to many progressive steps in the medical field.
The existent scientific literature testifies for the various applications of polymers derived from polyethylene glycol (PEGs). The collective experience surrounding this material and relief provided by governing authorities around the world regarding its usage will lead to its increased usage in many medical device applications and drugs, which in turn will expand the market for polyethylene glycol in research and development areas.
Better opportunities are predicted for the polyethylene glycol market in a range of applications such as diagnostics areas and drug development, drug delivery, cell culture models, tissue regeneration and wound healing over forecast period.
Other significant characteristics of polyethylene glycol such as wear resistance and non-toxicity and solubility has benefited the polyethylene glycol market in case of various applications such as chemical intermediates, textiles, agriculture, ceramics, wood treatment, household products and others.
Increased manufacturing of eye drops and laxatives coupled with the growth of pharmaceutical industry has increased the use of polyethylene glycol as a solvent which will drive the growth for polyethylene glycol market in future. Rising demand for water-based coatings and paints for application in automotive and construction industries has also increased the demand for polyethylene glycol as it has low volatile organic combustion (VOC).
This will also affect the market positively. Also, since households and the construction industry are crucial consumers of ceramic tiles, any progress made in these sectors will expand the polyethylene glycol market over the coming decade.
Increasing demand for skincare and cosmetic products will also cause the polyethylene glycol market to grow. Some of the new experiments being done in the field of research & development such as the development of polyethylene glycol hydrogels which are used as adhesives for wound healing, wound closure, regenerative medicine tool with dopamine, tissue models and cell cultures will lead to opportunities for the polyethylene glycol market.
However, the presence of alternatives, for instance monoethylene glycol (MEG) and various other glycol ethers in the market, will pose a credible risk to the polyethylene glycol market and negatively impact its future. The stringent environmental protocols related to the manufacturing of personal care and pharmaceutical products may also impede the market growth for polyethylene glycol.
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Based on geography, the Polyethylene glycol market can be segmented into North America, Latin America, Eastern Europe, Western Europe, Japan, Asia-Pacific excluding Japan, Middle-East Asia and Africa. Among these, the Asia-Pacific is expected to become the largest market for polyethylene glycol. This will happen mostly due to the presence of large-scale automotive and pharmaceutical firms.
In emerging economies such as India, Brazil and China, expenditure over pharmaceutical products has exhibited a rise, thus affecting the polyethylene glycol market positively. Growing production in automotive industry and the growth in the construction sector is also expected to boost the polyethylene glycol market mostly in Asia Pacific, Latin America and Middle East.
Dominance of U.S.A. in the pharmaceutical industry will also affect the polyethylene glycol market in North America positively. Promotion of biopolymer industries by European Commission would result in new market opportunities for chemical manufacturers which are dedicated to developing bio-based polyethylene glycol.
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