The North America Polyethylene Glycol Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 607.10 Kilo tonnes, showcasing a growth of 2.8% (2019-2022).
The US market dominated the North America Polyethylene Glycol Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,359.2 million by 2030. The Canada market is showcasing a CAGR of 5.7% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 6.4% during (2023 - 2030).
Functionalized polyethylene glycols, modified with specific chemical groups, are gaining attention for their ability to impart additional functionalities to the polymer. For example, PEGs functionalized with reactive groups can be used for site-specific drug delivery or as building blocks for synthesizing advanced materials. This trend opens avenues for tailor-made PEGs with enhanced properties, expanding their applications in diverse industries. PEGs can be functionalized to respond to external stimuli, such as temperature, pH, or light. This responsiveness can be exploited for developing smart materials with controllable properties.
Moreover, researchers are exploring using polyethylene glycol-based nanocarriers in drug delivery to overcome challenges such as poor drug solubility and rapid clearance from the body. Drugs are encapsulated within these nanocarriers, frequently liposomes or micelles, to enable their targeted delivery to particular tissues or cells. The integration of PEGylation enhances the stability and biocompatibility of these nanocarriers, paving the way for more effective and targeted drug therapies. The addition of PEG to nanocarriers increases their circulation time in the bloodstream. PEGylated nanocarriers experience reduced uptake by the reticuloendothelial system (RES), which includes organs like the liver and spleen. This extended circulation time allows for a greater opportunity for the nanocarriers to reach the target site.
Additionally, the rising demand for cosmetics in Canada has likely led to an increased usage of PEG in formulations. It is commonly found in skincare products, creams, lotions, and other cosmetic items. PEG helps enhance the texture and consistency of products, making them more appealing to consumers. Moreover, it aids in the effective delivery of active ingredients in cosmetic formulations, contributing to the overall efficacy of the products. As the cosmetics industry in Canada continues to grow, the demand for versatile and effective ingredients like polyethylene glycol is likely to remain high. As per the data provided by the International Trade Administration in 2021, the cosmetics sector in Canada generated approximately USD 1.24 billion in revenue. Industry revenue is expected to reach USD 1.8 billion by 2024. Hence, the rising industrial and cosmetics sectors in North America will drive the growth of the regional market.
Free Valuable Insights: The Polyethylene Glycol Market is Predict to reach 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 U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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