The global ethylene glycol market exhibited moderate growth during 2015-2020. 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.
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. Looking forward, IMARC Group expects the global ethylene glycol market to grow at a CAGR of 4% during 2021-2026.
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The competitive landscape of the industry has also been examined with some of the key players being Akzonobel, Ashland Global Holdings Inc., China Petrochemical Corporation (Sinopec Group), BASF, Dow Inc., Formosa Plastics Group, Huntsman Corporation, Ineos Oxide Limited (INEOS Holdings Limited), Lotte Chemical Corporation, Lyondellbasell Industries Inc., Reliance Industries Ltd., Royal Dutch Shell, SABIC (Saudi Aramco), etc.
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