Ethylene Glycol Market Report and Forecast 2024-2032

Market Outlook

According to this report, the global ethylene glycol market size reached a value of USD 47.30 billion in 2023. Aided by the increasing demand for PET resin, the market is projected to further grow at a CAGR of 4.7% between 2024 and 2032 to reach a value of USD 72.82 billion by 2032.

Ethylene glycol, a colourless and odourless liquid, is primarily used as an antifreeze in automotive cooling and heating systems and as a raw material in the production of polyester fibres, resins, and films. Its properties of lowering the freezing point of water and raising its boiling point make it an essential component in automotive coolants and antifreeze solutions. Additionally, ethylene glycol is also used in the production of polyethylene terephthalate (PET), which is extensively used in the packaging industry for manufacturing plastic bottles and containers.

The booming automotive industry, especially in emerging markets, is a key driver increasing the ethylene glycol market share. With the surge in vehicle production and sales, there's a growing need for antifreeze and coolant solutions, which boosts the demand for ethylene glycol. Additionally, the increasing adoption of electric vehicles (EVs) is propelling market growth, as ethylene glycol is crucial for thermal management systems in EV batteries. The automotive sector's expansion in developing economies is significantly contributing to this demand, underscoring ethylene glycol's vital role in both traditional and electric vehicles.

In addition to the automotive sector, the expanding applications of ethylene glycol in the textile industry are contributing to the market growth. Ethylene glycol is a key raw material in the production of polyester fibres, which are widely used in the textile and apparel industry. The growing demand for polyester fibres, driven by their durability, versatility, and cost-effectiveness, is bolstering the market. Furthermore, the increasing popularity of polyester fibres in home furnishings, upholstery, and industrial applications is further augmenting the ethylene glycol market growth.

The packaging industry also plays a significant role in the market expansion. Ethylene glycol is a crucial component in the production of PET, which is extensively used in the packaging of beverages, food products, and personal care items. The rising demand for packaged goods, driven by changing consumer lifestyles and increasing disposable incomes, is propelling the demand for PET, thereby driving the market. Moreover, the growing trend towards sustainable packaging solutions is further boosting the demand for PET, as it is recyclable and environmentally friendly further escalating the ethylene glycol market development.

The pharmaceutical industry is another key driver of the market. Ethylene glycol is used as a solvent in the production of various pharmaceutical formulations, including oral, injectable, and topical medications. The increasing demand for pharmaceuticals, driven by the rising prevalence of chronic diseases and the aging population, is augmenting the market growth. Additionally, the expanding pharmaceutical industry in emerging economies is further propelling the demand for ethylene glycol.

As per the, ethylene glycol market report, the market is also benefiting from the increasing investments in infrastructure and construction activities. Ethylene glycol is used in the production of building materials, such as paints, coatings, and adhesives, which are essential in construction and renovation projects. The growing construction industry, particularly in developing regions, is driving the demand for ethylene glycol, further boosting the market growth.

As per the global ethylene glycol market analysis, the textile industry's expansion is contributing to the market growth. Ethylene glycol is a key raw material in the production of polyester fibres, widely used in the textile and apparel industry. The growing demand for polyester fibres, driven by their durability, versatility, and cost-effectiveness, is bolstering the market. The packaging industry's growth is driving the market, as ethylene glycol is a crucial component in the production of PET, extensively used in packaging beverages, food products, and personal care items. The rising demand for packaged goods, driven by changing consumer lifestyles and increasing disposable incomes, is propelling the demand for PET, thereby driving the market.

Market Segmentation

The market can be divided based on type, manufacturing process, application, end use and region.

Market Breakup by Type

• Monoethylene Glycol (MEG)
• Diethylene Glycol (DEG)
• Triethylene Glycol (TEG)

Market Breakup by Manufacturing Process

• Ethylene Oxide
• Coal
• Biological Route
• Others

Market Breakup by Application

• Polyester Fiber
• Polyethylene Terephthalate (PET)
• Antifreeze
• Film
• Others

Market Breakup by End Use

• Plastic
• Transportation
• Textile
• Oil and Gas
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ethylene glycol market. Some of the major players explored in the report are as follows:

• Shell PLC
• BASF SE
• Mitsubishi Chemical Group
• Saudi Basic Industries Corporation
• Reliance Industries Ltd
• China Petrochemical Co., Ltd. (SINOPEC)
• Formosa Plastics Corporation
• INEOS AG
• LOTTE Chemical Corporation
• India Glycols Limited
• Others