Global Ethylene Glycol Market is estimated to valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Ethylene glycol (CH2OH)2 is an organic compound that is a colorless, odorless, flammable, viscous liquid. It is majorly used as a raw material in the manufacture of polyester fibers and for antifreeze formulations. Factors such as the thriving growth of the automobile industry in emerging regions, rising application in textiles and PET, coupled with the increasing demand for polyester fibers and antifreeze formulations are bolstering the market demand across the globe.
The ethylene glycol is gaining huge prominence in automotive industry is owing to it has a lower freezing point compared to water and it helps in keeping the automobile radiator cool throughout the winter. According to the Indian Brand Equity Foundation, the Indian automotive industry is projected to reach USD 251.4- 282.8 billion by the year 2026. Therefore, the growth of the automotive industry is fueling the demand for Ethylene Glycol, which is surging the market growth. In addition, the increasing availability of improved ethylene glycol production technology and the growing popularity of bio-based ethylene glycol are creating lucrative opportunities for market growth over the forecasting years. However, fluctuations in the prices of raw materials and the imposition of stringent regulatory guidelines are hindering market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Ethylene Glycol Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the space in terms of revenue, owing to the growing need for increasing demand for MEG in polyester and PET from various end-use industries and the presence of leading market players. Whereas, the Asia Pacific is expected to grow significantly during the forecast period. Factors such as thriving growth of the packaging industry, as well as increasing demand from emerging textile and automotive industries, are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
Reliance Industries Ltd.
Kuwait Petroleum Corporation
Formosa Plastics Group
Exxon Mobil Corp.
Honam Petrochemical Corporation
Recent Developments in the Market:
In 2020, DePoly was established by Christopher Ireland. This new facility is intended to provide plastic recycling technology. The objective of this initiative is to improve recycling through the usage of two components that are ethylene glycol and terephthalic acid.
Global Ethylene Glycol Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study.
The report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Monoethylene Glycol (MEG)
Di-Ethylene Glycol (DEG)
Tri-Ethylene Glycol (TEG) By Application:
Rest of the World