According to a new report, published by KBV research, The Global Polyethylene Glycol Market size is expected to reach $7 billion by 2030, rising at a market growth of 5.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,519.22 Kilo tonnes, experiencing a growth of 3.2% (2019-2022).
The growing emphasis on sustainability has spurred innovations in the production processes of polyethylene glycol. Manufacturers are exploring greener and more eco-friendly methods, such as enzymatic synthesis or renewable feedstocks, to reduce the environmental footprint of PEG production. These sustainable practices align with the global push towards eco-conscious manufacturing and resonate with consumers seeking environmentally friendly products.
The Industrial segment is experiencing a CAGR of 6.2% during (2023 - 2030). PEG is crucial in various industrial applications, including as a lubricant, solvent, and dispersant. It finds applications in producing plastics, resins, and other chemical products. PEG is often used as a processing aid in manufacturing and a key ingredient in producing various industrial products. Therefore, these factors can lead to enhanced growth in the segment.
The Asia Pacific region dominated the Global Polyethylene Glycol Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,419.6 million by 2030. The North America region is anticipating a CAGR of 5.4% during (2023 - 2030). Additionally, The Europe region would exhibit a CAGR of 5.5% during (2023 - 2030).
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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