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Ethylene Glycol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A2165
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Market Overview:
The global ethylene glycol market size reached US$ 44.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.
Ethylene glycol refers to a transparent and slightly viscous chemical compound that is commonly used as an industrial coolant and antifreeze. It is also used as a raw material for the production of polyester fibers, fiberglass and polyethylene terephthalate resin, which are further utilized in the manufacturing of upholstery, bathtubs, bowling balls and packaging materials. Some of the common types of ethylene glycol include mono ethylene glycol (MEG), diethylene glycol (DEG) and tri ethylene glycol (TEG) that are widely used as heat transfer fluids in compressors and heating, ventilating and air conditioning (HVAC) systems. It also finds extensive applications in various consumer products, such as automotive antifreeze, hydraulic brake fluids, solvents, plastics, paints, films and cosmetics.
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Rapid industrialization across the globe is one of the key factors driving the growth of the market. Furthermore, the increasing demand for ethylene glycol for the manufacturing of plastic packaging is also providing a boost to the market growth. Ethylene glycol exhibits various physical properties, such as high boiling point, resistance to corrosion, hygroscopicity and lubrication, owing to which it finds extensive industrial applications. Furthermore, there is widespread adoption of polyester fibers as a cushioning material in pillows, comforters and upholstery padding, which is consequently driving the market for ethylene glycol. Additionally, various product innovations, such as the development of bio-based variants, are creating a positive impact on the market growth. Other factors, including rising environmental consciousness among the masses, along with extensive research and development (R&D) activities, are projected to drive the market further.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global ethylene glycol market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, manufacturing process, application and end-use industry.
Breakup by Product:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
Breakup by Manufacturing Process:
- Ethylene Oxide
- Coal
- Biological Route
- Others
Breakup by Application:
- Polyester Fiber
- PET
- Antifreeze and Coolant
- Film
- Others
Breakup by End-Use Industry:
- Oil and Gas Industry
- Plastic Industry
- Transportation Industry
- Medical Industry
- Textile Industry
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Akzo Nobel N.V., Ashland Global Specialty Chemicals Inc., BASF SE, China Petrochemical Corporation (Sinopec Group), Dow Inc., Formosa Plastics Corporation, Huntsman Corporation, Ineos Oxide Limited (INEOS Holdings Limited), Lotte Chemical Corporation, Lyondellbasell Industries Inc., Reliance Industries Limited, SABIC and Shell plc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion, Million Tons |
| Segment Coverage | Product, Manufacturing Process, Application, End-Use Industry, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Akzo Nobel N.V., Ashland Global Specialty Chemicals Inc., BASF SE, China Petrochemical Corporation (Sinopec Group), Dow Inc., Formosa Plastics Corporation, Huntsman Corporation, Ineos Oxide Limited (INEOS Holdings Limited), Lotte Chemical Corporation, Lyondellbasell Industries Inc., Reliance Industries Limited, SABIC and Shell plc |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global ethylene glycol market was valued at US$ 44.4 Billion in 2022.
We expect the global ethylene glycol market to exhibit a CAGR of 4.4% during 2023-2028.
The rising demand for ethylene glycol across various industries, including oil and gas, plastic, transportation, etc., as it offers several beneficial properties, including high boiling point, resistance to corrosion, hygroscopicity, lubrication, etc., is primarily driving the global ethylene glycol market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for ethylene glycol.
Based on the product, the global ethylene glycol market has been segregated into Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG). Among these, Monoethylene Glycol (MEG) currently exhibits a clear dominance in the market.
Based on the application, the global ethylene glycol market can be bifurcated into polyester fiber, PET, antifreeze and coolant, film, and others. Currently, PET holds the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global ethylene glycol market include Akzo Nobel N.V., Ashland Global Specialty Chemicals Inc., BASF SE, China Petrochemical Corporation (Sinopec Group), Dow Inc., Formosa Plastics Corporation, Huntsman Corporation, Ineos Oxide Limited (INEOS Holdings Limited), Lotte Chemical Corporation, Lyondellbasell Industries Inc., Reliance Industries Limited, SABIC, and Shell plc.
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