The glycol market size has grown strongly in recent years. It will grow from $39.22 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The expansion in the historical period can be linked to the growth and development of industries, the urbanization and enhancement of infrastructure, the expansion of the automotive sector, and the progress in refrigeration and air conditioning, along with the manufacturing of consumer products.
The glycol market size is expected to see strong growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the upcoming period can be ascribed to an emphasis on renewable feedstocks, an increasing demand for bio-based glycols, a rise in demand within HVAC systems, the expansion of LNG infrastructure, and the growth of the electronics industry. Major trends expected in the forecast period encompass technological advancements in glycol production, initiatives supporting the circular economy, the introduction of smart glycol solutions, heightened collaboration in research and development, and the utilization of glycol for energy storage.
The anticipated growth in the glycol market is expected to be driven by the expanding automotive industry. The automotive industry encompasses activities related to the development, production, marketing, and sale of motor vehicles, including automobiles, trucks, motorcycles, and other vehicles. Within this sector, glycol plays a crucial role as a key ingredient in engine coolants and antifreeze formulations. It aids in controlling engine temperature by preventing overheating in warm weather and freezing in cold weather. For example, a report from the European Automobile Manufacturers' Association (ACEA) in May 2023 indicated that the global production of motor vehicles reached 85.4 million units in 2022, reflecting a 5.7% increase from 2021. Similarly, data from the International Organization of Motor Vehicle Manufacturers, a 36-national trade association, showed that the total production of cars and commercial vehicles rose from 80,145,988 in 2021 to 85,016,728 in 2022. Hence, the expanding automotive industry is a significant driver of the glycol market.
The factor contributing to the growth of the glycol market is the increasing use of cosmetics. Cosmetics encompass a wide range of products applied to the body, face, hair, or nails to enhance or alter appearance. Glycol is a versatile ingredient in the cosmetics industry, utilized for its properties as a solvent, humectant, and viscosity regulator in the formulation of skincare and beauty products. A report from the Soil Association, a UK-based charity organization, highlighted that the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK experienced a 15% growth in 2021, reaching approximately $170 million. Therefore, the rising use of cosmetics is a significant driver of the glycol market.
The glycol market is witnessing a key trend of product innovations, with companies in the sector focusing on the development of new products and solutions to maintain their market positions. A notable example is Valvoline Inc., a manufacturer of automotive oil, additives, and lubricants, which introduced Valvoline Advanced Coolant in August 2022. This glycol-based full-antifreeze coolant is designed to provide protection in extreme hot and cold climate conditions, guarding against overheating and freezing to ensure optimal engine performance. The coolant is backward compatible with all cooling systems utilizing OAT coolants, featuring a sophisticated formulation with ethylene glycol that employs non-depleting organic-acid technology to potentially extend engine life, making it suitable for challenging conditions.
Major players in the glycol market are strategically partnering to incorporate PET glycol (PETG) resin, accelerating the integration of renewable materials into plastic applications. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For instance, UPM Biochemicals GmbH, a chemical company based in Germany, partnered with Selenis NA, a U.S.-based plastics resin manufacturer, in June 2023. The collaboration aims to produce sustainable PETG (polyethylene terephthalate glycol) using forest-sourced materials from Germany for plastic packaging applications, contributing to carbon emission reduction.
In December 2021, PTT Global Chemical Public Company Limited, a petrochemical company based in Thailand, acquired Allnex Holding GmbH for an undisclosed amount. This acquisition aligns with the growth strategy of the GC Group, aiming to diversify its business toward the specialties sector, with a focus on maximizing profits and capitalizing on growth opportunities in the High-Value Business (HVB) sector, aligning with global megatrends. Allnex Holding GmbH, based in Germany, is a producer of glycol resins.
Major companies operating in the glycol market report are ADEKA Corporation, Shell PLC, Chevron Phillips Chemical Company, Mitsubishi Chemical Corporation, The Archer-Daniels-Midland Company, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., Global Bio-chem Technology Group Company Limited, Honeywell International Inc., Sumitomo Chemical Co. Ltd., INEOS Group Limited, Indorama Ventures, LOTTE Chemical Corporation, Solvay SA, Mitsui Chemicals Inc., DuPont, Akzo Nobel, Eastman Chemical Company, Celanese Corporation, Lanxess AG, Huntsman International LLC, Formosa Plastics Corporation, Nouryon Chemicals, Clariant AG, BASF SE, India Glycols Limited, SKC Inc., Meglobal International FZE.
Asia-Pacific was the largest region in the glycol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The principal types of glycols include ethylene glycol, propylene glycol, and others. Ethylene glycol, a member of the glycol family of chemical compounds, is a tasteless, colorless, and minimally viscous liquid. Glycols find applications in various sectors, serving purposes such as antifreeze and coolants, production of polyester fibers, manufacturing PET bottles and packaging, acting as solvents and humectants, serving as dehydrating agents, and functioning as chemical intermediates. These glycols cater to diverse end-users, including the automotive and transportation industry, packaging sector, food and beverage industry, cosmetics, textiles, and others.
The glycol market research report is one of a series of new reports that provides glycol market statistics, including glycol industry global market size, regional shares, competitors with a glycol market share, detailed glycol market segments, market trends and opportunities, and any further data you may need to thrive in the glycol industry. This glycol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The glycol market consists of sales of hydraulic brake fluids, certain stamp pad inks, ballpoint pens, solvents, paints, plastics, films, and cosmetics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The glycol market size is expected to see strong growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the upcoming period can be ascribed to an emphasis on renewable feedstocks, an increasing demand for bio-based glycols, a rise in demand within HVAC systems, the expansion of LNG infrastructure, and the growth of the electronics industry. Major trends expected in the forecast period encompass technological advancements in glycol production, initiatives supporting the circular economy, the introduction of smart glycol solutions, heightened collaboration in research and development, and the utilization of glycol for energy storage.
The anticipated growth in the glycol market is expected to be driven by the expanding automotive industry. The automotive industry encompasses activities related to the development, production, marketing, and sale of motor vehicles, including automobiles, trucks, motorcycles, and other vehicles. Within this sector, glycol plays a crucial role as a key ingredient in engine coolants and antifreeze formulations. It aids in controlling engine temperature by preventing overheating in warm weather and freezing in cold weather. For example, a report from the European Automobile Manufacturers' Association (ACEA) in May 2023 indicated that the global production of motor vehicles reached 85.4 million units in 2022, reflecting a 5.7% increase from 2021. Similarly, data from the International Organization of Motor Vehicle Manufacturers, a 36-national trade association, showed that the total production of cars and commercial vehicles rose from 80,145,988 in 2021 to 85,016,728 in 2022. Hence, the expanding automotive industry is a significant driver of the glycol market.
The factor contributing to the growth of the glycol market is the increasing use of cosmetics. Cosmetics encompass a wide range of products applied to the body, face, hair, or nails to enhance or alter appearance. Glycol is a versatile ingredient in the cosmetics industry, utilized for its properties as a solvent, humectant, and viscosity regulator in the formulation of skincare and beauty products. A report from the Soil Association, a UK-based charity organization, highlighted that the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK experienced a 15% growth in 2021, reaching approximately $170 million. Therefore, the rising use of cosmetics is a significant driver of the glycol market.
The glycol market is witnessing a key trend of product innovations, with companies in the sector focusing on the development of new products and solutions to maintain their market positions. A notable example is Valvoline Inc., a manufacturer of automotive oil, additives, and lubricants, which introduced Valvoline Advanced Coolant in August 2022. This glycol-based full-antifreeze coolant is designed to provide protection in extreme hot and cold climate conditions, guarding against overheating and freezing to ensure optimal engine performance. The coolant is backward compatible with all cooling systems utilizing OAT coolants, featuring a sophisticated formulation with ethylene glycol that employs non-depleting organic-acid technology to potentially extend engine life, making it suitable for challenging conditions.
Major players in the glycol market are strategically partnering to incorporate PET glycol (PETG) resin, accelerating the integration of renewable materials into plastic applications. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For instance, UPM Biochemicals GmbH, a chemical company based in Germany, partnered with Selenis NA, a U.S.-based plastics resin manufacturer, in June 2023. The collaboration aims to produce sustainable PETG (polyethylene terephthalate glycol) using forest-sourced materials from Germany for plastic packaging applications, contributing to carbon emission reduction.
In December 2021, PTT Global Chemical Public Company Limited, a petrochemical company based in Thailand, acquired Allnex Holding GmbH for an undisclosed amount. This acquisition aligns with the growth strategy of the GC Group, aiming to diversify its business toward the specialties sector, with a focus on maximizing profits and capitalizing on growth opportunities in the High-Value Business (HVB) sector, aligning with global megatrends. Allnex Holding GmbH, based in Germany, is a producer of glycol resins.
Major companies operating in the glycol market report are ADEKA Corporation, Shell PLC, Chevron Phillips Chemical Company, Mitsubishi Chemical Corporation, The Archer-Daniels-Midland Company, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., Global Bio-chem Technology Group Company Limited, Honeywell International Inc., Sumitomo Chemical Co. Ltd., INEOS Group Limited, Indorama Ventures, LOTTE Chemical Corporation, Solvay SA, Mitsui Chemicals Inc., DuPont, Akzo Nobel, Eastman Chemical Company, Celanese Corporation, Lanxess AG, Huntsman International LLC, Formosa Plastics Corporation, Nouryon Chemicals, Clariant AG, BASF SE, India Glycols Limited, SKC Inc., Meglobal International FZE.
Asia-Pacific was the largest region in the glycol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The principal types of glycols include ethylene glycol, propylene glycol, and others. Ethylene glycol, a member of the glycol family of chemical compounds, is a tasteless, colorless, and minimally viscous liquid. Glycols find applications in various sectors, serving purposes such as antifreeze and coolants, production of polyester fibers, manufacturing PET bottles and packaging, acting as solvents and humectants, serving as dehydrating agents, and functioning as chemical intermediates. These glycols cater to diverse end-users, including the automotive and transportation industry, packaging sector, food and beverage industry, cosmetics, textiles, and others.
The glycol market research report is one of a series of new reports that provides glycol market statistics, including glycol industry global market size, regional shares, competitors with a glycol market share, detailed glycol market segments, market trends and opportunities, and any further data you may need to thrive in the glycol industry. This glycol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The glycol market consists of sales of hydraulic brake fluids, certain stamp pad inks, ballpoint pens, solvents, paints, plastics, films, and cosmetics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Glycol Market Characteristics3. Glycol Market Trends and Strategies32. Global Glycol Market Competitive Benchmarking33. Global Glycol Market Competitive Dashboard34. Key Mergers and Acquisitions in the Glycol Market
4. Glycol Market - Macro Economic Scenario
5. Global Glycol Market Size and Growth
6. Glycol Market Segmentation
7. Glycol Market Regional and Country Analysis
8. Asia-Pacific Glycol Market
9. China Glycol Market
10. India Glycol Market
11. Japan Glycol Market
12. Australia Glycol Market
13. Indonesia Glycol Market
14. South Korea Glycol Market
15. Western Europe Glycol Market
16. UK Glycol Market
17. Germany Glycol Market
18. France Glycol Market
19. Italy Glycol Market
20. Spain Glycol Market
21. Eastern Europe Glycol Market
22. Russia Glycol Market
23. North America Glycol Market
24. USA Glycol Market
25. Canada Glycol Market
26. South America Glycol Market
27. Brazil Glycol Market
28. Middle East Glycol Market
29. Africa Glycol Market
30. Glycol Market Competitive Landscape and Company Profiles
31. Glycol Market Other Major and Innovative Companies
35. Glycol Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Glycol Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on glycol market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for glycol? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Ethylene Glycol; Propylene Glycol; Other Types
2) By Application: Antifreeze and Coolants; Polyester Fiber Production; PET Bottles and Packaging; Solvents and Humectants; Dehydrating Agent; Chemical Intermediates
3) By End-user: Automotive and Transportation; Packaging; Food and Beverage; Cosmetics; Textile; Other End-Users
Key Companies Mentioned: ADEKA Corporation; Shell Plc; Chevron Phillips Chemical Company; Mitsubishi Chemical Corporation; The Archer-Daniels-Midland Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- ADEKA Corporation
- Shell Plc
- Chevron Phillips Chemical Company
- Mitsubishi Chemical Corporation
- The Archer-Daniels-Midland Company
- Repsol S.A.
- The Dow Chemical Company
- Saudi Basic Industries Corporation (SABIC)
- LyondellBasell Industries N.V.
- Global Bio-chem Technology Group Company Limited
- Honeywell International Inc.
- Sumitomo Chemical Co. Ltd.
- INEOS Group Limited
- Indorama Ventures
- LOTTE Chemical Corporation
- Solvay SA
- Mitsui Chemicals Inc.
- DuPont
- Akzo Nobel
- Eastman Chemical Company
- Celanese Corporation
- Lanxess AG
- Huntsman International LLC
- Formosa Plastics Corporation
- Nouryon Chemicals
- Clariant AG
- BASF SE
- India Glycols Limited
- SKC Inc.
- Meglobal International FZE
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 42.5 Billion |
| Forecasted Market Value ( USD | $ 56.44 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
