The global ethylene glycol market size reached US$ 46.4 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 66.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.0% during 2023-2032. The market is growing rapidly driven by the increasing product utilization in polyester and PET production, rapid expansion of the automotive industry, widespread product utilization in various industrial applications, significant technological advancements, and rising demand for non-ionic surfactants.
Major Market Drivers: Key drivers influencing the market growth include the increasing demand for polyester fibers, expanding automotive industry, significant technological advancements, and rising product utilization in non-ionic surfactants.
Technological Advancements: Recent innovations in production processes, leading to more efficient and cost-effective methods. Additionally, the development of bio-based ethylene glycol is supporting the market growth.
Industry Applications: The market is experiencing high product demand in polyester productions, automotive coolants, oil and gas, medical applications, and as a raw material in the plastic industry.
Key Market Trends: The key market trends involve an ongoing shift towards sustainable and eco-friendly products, influencing the demand for bio-based ethylene glycol. Additionally, rapid industrialization and expansion in the textile and automotive sectors are bolstering the market growth.
Geographical Trends: Asia Pacific leads the market due to its booming textile and industrial sectors. Other regions are also showing significant growth, fueled by technological advancements and stringent environmental regulations.
Competitive Landscape: The market is characterized by the involvement of key players that are focusing on capacity expansion, research and development (R&D), and sustainability initiatives. Additionally, they are engaging in strategic partnerships, mergers, and acquisitions to enhance market presence and diversify portfolios.
Challenges and Opportunities: The market faces various challenges, such as volatility in raw material prices and environmental concerns related to traditional production methods. However, the development of bio-based alternatives and the expansion into emerging markets are creating new opportunities for the market growth.
The ethylene oxide process involves the reaction of ethylene oxide with water under high pressure and temperature, resulting in the production of ethylene glycol. The primary advantage of this method is its high efficiency and ability to produce ethylene glycol with a high purity level, which is crucial for applications in sensitive industries like food and pharmaceuticals.
2. What is the expected growth rate of the global ethylene glycol market during 2024-2032?
3. What are the key factors driving the global ethylene glycol market?
4. What has been the impact of COVID-19 on the global ethylene glycol market?
5. What is the breakup of the global ethylene glycol market based on the product?
6. What is the breakup of the global ethylene glycol market based on the application?
7. What are the key regions in the global ethylene glycol market?
8. Who are the key players/companies in the global ethylene glycol market?
Ethylene Glycol Market Analysis:
Market Growth and Size: The market is witnessing stable growth, driven by the increasing product adoption in various industries and rising product demand in emerging economies, leading to an expansion in production capacities across the globe.Major Market Drivers: Key drivers influencing the market growth include the increasing demand for polyester fibers, expanding automotive industry, significant technological advancements, and rising product utilization in non-ionic surfactants.
Technological Advancements: Recent innovations in production processes, leading to more efficient and cost-effective methods. Additionally, the development of bio-based ethylene glycol is supporting the market growth.
Industry Applications: The market is experiencing high product demand in polyester productions, automotive coolants, oil and gas, medical applications, and as a raw material in the plastic industry.
Key Market Trends: The key market trends involve an ongoing shift towards sustainable and eco-friendly products, influencing the demand for bio-based ethylene glycol. Additionally, rapid industrialization and expansion in the textile and automotive sectors are bolstering the market growth.
Geographical Trends: Asia Pacific leads the market due to its booming textile and industrial sectors. Other regions are also showing significant growth, fueled by technological advancements and stringent environmental regulations.
Competitive Landscape: The market is characterized by the involvement of key players that are focusing on capacity expansion, research and development (R&D), and sustainability initiatives. Additionally, they are engaging in strategic partnerships, mergers, and acquisitions to enhance market presence and diversify portfolios.
Challenges and Opportunities: The market faces various challenges, such as volatility in raw material prices and environmental concerns related to traditional production methods. However, the development of bio-based alternatives and the expansion into emerging markets are creating new opportunities for the market growth.
Ethylene Glycol Market Trends:
The increasing product utilization in polyester and PET resin production
The growing demand for ethylene glycol in polyester production is a primary factor driving the market growth. Polyester is a synthetic fiber derived from ethylene glycol and terephthalic acid. It is extensively used in the textile industry due to its durability, wrinkle resistance, and affordability. Furthermore, the widespread product utilization in the synthesis of polyethylene terephthalate (PET) resins, and films that are employed in the food and beverage (F&B) industry as a packaging material is bolstering the market growth. Additionally, the rising consumption of packaged goods, driven by increasing urbanization and changing consumer lifestyles, leading to a surge in the demand for PET, is strengthening the market growth.Rapid expansion of the automotive industry
Ethylene glycol is widely utilized in the automotive industry as an antifreeze and coolant, which is contributing to the market growth. The automotive industry relies heavily on ethylene glycol for manufacturing radiator coolants due to its properties, such as high boiling point and low freezing point, which ensure optimal engine performance in varying temperatures. Furthermore, the growing automotive sector, particularly in emerging economies, which directly increases the demand for ethylene glycol, is supporting the market growth. Additionally, the rising electric vehicle (EV) production, where ethylene glycol is used in cooling systems for batteries and other electronic components, is positively influencing the market growth. Moreover, the widespread adoption of EVs, owing to the increasing shifts towards sustainable and eco-friendly transportation, is driving the market growth.Widespread product utilization in various industrial applications
Ethylene glycol finds diverse applications in various industries, contributing significantly to the market growth. It is used as a raw material in the production of antifreeze formulations and hydraulic fluids and as a medium for heat transfer in cooling systems. Furthermore, its application as a solvent in the paint and plastic industries is boosting the market growth. Additionally, the widespread utilization of ethylene glycol in the leather industry for tanning processes and in the electronics industry for manufacturing capacitors, owing to its chemical properties, such as low volatility and hygroscopic nature, is bolstering the market growth. Besides this, the ongoing innovation and technological advancements in these sectors, creating new applications for ethylene glycol, are fueling the market growth.Rapid technological advancements
Technological advancements in the application and production of ethylene glycol are playing a pivotal role in the market growth. In line with this, innovations in production processes, leading to more efficient, cost-effective, and environmentally friendly methods of ethylene glycol synthesis, are boosting the market growth. Furthermore, recent developments in catalysis and process optimization that can increase yield and reduce energy consumption, making production more sustainable and economically viable, are positively influencing the market growth. Moreover, recent technological advancements that are enabling the production of bio-based ethylene glycol using renewable sources, such as biomass, are favoring the market growth. Apart from this, the growing environmental concerns and stringent regulatory policies aimed at reducing carbon footprints are driving the market growth.Rising demand for non-ionic surfactants
Ethylene glycol is a component in the manufacturing of non-ionic surfactants, which are essential in various products like detergents, emulsifiers, and wetting agents. Non-ionic surfactants, owing to their stability and non-reactive nature, are preferred in many industrial and consumer products. They are widely employed in household cleaning agents, personal care formulations, and in industrial applications, such as emulsifiers in the food industry, agrochemicals, and textile processing. Furthermore, the rising consumer spending power, urbanization, and increasing awareness about hygiene and cleanliness are strengthening the market growth. Besides this, technological advancements in surfactant chemistry, leading to the development of new and improved formulations, are positively influencing the market growth.Ethylene Glycol Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. The report has categorized the market based on product, manufacturing process, application, and end-use industry.Breakup by Product:
- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
Monoethylene glycol (MEG) accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the product. This includes monoethylene glycol (MEG), diethylene glycol (DEG), and triethylene glycol (TEG). According to the report, monoethylene glycol (MEG) represented the largest segment.Breakup by Manufacturing Process:
- Ethylene Oxide
- Coal
- Biological Route
- Others
The ethylene oxide process involves the reaction of ethylene oxide with water under high pressure and temperature, resulting in the production of ethylene glycol. The primary advantage of this method is its high efficiency and ability to produce ethylene glycol with a high purity level, which is crucial for applications in sensitive industries like food and pharmaceuticals.
Breakup by Application:
- Polyester Fiber
- PET
- Antifreeze and coolant
- Film
- Others
PET represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the application. This includes polyester fiber, PET, antifreeze and coolant, film, and others. According to the report, PET represented the largest segment.Breakup by End-Use Industry:
- Oil and Gas Industry
- Plastic Industry
- Transportation Industry
- Medical Industry
- Textile Industry
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific leads the market, accounting for the largest ethylene glycol market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
Akzo Nobel N.V.- Ashland Global Specialty Chemicals Inc
- BASF SE
- China Petrochemical Corporation (Sinopec Group)
- Dow Inc
- Formosa Plastics Corporation
- Huntsman Corporation
- Ineos Oxide Limited (INEOS Holdings Limited)
- Lotte Chemical Corporation
- Lyondellbasell Industries Inc
- Reliance Industries Limited
- SABIC
- Shell plc
Key Questions Answered in This Report
1. What was the size of the global ethylene glycol market in 2023?2. What is the expected growth rate of the global ethylene glycol market during 2024-2032?
3. What are the key factors driving the global ethylene glycol market?
4. What has been the impact of COVID-19 on the global ethylene glycol market?
5. What is the breakup of the global ethylene glycol market based on the product?
6. What is the breakup of the global ethylene glycol market based on the application?
7. What are the key regions in the global ethylene glycol market?
8. Who are the key players/companies in the global ethylene glycol market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Indicators
2 Scope and Methodology
4 Introduction
5 Global Ethylene Glycol Market
6 Market Breakup by Product
7 Market Breakup by Manufacturing Process
8 Market Breakup by Application
9 Market Breakup by End-Use Industry
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Akzo Nobel N.V.
- Ashland Global Specialty Chemicals Inc.
- BASF SE
- China Petrochemical Corporation (Sinopec Group)
- Dow Inc.
- Formosa Plastics Corporation
- Huntsman Corporation
- Ineos Oxide Limited (INEOS Holdings Limited)
- Lotte Chemical Corporation
- Lyondellbasell Industries Inc.
- Reliance Industries Limited
- SABIC
- Shell plc
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 140 |
| Published | March 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 46.4 Billion |
| Forecasted Market Value ( USD | $ 66.3 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
