The global ethylene glycol market is a pivotal segment within the chemical industry, contributing significantly to various sectors. Ethylene glycol, a key chemical compound, finds extensive use as a raw material in producing polyester fibers, antifreeze solutions, and polyethylene terephthalate (PET) resins. Its versatile properties, including solubility, stability, and hygroscopic nature, make it indispensable in diverse applications. The demand for ethylene glycol is closely tied to the growth of end-user industries such as automotive, textile, and packaging.
Data Bridge Market Research analyses that the Global Ethylene Glycol Market, valued at USD 29.12 billion in 2021, will reach USD 34.21 billion by 2029, growing at a CAGR of 4.14% from 2022 to 2029.
"Rising popularity for bio-based ethylene glycol drive the market growth"
The growing popularity of bio-based ethylene glycol is anticipated to propel the ethylene glycol market from 2022 to 2029. This trend is fueled by increasing environmental awareness and a shift towards sustainable practices. Bio-based ethylene glycol is derived from renewable resources, offering a more eco-friendly alternative to traditional, petroleum-based counterparts. As industries emphasize sustainability, the demand for bio-based ethylene glycol is expected to rise, contributing to the overall growth of the ethylene glycol market during the forecast period.
What restraints the growth of the global ethylene glycol market?
" Absence of universally applicable directives hamper the market growth"
The absence of universally applicable directives for ethylene glycol applications hampers the market by creating inconsistencies and uncertainties. The lack of standardized regulations across regions or industries leads to varied practices and interpretations. This scenario introduces challenges in ensuring consistent product quality and safety. Industries face difficulties navigating compliance requirements, resulting in potential risks and complications. The absence of cohesive directives impedes market stability and may contribute to inefficiencies within the ethylene glycol industry.
Segmentation: Global Ethylene Glycol Market
The global ethylene glycol market is segmented on the basis of type and application.
- On the basis of type, the global ethylene glycol market is segmented into monoethylene glycol, di-ethylene glycol, and tri-ethylene glycol
- On the basis of application, the global ethylene glycol market is segmented into polyester fiber and films, polyethylene terephthalate , antifreeze and coolant, and others
Regional Insights: Asia-Pacific dominates the Global Ethylene Glycol Market
Asia-Pacific dominates the global ethylene glycol market, a trend expected to persist throughout the forecast period. This dominance is attributed to the region's rising disposable income and elevated living standards across several countries. As economic prosperity increases, the demand for ethylene glycol in various applications grows, solidifying Asia-Pacific's leading position in the global market.
North America is expected to dominate the global ethylene glycol market due to the presence of major automotive players and a thriving polyethylene terephthalate resin industry. With a robust market foundation and strategic industry presence, the U.S. and Canada are poised for the highest growth rate during this period. The region's dynamic automotive and resin sectors contribute to sustained market expansion, positioning North America as a key ethylene glycol market growth driver.
Recent Developments: Global Ethylene Glycol Market
- In January 2022, ExxonMobil and SABIC successfully inaugurated the Gulf Coast Growth Ventures' state-of-the-art manufacturing facility in San Patricio County, Texas. The facility includes a mono-ethylene glycol unit with an annual production capacity of 1.1 million metric tons, enhancing their operational capabilities and contributing to the regional petrochemical industry
- In November 2021, SABIC achieved a significant milestone with the start-up of the Ethylene Glycol Plant – 3 at Jubail United Petrochemical Company (United). This plant boasts an estimated annual production capacity of 700,000 metric tons of mono-ethylene glycol, reinforcing SABIC's position in the petrochemical sector
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The Prominent Key Players Operating in the Global Ethylene Glycol Market Include:
- DuPont (U.S.)
- Solvay (Belgium)
- DAIKIN (Japan)
- Dow (U.S.)
- 3M (U.S.)
- H.B. Fuller Company (U.S.)
- AVERY DENNISON CORPORATION (U.S.)
- Sealed Air (U.S.)
- SABIC (Saudi Arabia)
- Arkema (France)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Exxon Mobil Corporation (U.S.)
- Mitsui Chemicals Inc., (Japan)
- Braskem (Brazil)
- TotalEnergies (France)
- Novamont SpA (Italy)
- Biome Bioplastics (U.K.)
- PTT Global Chemical Public Company Limited (Thailand)
- KURARAY CO., LTD. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global ethylene glycol market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Ethylene Glycol Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
