Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) -- The global ethylene glycol market size was USD 16.74 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.2% during the forecast period. Key drivers include the escalating demand from textile and Polyethylene Terephthalate (PET) resin industries, coupled with the growing adoption of bio-based ethylene glycols and ethylene glycol in diverse industrial applications. Ethylene glycol, a high-productive volume chemical, plays a vital role in various high-tech industries such as textile, packaging, automotive, Oil & Gas, transportation, medical, and more. Recognized for its exceptional density and low volatility properties, ethylene glycol finds extensive use, particularly in the production of PET components.
The rising demand for textile and PET resin industries, driven by the popularity of packaging materials and the need for prolonged food product storage, is a significant growth factor. The demand for PET resin is expected to grow at approximately 2.1% year on year until 2030, creating opportunities for manufacturers to meet the burgeoning demand. Despite the positive outlook, challenges such as fluctuating raw material costs and high manufacturing expenses pose potential constraints. Ethylene glycol's toxic nature necessitates careful handling, and its resource-intensive manufacturing process contributes to elevated operational expenses. This, in turn, may impact the competitiveness of ethylene glycol in the market.
In 2022, the monoethylene glycol segment held the largest revenue share in the global ethylene glycol market. Monoethylene glycol's dominance is attributed to its increasing demand in the production of polyester resins and textile fibers. Its versatility is evident in applications ranging from engine coolants to latex-based paint formulations. The ethylene oxide segment is anticipated to witness steady and fast revenue growth in the global ethylene glycol market. Ethylene oxide, a colorless and flammable gas, plays a crucial role in ethylene glycol production due to its high reactivity and stability. Manufacturers are investing in Research & Development (R&D) to provide tailored products aligned with specific application needs.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2653
The polyester fibers segment is expected to contribute significantly to the global ethylene glycol market's revenue share. The rising adoption of polyester fibers in textiles and automotive industries is driving the demand for ethylene glycol. Its properties, including resistance to chemicals and moisture-wicking, make it an ideal material for sportswear and outdoor clothing.
The textile segment is projected to experience moderately fast revenue growth, fueled by the increasing demand for polyester fibers in the clothing industry. Ethylene glycol's low toxicity and corrosion resistance contribute to enhanced lifespan and improved production of PET resins and textiles.
The Asia Pacific emerged as the leading revenue contributor in 2022, driven by the growing adoption of glycol in automotive industries, particularly in countries like China, Japan, South Korea, and India. North America is expected to register the fastest revenue growth, supported by the rising demand for PET resins in packaging industries, notably in the U.S. and Canada. Meanwhile, the European market is poised for considerable growth due to the expanding textile industries in countries like the UK, Germany, and France.
The global ethylene glycol market is on a trajectory of significant growth, fueled by diverse applications across industries. While challenges such as raw material costs and manufacturing expenses persist, the market's resilience and adaptability are evident in the continued innovation and strategic partnerships among key players. The forecast period presents opportunities for manufacturers to capitalize on the rising demand for ethylene glycol, particularly in the dynamic textile and PET resin sectors.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2653
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 16.74 Billion |
| CAGR (2022–2030) | 5.2% |
| Revenue Forecast To 2032 | USD 27.43 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, manufacturing process, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | DuPont, Solvay, DOW, DAIKIN, 3M, Kuraray Co., Ltd., H.B. Fuller Company, Biome Bioplastics, PTT Global Chemical Public Company Limited, AVERY DENNISON CORPORATION, Sealed Air, SABIC, Mitsui Chemical Inc., Arkema, Exxon Mobil Corporation, Novamont SpA, LyondellBasell Industries ,Holdings B.V., Total Energies, and Braskem |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global ethylene glycol market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ethylene glycol products in the market.
Some of the major companies included in the global ethylene glycol market report are:
- DuPont
- Solvay
- DOW
- DAIKIN
- 3M
- Kuraray Co., Ltd.
- H.B. Fuller Company
- Biome Bioplastics
- PTT Global Chemical Public Company Limited
- AVERY DENNISON CORPORATION
- Sealed Air
- SABIC
- Mitsui Chemical Inc.
- Arkema
- Exxon Mobil Corporation
- Novamont SpA
- LyondellBasell Industries Holdings B.V.
- Total Energies
- Braskem
Strategic Development
- On 9 August, 2023, Kuraray LLC announced its plans to increase the production capacity for globally in-demand ethylene-vinyl alcohol copolymers at operations in the U.S. and Europe. A total of 5,000 mt/year will be added to the capacity of U.S. and European operations in 2024, and an additional 5,000 mt/year will be added in 2026. Total capacity increase by 10,000 mt /year will bring global production capacity. from the current 103,000 tons/year to 113,000 tons/year.
- On 6 October, 2021, Dow announced its plans to build the world's first carbon-neutral synthetic ethylene and derivatives production facility with regard to Scope 1 and 2 carbon dioxide emissions. Tripling Dow's ethylene and polyethylene production capacity from the Fort Saskatchewan, Alberta, site while upgrading the site's existing assets to achieve net-zero carbon emissions.
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2653
For the purpose of this report, Emergen Research has segmented the global ethylene glycol market on the basis of type, manufacturing process, application, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Monoethylene Glycol
- Di-Ethylene Glycol
- Tri-Ethylene Glycol
- Manufacturing Process Outlook (Revenue, Kilotons; 2019-2032)
-
- Ethylene Oxide
- Coal
- Biological Route
- Others
- Application Outlook (Revenue, USD Billion, 2019-2032)
-
- Polyester Fiber and Films
- Polyethylene Terephthalate
- Antifreeze and Coolant
- Others
- End-use Outlook (Revenue, USD Billion; 2019-2032)
-
- Textile Industry
- Packaging
- Automotive
- Oil and Gas
- Transportation
- Medical
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/ethylene-glycol-market
Curated Reports You Shouldn't Miss: Dive In Now!
Monochloroacetic Acid Market, By Form (Crystalline, Liquid, and Flakes), By Application [Herbicides and Insecticides, Carboxymethyl Cellulose (CMC), Surfactants, and Others], By End-Use, and By Region Forecast to 2032
OXO Alcohol Market, By Type (2-Ethylhexanol, N-butanol, and Isobutanol), By Feedstock (Propylene and Natural Gas), By Application (Plasticizer, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives, and Others), and By Region Forecast to 2032
Sodium Hypochlorite Solution Market, By Type (Liquid, Powder, and Tablet), By Application (Cleaning & Disinfection, Bleaching, Oxidizing, Medical, Agriculture, and Others), By End-Use, and By Region Forecast to 2032
Polyvinyl Alcohol Market, By Grade (Partially hydrolyzed and Fully hydrolyzed), By Application (Food Packaging, Detergent Packaging, Agrochemical Packaging, and Others), By End-Use, and By Region Forecast to 2032
Aluminosilicate Polyacrylate Market, By Type (Powder, Particle, and Others), By Application (Paints & Coatings, Inks, and Others), and By Region Forecast to 2032
Hydrochloric Acid Market, By Grade (Synthetic Grade and By-Product Grade), By Application (Oil Well Acidizing, Steel Pickling, Food Processing, and Others), By End-Use (Chemical, Food and Beverage, and Others), and By Region Forecast to 2032
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights
