New York, July 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Glycol Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06309367/?utm_source=GNW
On the flip side, the toxic nature of ethylene glycol and unfavorable conditions arising due to the COVID-19 outbreak are hindering the market growth.
Key Highlights
Over the short term, increasing demand for polyester films and PU adhesives, and increasing ethylene glycol consumption from china’s textile industry, are some of the factors which are stimulating the market demand.
The toxic nature of ethylene glycol may hinder the market growth.
The growing popularity of bio-based glycols is likely to create opportunities for the market in the coming years.
The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing Usage in the Textile Industry
Glycols find application in producing polyester fibers, leather, and cellophane. Ethylene glycol is one majorly used in product textile applications.
The global textile industry was valued at USD 1000 billion in 2020. It will likely showcase commendable growth, reaching USD 1235 billion by 2024, registering a CAGR of nearly 4.5%. This will drive the glycol market during the forecasted period.
Global fiber production was hit hard in 2020 due to the COVID-19 pandemic and witnessed a fall from 111 million tons to 109 million tons. However, it largely recovered in 2021 with improvement in the market activities following the active pickup in the global economy.
China, the European Union, and India are among the three largest exporters of textiles, holding a share of over 65% across the global market
China’s textile industry witnessed commendable growth in the first ten months of 2021. Combined revenue from major enterprises showcased a rise of around 14% Y-o-Y, reaching USD 650 billion.
The Indian textile industry is one of the fastest-growing industries across the globe. Textile exports rose by around 31% from April to December 2021 compared to the previous year. Investments in the Indian textile sector have showcased prominent growth since the outbreak of COVID-19. In Budget 2021-22, the government announced a scheme for developing mega textile parks in India to make it globally competitive and boost employment.
To boost textile production in the United States, in 2021, the government declared a new waiver process on the Buy America Act. The new waiver process aims to provide more transparency in the procurement process, which is likely to benefit textile companies as they can better understand the potential business opportunities and work to modify and provide made-in-America products.
Owing to all these factors, the market for glycol is likely to grow globally during the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific is expected to dominate the market for glycol consumption, and it is also expected to be the fastest-growing market during the forecast period, with increasing demand from end-user industries such as packaging, food & beverage, cosmetics, textile, etc. in countries, such as China, Japan, South Korea, India, and the Southeast Asian nations.
The packaging market in the Asia-Pacific region is driven by factors such as increasing demand for packaged foods, and growing demand for fast-moving consumer goods, including E-commerce. The use of engineering plastic products in the packaging sector (PET containers, bottles, etc.) is increasing at a tremendous rate, owing to their advantages.
The demand from industries like food & beverage, consumer goods, and others, for packing materials, is increasing in the region, owing to increasing exports, as well as domestic consumption. PET is produced from ethylene glycol and dimethyl terephthalate (DMT) or terephthalic acid.
The Asia-Pacific food additive market is expected to register a CAGR of about 6% during the forecast period. Propylene glycol is one of the most common glycols used as a food additive.
The Asian cosmetics market is gaining popularity worldwide. It is expected to witness a CAGR of more than 5%, during the forecast period, with Japan, Singapore, South Korea, Hong Kong, and China being the top 10 global cosmetics exporters. Propylene glycol is used in moisturizers to enhance the appearance of skin by reducing flaking and restoring suppleness. Other uses include skin-conditioning agent, viscosity-decreasing agent, solvent, and fragrance ingredient.
Polyester fiber is heavily used in the textile industry. China, Bangladesh, Vietnam, India, and Hong Kong are amongst the largest exporters of textiles worldwide. This ensures regular demand for Mono Ethylene Glycol (MEG) in the Asia-Pacific region, which is used to manufacture polyester fiber.
Thus, rising demands from the above-mentioned end-user industries are expected to drive the growth in the Asia-Pacific region.
Competitive Landscape
The glycol market is fragmented in nature. Some of the major players in the market include Evonik Industries, Shell PLC, Reliance Industries, Indorama Ventures, Petronas Chemicals, and Sinopec, among others (not in any particular order).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06309367/?utm_source=GNW
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