In 2023, the ethylene glycol market is projected to be worth US$17.76 billion worldwide. The ethylene glycol industry is projected to grow at a CAGR of 5.3% from 2023 to 2033 and reach a projected value of US$ 29.77 billion.
During the anticipated period, there are likely to be several opportunities for expanding the ethylene glycol market due to the rising demand for non-ionic surfactants and the expanding textile and fiber sectors.
Demand is projected to be driven by the widespread use of polyester fabrics in garments, home furnishings, yarns, ropes, and other industrial services, including conveyor belts and insulating tapes.
Exploring the Crucial Factors Catalyzing the Ethylene Glycol Market Expansion
The ethylene glycol business is anticipated to grow as ethylene glycol usage increases as an intermediate in various chemical processes. Glycols’ hydroxyl groups go through the typical alcohol chemistry, producing a wide range of potential derivatives. Because of this chemistry, ethylene glycol can function as an intermediate in various processes, particularly resin production.
Ethylene glycol usage is expected to increase due to the industries’ rapid expansion in the textile and PET resin goods sectors. Many techniques used in the production of textiles employ ethylene glycol as a feedstock. It is primarily engaged in the production of polyester fiber, films, and resins for PET bottles. Ethylene glycol also functions as a dewatering agent, antifreeze, coolant, and heat transfer agent, inhibits the formation of hydrates, and serves as a precursor to polymers.
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Addressing the Bottlenecks: Constraints in the Ethylene Glycol Market
The ethylene glycol industry is predicted to be hampered by fluctuating raw material prices. The production of ethylene glycol starts with natural materials like ethylene oxide, ethylene, and other compounds. Due to the pandemic’s disruption of the supply chain, the pricing of these basic commodities is unstable. The demand for these basic resources fluctuates from time to time as well. This considerably impacts their prices.
The lack of global regulations governing ethylene glycol applications is also anticipated to harm the ethylene glycol business soon. The laws and regulations governing the usage of ethylene glycol differ in every nation. Companies need help to comply with these national mandates and laws. This could deter investment in the ethylene glycol sector, which would be detrimental to the market.
Asia Pacific Emerging as a Key Market for Plastics and Resins: Growth Opportunities in End-User Sectors
In terms of consumption, Asia Pacific is expected to hold a sizable portion of the ethylene glycol business. End-user sectors like plastic production, chemicals, and textiles are growing quickly.
The use of plastics and resins is rising due to rising disposable income and living standards in several Asia-Pacific nations. The demand is increasing as a result. Components for automobiles are made using ethylene glycol. The need for ethylene glycol in automotive applications will increase due to increased passenger vehicle production and sales in China, India, Japan, and South Korea.
North America will hold a significant portion of the ethylene glycol industry due to substantial automotive companies and the thriving PET resin sector in the United States and Canada.
Key Takeaways
- The monoethylene glycol segment in the derivative type category to grab a share of 24.6% from 2023 to 2033.
- In the end-use industry category, the textiles segment to acquire a market share of 18.7% between 2023 and 2033.
- The United States ethylene glycol business to acquire a share of 14.6% by 2023.
- The Germany ethylene glycol industry to grab a share of 9.3% by 2023.
- Japanese ethylene glycol market to hold a share of 8.8% by 2023.
- Australia ethylene glycol industry to acquire a share of 7.6% by 2023.
- Chinese ethylene glycol business to expand at a CAGR of 5.4% through 2033.
- India’s ethylene glycol industry to develop at a CAGR of 5.8% from 2023 to 2033.
- The United Kingdom ethylene glycol business to evolve at a CAGR of 4.90% through 2033.
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Competitive Landscape
To strengthen their position in the ethylene glycol market, vendors are applying various tactics by assessing aspects such as strategic alliances, partnerships, mergers and acquisitions, regional expansion, and product or service launches.
Some of the leading ethylene glycol 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
Novel Advancements
- Expansion
An executive from Shell Chemical revealed intentions to expand the facility’s capacity at its Norco, Louisiana, location for the use of bio-based feedstocks to generate alcohol and alcohol ethoxylates in May 2022. To create renewable diesel from soybean oil, which would then be put into a cracker to create ethylene, EO, alcohols, and ethoxylates, soybean oil would be processed at the Norco refinery.
Key Segments
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
- Apparel
- Non-Apparel
- Automotive
- Packaging
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR-certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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