New York, May 02, 2023 (GLOBE NEWSWIRE) -- Reports Insights' research report on the Global Ethylene Glycol Market forecasts a CAGR of 4.6% during 2022-2030, with the market value set to rise from USD 36.4 Billion in 2022 to USD 63.62 Billion by 2030.
Global Ethylene glycol Market Size, Share & Trends Analysis, By Product Type (Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG)), Application (Industries Manufacturing Fibers, Polyethylene Terephthalate (PET), Polyester Films, Antifreeze, and Others), End-use Industry (Automotive, Textile, Packaging, Construction, and Others), and By Region, Forecast Period 2023 – 2030.
Ethylene glycol is utilized in the automotive industry to protect the automobiles crucial components from overheating. The growth of the automotive industry is attributed due to factors such as the increasing spending power of people, the growth of the e-commerce sector, and others. As a result, the demand for crucial automotive components is increasing, which includes ethylene glycol antifreeze, automotive coolants, seating, brake fluids, and others. Thus, the growth of the automotive industry is accelerating the overall market growth.
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For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the total production of automotive vehicles in the Asia Pacific was 46,768,800 units, and in 2022, it was 50,020,793 units, an increase of 7% over 2021. Hence, the demand for ethylene glycol is rising at the global level, which, in turn, is spurring market growth.
Furthermore, the ongoing research & development activities associated with bio-based ethylene glycol is projected to create a lucrative growth opportunity for ethylene glycol in the upcoming years. For illustration, in October 2022, Braskem and Sojitz Corporation, a Japan-based material company introduced Sustainea, a bio-based monoethylene glycol.
However, the higher toxicity and stringent regulations associated with the utilization of ethylene glycol is restraining the adoption of ethylene glycol in various end-use industries. This factor is posing as a major roadblock for the global ethylene glycol market size growth during the projected forecast period.
Competitive Landscape
As per the research BASF SE, Sinopec Group, and Dow Inc., among others are major market players that comprise the latest market circumstances. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. Furthermore, the ethylene glycol market is expected to grow steadily due to rising demand from automotive and packaging industries especially in the Asia Pacific, North America, and Europe regions which are estimated to boost the market statistics in the coming years. Additionally, the development of bio-based ethylene glycol to meet the growing demand for suitable solutions in various end-use industries is anticipated to increase the competition in the market.
Recent Developments
- In January 2022, SABIC and ExxonMobil launched the Gulf Coast Growth Ventures production facility in Texas. The newly developed manufacturing facility includes the production of monoethylene glycol units with a per annum manufacturing capacity of approximately 1.1 million metric tons in a year.
- In January 2020, the Indorama Ventures Public Company acquired Huntsman Corporation's chemical intermediate and surfactant business, including monoethylene glycol, ethylene oxide, propylene oxide, and others as production assets in Texas.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 63.62 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.6% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | BASF SE, Sinopec Group, Dow Inc., Formosa Plastics Corporation, Ineos Oxide Limited, Lotte Chemical Corporation, Lyondellbasell Industries Inc, Reliance Industries Limited, SABIC, and Shell plc |
| By Product Type |
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| By Application |
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| By End-use Industry | Automotive, Textile, Packaging, Construction, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, and Business Strategies, among others. |
| By Geography |
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Key Market Takeaways
- The global ethylene glycol market size is estimated to exceed USD 63.62 billion by 2030 with an astonishing CAGR of 6.4% during the forecast period (2023-2030).
- Based on product type, the monoethylene glycol (MEG) segment accounted for the highest share contribution to the ethylene glycol market statistics in 2022.
- In the context of application, the polyethylene terephthalate (PET) segment is expected to contribute significant shares to the growth of ethylene glycol market statistics during the forecast period.
- By end-use industry, the automotive industry segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific will create favorable circumstances for market growth in terms of value and volume due to the growing automobile industry, particularly in countries such as China, India, and others.
Global Ethylene Glycol Market Segmentation Details:
Based on Grade, the monoethylene glycol (MEG) segment contributed the highest market shares in 2022. The crucial features of monoethylene glycol (MEG) include excellent stability in liquid, high boiling point, and low viscosity, among others. Thus, monoethylene glycol (MEG) is a vital raw material for various industrial applications. The primary use of monoethylene glycol is in the production of polyester (PET) resins, fibers, and films. Also, monoethylene glycol is essential in the manufacturing of coolants, antifreeze, and others. Thus, the increasing manufacturing activities associated with the above applications are driving the market growth.
Based on Application, the polyethylene terephthalate (PET) segment accounted for the highest market share in the year 2022. Ethylene glycol is utilized in the manufacturing process of polyethylene terephthalate (PET) to ensure minimum vacuum pressure and high temperature to form a strong and highly durable polymer. The superior properties of polyethylene terephthalate (PET) such as shatterproof, lightweight, strong, and hygienic, make it ideal for various end-use industries, including the food and beverage sector, automotive, aerospace, and others. Hence, the increase in the production activities associated with polyethylene terephthalate (PET) is benefiting the market growth.
Based on End-use Industry, the automotive industry segment is anticipated to offer substantial shares in the global ethylene glycol market. Ethylene glycol is a vital material used in the automotive industry to prevent the car's engine from freezing in the winter and acts as a coolant in the automobile to minimize overheating in the summer. The increasing production activities associated with automobiles are driving the growth of the ethylene glycol market.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The automotive industry is a major end-use for antifreeze and the increased production of automobile particularly in countries such as China and India are driving the demand for ethylene glycol for the production of antifreeze.
For instance, as per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of motor vehicles including cars and commercial vehicles in China is estimated to be 27,020,615 with a 3% growth from the previous year. Thus, the growing automotive industry is driving the demand of ethylene glycol.
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List of Major Global Ethylene Glycol Market:
- BASF SE
- Sinopec Group
- Dow Inc.
- Formosa Plastics Corporation
- Ineos Oxide Limited
- Lotte Chemical Corporation
- Lyondellbasell Industries Inc
- Reliance Industries Limited
- SABIC
- Shell plc
Global Ethylene Glycol Market Segmentation:
- By Product Type
- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
- By Application
- Industries Manufacturing Fibers
- Polyethylene Terephthalate (PET)
- Polyester Films
- Antifreeze
- Others
- By End-Use Industry
- Automotive
- Textile
- Packaging
- Construction
- Others
Frequently Asked Questions in the Ethylene Glycol Market Report
What was the market size of the ethylene glycol industry in 2020?
What will be the potential market valuation for the ethylene glycol industry by 2030?
What are the key factors driving the growth of the ethylene glycol market, as well as the opportunities that may impact the market’s future development?
What is the dominating segment in the ethylene glycol market by grade?
Based on current market trends and future predictions, which geographical region will have the fastest impact on the ethylene glycol market's growth in the coming years?
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