Menu ×

CHEMICALS AND ADVANCED MATERIALS

Ethylene Glycol Market Analysis by Type (Monoethylene Glycol, Diethylene Glycol, and Triethylene Glycol); by Application (Polyester Fibers, PET, Antifreeze & Coolants, Films, and Others); and by End-use Industry (Textile, Automotive, Packaging, Oil & Gas, Transportation, Medical, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

IN THE NEWS

  • Reliance Industries Ltd has agreed to acquire a majority stake in SenseHawk Inc. for a total transaction value of USD 32 million.
  • LOTTE Chemical Corporation joined hands with joint tests Syzygy and Sumitomo for ammonia photolysis. This partnership will execute the world’s largest ammonia pyrolysis technology test.

Global Ethylene Glycol Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

The global ethylene glycol market is estimated to garner a notable revenue by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a noteworthy revenue in the year 2022. The primary growth factor of the market is attributed to the expansion of automotive sector. The latest report suggests that the revenue generation by the global automotive industry to reach approximately USD 9 trillion by 2030.  

Ethylene-Glycol-Market

Get more information on this report: Request Sample PDF

Ethylene glycol is being used to manufacture polyester fibers as a raw material. This raw material works efficiently as a coolant in automobile engines. Further, being a heat transfer agent, it helps in cooling down the parts of a vehicle. Furthermore, mixing ethylene glycol with water has the added benefit of preventing corrosion, acid degradation, and the growth of certain bacteria. Thus, the rise in number of vehicles across the world is anticipated to garner high revenues in ethylene glycol market by 2033. Recent reports estimated that by the end of first quarter of 2022, approximately 1.50 billion vehicles were on roads worldwide. Out of these, around 1 billion were estimated to be passenger cars. 

Global Ethylene Glycol Market: Growth Drivers and Challenges

Growth Drivers

  • Rapid Extension in Textile Industry -  Ethylene glycol is the primary component in producing mono-ethylene glycol which is essential for producing polyester fabrics. These are then being utilized in textile and apparel manufacturing, as well as garment manufacturing, home furnishings, carpets, and rugs. Hence, the expansion of textile industry is expected to bring high potential in the market. It was estimated that the global textile industry accounted for around USD 920 billion in 2018. It is further projected to reach approximately USD 1,230 billion by 2024, with a steady CAGR of nearly 5%.

  • Rise in Demand and Production of Vehicles - Ethylene glycol is being widely used as an antifreeze in automobile engines. Other advantages such as lower freezing point than water is being used in cooling automobile radiator throughout the winter. Thus, growing vehicle production and sales volumes of vehicles are responsible for the increase in ethylene glycol consumption. As per the Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80,145,988 units in 2021. This is a rise from 77,711,725 units in 2020.
  • Boom in Chemical Industry – Rapid industrialization and developement in India has propelled the Indian chemical industry to grow by a CAGR of 10% with a revenue of USD 300 billion by 2025.
  • Increased Expenditure in Research & Development – The World Bank released the global expenditure made in Research & Development (R&D) sector which showed that in 2020 it was 2.63% of the total GDP. This is an increase from year 2.14% of total GDP in 2016.

Challenges

  • Fluctuation in Prices of Raw Materials
  • Stringent Regulatory Policies
  • High Manufacturing Costs

The ethylene glycol market is segmented and analyzed for demand and supply by end-use industry into textile, automotive, packaging, oil & gas, transportation, medical, and others. Out of these, the textile segment is expected to garner the highest garner the highest market shares by 2033, owing to the large production of textile production. According to recent data, the worldwide production volume of textile fibers rose from 100 thousand metric tons in 2017 to 110 thousand metric ton in 2020.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Ethylene Glycol Market Regional Synopsis

Regionally, the global ethylene glycol market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2033. The primary reason for the market growth in the region is the rising population along with their increasing demand and manufacturing of textiles. The recent statistics revealed that China was the top-ranked global textile exporter in 2021 with a value of approximately USD 120 billion, which is equivalent 55% of the total textile export sector in Asia. Bangladesh is also a leading textile exporter with a value around USD 40 billion.  Further, the expansion of automotive industry in the region is an another growth factor for the utilization of ethylene glycol. As per recent estimates, India is set to become 3rd largest automotive industry in the world. Also, the India’s automotive industry generated almost USD 220 billion in 2021, which is equivalent to 7% of total India’s GDP.

Ethylene-Glycol-Market-Size

The global ethylene glycol market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global ethylene glycol market includes the following segments:

By Type

  • Monoethylene Glycol
  • Diethylene Glycol
  • Triethylene Glycol

By Application

  • Polyester Fibers
  • PET
  • Antifreeze & Coolants
  • Films
  • Others

By End-use Industry

  • Textile
  • Automotive
  • Packaging
  • Oil & Gas
  • Transportation
  • Medical
  • Others

Top Featured Companies Dominating the Global Ethylene Glycol Market

  • Reliance Industries Limited
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • LOTTE Chemical Corporation
  • Kuwait Petroleum Corporation
  • Akzo Nobel N.V.
  • Clariant International Ltd
  • Formosa Plastics Corporation, U.S.A.
  • Exxon Mobil Corporation
  • Huntsman International LLC
  • SABIC
  • BASF

 

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions | LOB

Copyright © 2022 Research Nester. All Rights Reserved