Search

Ethylene Glycol Market is segmented by Derivative Type {Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG)}; by Application (Polyester Fibers, PET, Antifreeze & Coolants, Films, Others); by End Use Industry (Textiles, Automotive, Packaging, Others); by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032

Ethylene Glycol Market Overview

The global ethylene glycol market was valued at USD 17.9 billion in 2023. The market is expected to expand at a CAGR of 5.8% from 2023-2032, and is expected to cross value of USD 30.1 billion by the end of 2032.

Ethylene glycol is a colorless, odorless, and sweet-tasting organic compound with the chemical formula C2H6O2. It is classified as a diol or glycol, which means it contains two hydroxyl (OH) groups. The primary growth factor associated with the ethylene glycol market is the increasing demand for PET (Polyethylene Terephthalate) resin, which is a key application of ethylene glycol. PET resin is widely used in the production of various consumer goods, including beverage bottles, food packaging, and polyester fibers for textiles. Exxon Mobil Corp., Dow Chemical, and SABIC are some of the significant parties in the market for ethylene glycol.

Ethylene Glycol Market Graph

                                           Get More Insights on This Report - Request Free Sample PDF


Ethylene Glycol Market Drivers

Some key drivers for the ethylene glycol market are:

  • Increasing Demand for PET Resin: Ethylene glycol is a key raw material in the production of polyethylene terephthalate (PET) resin, which is extensively used in the packaging industry for the manufacturing of plastic bottles, containers, and packaging films. The growing consumption of packaged beverages, food products, personal care items, and household products worldwide fuels the demand for PET resin, thus driving the demand for ethylene glycol.
  • Expanding Textile Industry: The textile industry is a major consumer of ethylene glycol, primarily for the production of polyester fibers. As global demand for textiles continues to rise, particularly in emerging markets, the demand for ethylene glycol as a raw material for polyester production also increases.
  • Growing Automotive Sector: Ethylene glycol is a key component in the formulation of engine coolant and antifreeze solutions used in automotive applications. With the rising production and sales of automobiles worldwide, the demand for ethylene glycol-based coolants and antifreeze solutions is expected to increase.
  • Expansion of Industrial Applications of the Chemical: Ethylene glycol serves as a versatile solvent in various industrial processes, including the production of resins, plastics, adhesives, and coatings. Its ability to dissolve a wide range of substances makes it valuable in many applications across industries such as construction, electronics, paints and coatings, and pharmaceuticals. As industrial activities and manufacturing processes continue to expand globally, the demand for ethylene glycol as a solvent and chemical intermediate is anticipated to grow, in turn, contributing to the market growth.
  • Increasing Investments in Infrastructure and Construction: The construction industry is a significant consumer of ethylene glycol-based products, particularly in the production of construction materials such as insulation foams, sealants, adhesives, and paints. As infrastructure development projects, residential construction, and commercial building activities rise globally, especially in emerging economies and urban centers, the demand for ethylene glycol-based construction materials is expected to increase, thereafter contributing to the growth of the market in the coming years.

Ethylene Glycol Market Challenges

Some challenges facing the ethylene glycol market are:

  • Fluctuating Price of Raw Materials Used to Manufacture Ethylene Glycol: The production of ethylene glycol involves the use of raw materials such as ethylene, which is derived from petrochemical sources. Fluctuations in crude oil prices and availability of feedstocks can significantly impact the cost of production. Sudden increases in raw material prices can squeeze profit margins for manufacturers, leading to challenges in maintaining competitive pricing for ethylene glycol products.
  • Environmental and Health Concerns Associated with the Chemical: Ethylene glycol is known to be toxic and poses environmental and health hazards. Regulatory bodies and environmental agencies have imposed stringent regulations on the usage and disposal of ethylene glycol, which can lead to compliance costs for manufacturers and limit its applications in certain regions.
  • Competitive Pressure from Alternatives: Ethylene glycol faces competition from alternative products, such as propylene glycol and glycerol, which may offer similar functionalities in certain applications. The availability of substitutes, especially those perceived as more environmentally friendly or safer, can impact the market share of ethylene glycol.

Ethylene Glycol Market Segmentation

Segmentation of Ethylene Glycol market are:

  • By Derivative Type
    • Monoethylene Glycol (MEG)
    • Diethylene Glycol (DEG)
    • Triethylene Glycol (TEG)
  • By Application
    • Polyester Fibers
    • PET
    • Antifreeze & Coolants
    • Films
    • Others
  • By End Use Industry
    • Textiles
    • Automotive
    • Packaging
    • Others
  • By Region
    • North America (U.S., and Canada)
    • Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
    • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
    • Latin America (Mexico, Argentina, Rest of Latin America)
    • Middle East and Africa

                  Ethylene Glycol Market Report Scope

Base Year

     2023

Base Year Market Size

     USD 17.9 Billion

Forecast Year

     2023-2032

Forecast Year Market Size

     USD 30.1 Billion

CAGR Value

     5.8%

Segmentation

  • By Derivative Type
  • By Application
  • By End Use Industry
  • By Geography

Challenges

  • Fluctuating Price of Raw Materials Used to Manufacture Ethylene Glycol
  • Environmental and Health Concerns Associated with the Chemical
  • Competitive Pressure from Alternatives

Growth Drivers

  • Increasing Demand for PET Resin
  • Expanding Textile Industry
  • Growing Automotive Sector
  • Increasing Investments in Infrastructure and Construction

Timeline considered for all these studies will be:

2023 – Base Year

2023 – Estimated Year

2023-2032 – Forecast Period


Ethylene Glycol Market Regional Synopsis

The ethylene glycol market in the Asia Pacific is expected to hold the largest market share, backed by the growing demand for the chemical from various end-use industries such as automotive, textiles, and packaging materials. Besides this, the growing use of ethylene glycol for manufacturing antifreeze coolants for automotive applicants, is also expected to contribute to the market growth.

Further, the booming automotive industry, along with the rising use of ethylene glycol as a raw material for the production of polyethylene terephthalate (PET) in North America is expected to drive the market growth in the region.


Ethylene Glycol Market Key Players

Some key players in the Ethylene Glycol market are:

  • Exxon Mobil Corp.
  • Dow Chemical
  • SABIC
  • Shell Chemical
  • Reliance Industries Ltd.
  • Huntsman Chemical Corporation
  • LOTTE Chemical Corp.
  • Kuwait Petroleum Corporation
  • LyondellBasell Industries
  • Formosa Plastics Corporation


Need Customized Report for Your Business ?

Utilize the Power of Customized Research Aligned with Your Business Goals

Request for Customized Report
Get 10% discount on any market research report of your choice.
Booklet
  • Publication date: 29th February 2024
  • Base year: 2022
  • Forecast year: 2023-2033
  • Format: PDF, PPT,Word,Excel

- ISO Certified Logo -


Frequently Asked Questions(FAQ)

Ethylene glycol is a colorless, odorless, and sweet-tasting organic compound with the chemical formula C2H6O2. It is classified as a diol or glycol, which means it contains two hydroxyl (OH) groups.

Some of the key players in the Ethylene Glycol market include Exxon Mobil Corp., Dow Chemical, SABIC, Shell Chemical, Reliance Industries Ltd., and Huntsman Chemical Corporation.

The global Ethylene Glycol market was valued at USD 17.9 billion in 2023. The market is expected to expand at a CAGR of 5.8% from 2023-2032, and is expected to cross value of USD 30.1 billion by the end of 2032.

-: Our Clients :-

Subscribe to Our Company Updates

* We will not share your personal information with anyone
Go Up