The polyethylene glycol market is projected to witness robust growth by 2027 driven by the surging product demand in diverse end-use applications. Additionally, increasing focus on product development and innovation is expected to further fuel market growth through the forecast period.

Polyethylene glycol is a synthetic, biocompatible, hydrophilic polyether compound that is inert, odorless, colorless, non-toxic, and non-volatile. The compound is exceptionally soluble in water as well as organic solvents like carbon tetrachloride, benzene, and chloroform.

Polyethylene glycol finds vast applications in diverse sectors, particularly in the medical and chemical sectors. As it is non-toxic and highly soluble, the compound is widely utilized in the medical sector in numerous biomedical and pharmaceutical applications.

One of the most common applications of polyethylene glycol in the medical industry is in laxatives. The compound can apply osmotic pressure, which allows it to draw water into the waste matter, thereby providing a laxative effect. Furthermore, polyethylene glycol also plays a pivotal role in several biomedical applications, which has boosted market growth across key regions.

For instance, PEG (polyethylene glycol) hydrogels are polymer networks made by crosslinking reactive PEG end groups and are resistant to protein adhesion and biodegradation. These properties are crucial for both drug delivery and tissue engineering, which has substantially fostered industry outlook.

In the chemical industry, polyethylene glycol is typically utilized as a binding and dispersing agent since it improves the separation of particles and prevents clumping. It also possesses hydrophilic properties, which are pivotal to prevent the non-specific sticking of proteins in studies that use single-molecule fluorescence.

Moreover, polyethylene glycol is non-toxic and FDA approved, which has bolstered market adoption in chemical applications. As a result, it has found its way into several coatings that promote lubrication in different scenarios.

In addition, increasing research efforts have been focusing on expanding the scope of application of polyethylene glycol, which has positively influenced market expansion. To cite an instance, in February 2021, researchers from Florida State University (FSU) presented a new type of solid electrolyte, which was developed by combining synthetic polymer polyethylene glycol and lignin. Polyethylene glycol is useful in solid electrolytes owing to its electrochemical stability, which has impelled product demand in energy storage applications.

For extensive assessment, the polyethylene glycol market has been categorized based on application and region. With respect to application, the market has further been segmented into medical & pharmaceutical, building & construction, automotive, aerospace, plastics, and others.

In 2020, the automotive sub-segment accounted for around 20.6% share in the polyethylene glycol market and is expected to observe significant growth over the forecast period. The plastics sub-segment is projected to grow at a CAGR of over 16.8% through the estimated timeframe. The polyethylene glycol market from the others sub-segment is anticipated to grow at a moderate pace over 2021-2027.

On the regional spectrum, Latin America held over 4.8% share in the polyethylene glycol market in 2020 and is projected grow at a CAGR of nearly 16.2% through the assessment period. The Middle East & Africa polyethylene glycol market is expected to showcase significant growth owing to surging product demand in the domestic plastics industry.