Global Ethylene Glycol Market to Grow at 3.9% During 2024-2032, Impelled by Growing Demand for PET Packaging

According to the latest report by IMARC Group, titled "Ethylene Glycol Market Report by Product (Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG)), Manufacturing Process (Ethylene Oxide, Coal, Biological Route, and Others), Application (Polyester Fiber, PET, Antifreeze and Coolant, Film, and Others), End-Use Industry (Oil and Gas Industry, Plastic Industry, Transportation Industry, Medical Industry, Textile Industry, and Others), and Region 2024-2032," the global ethylene glycol market reached a value of US$ 46.4 Billion in 2023. Ethylene glycol (CH₂OH)₂ is a synthetic liquid compound that finds vast applications in commercial and industrial sectors. A clear, colorless and viscous liquid at room temperature, it is miscible with water and organic liquids. It is primarily used as an antifreeze for cars, boats and airplanes to prevent the radiators from freezing or overheating, and as an industrial coolant in heating, ventilating and air conditioning (HVAC) systems, gas compressors and ice-skating rinks. Apart from this, it is widely utilized in the production of carpets, upholstery, pillows, solvents, paints, plastics, polyester fibers, jet skis, bowling balls and packaging films.

Global Ethylene Glycol Market Trends:

The global market is primarily driven by rapid industrialization and the rising demand for ethylene glycol for the manufacturing of polyethylene terephthalate (PET) packaging solutions. Owing to its light weight, excellent chemical resistance and great tensile strength, PET packaging solutions are increasingly being employed in various end use industries, which, in turn, is contributing to the market growth of ethylene glycol. The widespread adoption of polyester fibers as a cushioning material in pillows, comforters and upholstery padding is acting as another major growth-inducing factor. Moreover, the introduction of novel technologies in the production process is also driving the market. For instance, various manufacturing facilities are increasingly incorporating the novel coal to ethylene glycol (CtEG) technology, which is far more cost-effective than production from naphtha. The increasing awareness and commercialization of this novel technology for ethylene glycol production is expected to contribute to the market growth further. Several players are also engaging in the development of bio-based variants that are produced from agricultural wastes, including hay, molasses, and bagasse. Other factors driving the market include extensive applications of ethylene glycol in the pharmaceutical industry and significant growth in the textile industry. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.9% during the forecast period (2024-2032).

Market Summary:

• On the basis of the product, the market has been divided into monoethylene glycol (MEG), diethylene glycol (DEG) and triethylene glycol (TEG).
• Based on the manufacturing process, the market has been classified into ethylene oxide, coal, biological route and others.
• On the basis of the application, the market has been categorized into polyester fiber, PET, antifreeze and coolant, film, and others.
• Based on the end-use industry, the market has been segmented into oil and gas, plastic, transportation, medical, textile and other industries.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players 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.

Report Scope:

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