The Ethylene Glycol Market is experiencing significant growth driven by various key factors. One of the major drivers is the growing demand from the textile industry, which heavily relies on ethylene glycol for the production of polyester fibers and fabrics. The versatility and desirable properties of ethylene glycol make it an essential component in the textile manufacturing process, contributing to the increased adoption of this compound. Additionally, the automotive industry also plays a crucial role in driving the market. Ethylene glycol is widely used as an antifreeze agent in automobile engines, ensuring efficient cooling and preventing engine damage.
The world market size for ethylene glycol is expected to reach a valuation of USD 16,187.2 Million in 2022. during the forecast period of 2022 to 2032. The ethylene glycol market is forecast to thrive at a CAGR of 5.3% which is forecast to be worth 27,130.3 million USD.
What is Driving Demand for Ethylene Glycol
Major factors driving the market are the growing demand from the textile industry and automotive industry. The availability of enhanced ethylene glycol production technology increased the popularity of bio-based ethylene glycol, and rising demand from the textile industry is projected to fuel market expansion throughout the forecast period.
Rapid growth in the textile and PET resin products industries is expected to boost consumption during the forecast period.?
The packaging industry has been driven by rapid growth and changing lifestyles of consumers, and the growing use of? Polyethylene Terephthalate (PET)? in a variety of consumer goods products, including food containers and bottles, is expected to enhance demand for MEG which is likely to boost the market throughout the forecast period.
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Growth of the automotive sector to boost the market and increase demand for Ethylene Glycol
It is widely used as an antifreeze in automobile engines. Because it has a lower freezing point than water, it is used to keep an automobile radiator cool throughout the winter. Globally, the number of vehicles on the road is increasing and is expected to grow at a CAGR of 4.5 percent.
Growing vehicle production and sales volumes are responsible for the increase in vehicle on-road volumes. Coolants and antifreeze will be in high demand due to the increased number of vehicles on the road. The demand for MEG will be fuelled by an increase in coolants and antifreeze usage.
Many end-use industries depend on the use of ethylene glycol as a feedstock. It’s mostly used to make PET bottle resins, polyester fibre, and films. Fibre is the most common application of MEG.
Due to the usage of MEG in the production of PET and polyester fibres, it is widely used in the textile and apparel industries, as well as garment manufacturing, home furnishings, carpets, and rugs. Hence the market is expanding due to the high potential for polyester applications in the textile industry.
APAC Market Outlook
Asia- Pacific dominated the worldwide ethylene glycols market and it is also predicted to be the fastest-growing market because of the increased demand and consumption of MEG, the majority of producers are expanding their production capacity in Asia through both organic and inorganic expansion techniques.
Plastic manufacturing, chemicals, and textiles are among the end-user industries that are rapidly expanding in the region. The increasing demand for MEG in polyester and PET applications in the textile and packaging end-user sectors makes China the largest ethylene glycol market. China is also projected to see capacity increases for PET resin in addition to fiber application.
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Who are the Key Manufacturers and Suppliers
Some of the leading manufacturers and suppliers include:
- Exxon Mobil Corp.
- Dow Chemical
- SABIC
- Sinopec
- Shell Chemical
- Reliance Industries Ltd.
- Huntsman Chemical Corporation
- LOTTE Chemical Corp.
- Kuwait Petroleum Corporation
- LyondellBasell Industries
- Formosa Plastics Corporation
Major players in the worldwide market are increasing their regional presence and company operations through organic and inorganic growth methods such as joint ventures, mergers and acquisitions, expansion, collaborations, new product launches, strategic alliances, and R&D.
Key Segments Covered in the Ethylene Glycol Market Survey
By Derivative Type:
- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
By Application:
- Polyester Fibres
- PET
- Antifreeze and Coolants
- Films
- Others
By End Use Industry:
- Textiles
- Automotive
- Packaging
- Others
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Europe and North America Demand Outlook
The increased production and sale of passenger vehicles in Germany, France, and the United Kingdom is expected to drive ethylene glycol consumption in automotive applications, boosting the market in these countries. North America, owing to the presence of leading automotive players and the growing PET resin sector will lead to significant demand for this product in the North American market over the projection period.
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