The Europe Polyethylene Glycol Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 308.01 Kilo tonnes, showcasing a growth of 3.0% (2019-2022).
The Germany market dominated the Europe Polyethylene Glycol Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $264.9 million by 2030. The UK market is exhibiting a CAGR of 5.1% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6% during (2023 - 2030).
In recent years, an increasing focus has been placed on sustainability and environmental awareness. This shift has increased demand for bio-based polyethylene glycol derived from renewable sources such as plant-based feedstocks. Manufacturers are investing in research and development to produce bio-based PEG with comparable or enhanced performance attributes while reducing the environmental impact. PEG's lubricating properties contribute to its effectiveness in reducing friction and wear in machinery. As a lubricant additive, PEG enhances the overall efficiency of industrial equipment, mitigating the impact of mechanical stress and prolonging the lifespan of moving parts.
Additionally, the intersection of polyethylene glycol with nanotechnology opens new frontiers in drug delivery and medical applications. PEGylation, the process of attaching PEG chains to nanoparticles, enhances their stability, biocompatibility, and circulation time in the body. This trend is particularly evident in developing targeted drug delivery systems, improving the therapeutic efficacy of pharmaceutical compounds. The attachment of PEG chains to nanoparticles increases their circulation time in the body. This is crucial for drug delivery systems, as it allows the nanoparticles to reach the target site and exert their therapeutic effects over an extended period, improving the overall efficacy of the treatment.
According to the Eurostat data, Germany had the highest level of current healthcare expenditure among the EU Member States, valued at €432 billion in 2020. Following Italy ($160 billion) and Spain ($120 billion) in terms of current healthcare spending was France ($281 billion). More than any other EU Member State, current healthcare spending in Germany and France was comparable to 12.8% and 12.2% of GDP, respectively. The ratios in Austria (11.5%), Sweden (11.4%), the Netherlands (11.1%), and Belgium (11.1%) were the following highest. Spain, Portugal, and Denmark were the only EU Member States to record double-digit ratios. Luxembourg and Denmark incurred the greatest current healthcare expenditures among EU Member States in 2020, in euro terms and relation to population size (€5 875 per inhabitant and €5 642). Therefore, the growing healthcare sector in Europe is expected to boost the demand for polyethylene glycol in the region.
Free Valuable Insights: The Global Polyethylene Glycol Market will Hit USD 7 Billion by 2030, at a CAGR of 5.8%
Based on Application, the market is segmented into Medical, Personal Care, Industrial, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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