USD 24 billion
Report ID:
SQMIG15B2088 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
66
|Figures:
68
Ethylene Glycols Market size was valued at USD 24 billion in 2019 and is poised to grow from USD 25.32 billion in 2023 to USD 38.86 billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).
Ethylene glycol is a colorless, slightly viscous chemical substance that is frequently used as antifreeze and an industrial coolant. Additionally, it is used as a raw material to create polyester fibers, fiberglass, and polyethylene terephthalate resin, which is then used to make upholstery, bathtubs, bowling balls, and packing material. It also has a wide range of uses in consumer goods like antifreeze for cars, hydraulic braking fluid, solvents, plastics, paints, films, and cosmetics.
One of the main factors fueling the market's expansion is the rapid industrialization taking place all over the world. The growth of the market is also being aided by the rising demand for ethylene glycol in the production of plastic packaging. The market for ethylene glycol is accordingly being driven by the increased use of polyester fibers as a cushioning material in pillows, comforters, and upholstery padding. The introduction of bio-based variants is only one example of the numerous product advancements that are positively impacting the market expansion.
US Ethylene Glycols Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 24 billion
Largest Segment
Monoethylene Glycol (MEG)
Fastest Growth
Di-Ethylene Glycol (DEG)
Growth Rate
5.5% CAGR
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The global ethylene glycols market segmentation is based on type, application, and region. Based on type the market is segmented into mono-ethylene glycol (MEG), diethylene glycol (DEG), and tri-ethylene glycol (TEG). Based on application the market is segmented into polyester fiber and films, PET, antifreeze and coolant, and others. Based on region the global ethylene glycols market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Ethylene Glycols Market Analysis by Type
Mono-ethylene glycol controlled the ethylene glycol market (MEG). It is also expected that this product would expand the fastest, with a significant CAGR during the forecast period. The demand for mono-ethylene glycol is expected to increase over the forecast period due to the increased production of polyethylene terephthalate, which is made mostly from mono-ethylene glycol. Since DEG and TEG are very minor byproducts of production, their quantities represent smaller shares than those of MEG.
Ethylene Glycols Market Analysis by Application
The market share of ethylene glycol held by the polyester fiber and film segment will increase dramatically. The increased demand for polyester fiber in textile and industrial applications is expected to increase the demand for ethylene glycol. The majority of synthetic fibers are made from polyester fibers. Upholstered furniture, beds, and apparel are all made with polyester fibers. Conveyor and safety belt production using polyester fibers is growing in popularity in industrial settings, which is expected to fuel market expansion.
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With over 50% of the market share, Asia-Pacific dominated the ethylene glycol market. This is a result of the growth of the textile and auto sectors in developing nations like China and India. Due to the increased demand and consumption of MEG, the majority of producers are increasing their production capacity in Asia through both organic and inorganic development strategies. This market is also anticipated to grow at the fastest rate. Textiles, chemicals, and plastic products are a few of the end-user sectors in the area that are increasing quickly.
Due to rising packaged goods demand and the growth of sectors like paints in the region, North America holds the second-largest market share for ethylene glycol. North America will see high demand for this product due to the presence of major automotive players and the expanding PET resin market.
It is anticipated that the rising production and sales of passenger cars in Germany, France, and the United Kingdom will enhance demand for ethylene glycol in automotive applications and expand these markets.
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Ethylene Glycols Market Driver
Ethylene Glycols Market Restraint
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To expand their geographic presence and company processes, significant companies operating in the global ethylene glycol market are using a variety of organic and inorganic growth strategies, including joint ventures, mergers and acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development. Vendors are being forced by the intensifying market rivalry to implement a variety of growth methods, such as promotional efforts and spending on advertising, to increase the exposure of their services. For instance, in January 2021, in Kingsport, Tennessee, the Eastman Chemical Company announced a US$250 million investment in the construction of a new methanolysis facility. The plant would turn polyester plastic, which is difficult to recycle, into mono-ethylene glycol and dimethyl terephthalate. A capacity of 150,000–200,000 tonnes per year will be available at the new facility.
Ethylene Glycols Market Top Players Company Profiles
Ethylene Glycols Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the ethylene glycol market was dominated by mono-ethylene glycol (MEG). This product is also anticipated to grow the fastest, with a sizable CAGR over the course of the projected period. The segment of polyester fibre and film will significantly enhance its market share of ethylene glycol. Asia-Pacific dominated the ethylene glycol market with a share of over 50%.
Report Metric | Details |
---|---|
Market size value in 2019 | USD 24 billion |
Market size value in 2031 | USD 38.86 billion |
Growth Rate | 5.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Ethylene Glycols Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ethylene Glycols Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ethylene Glycols Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ethylene Glycols Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15B2088