Jul 13, 2023   SOURCE: BusinessWire

Global Ethylene Glycols Market 2023: Launch of Bio-based Versions is one of the Many Product Innovations Driving Growth - ResearchAndMarkets.com

The "Global Ethylene Glycols Market Size, Share, Growth Analysis, By Type, By Application - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global ethylene glycols market size was valued at USD 24 billion in 2021 and is poised to grow from USD 25.32 billion in 2022 to USD 38.86 billion by 2030, at a CAGR of 5.5% during the forecast period (2023-2030).

Ethylene glycol is a chemical that is colourless, slightly viscous, and often used as antifreeze as an industrial coolant. It is additionally used as a raw material to produce polyester fibres, fibreglass, and polyethylene terephthalate resin, which is used to make packing material, bathtubs, bowling balls, and furniture. Additionally, it is used extensively in a variety of consumer items, including antifreeze for automobiles, hydraulic brake fluid, solvents, plastics, paints, films, and cosmetics.

The tremendous industrialization that is going place all over the world is one of the key drivers of the market's rise. Increased demand for ethylene glycol in the manufacture of plastic packaging is another factor promoting market expansion. Because of this, polyester fibres are increasingly being used as a cushioning material in pillows, comforters, and upholstery padding, which is driving the market for ethylene glycol. The launch of bio-based versions is just one of the many product innovations that are having a beneficial influence on the market expansion.

Segments covered in this report

The global ethylene glycols market segmentation is based on type, application, and region. Based on type the market is segmented into mono-ethylene glycol (MEG), diethylene glycol (DEG), and tri-ethylene glycol (TEG). Based on application the market is segmented into polyester fiber and films, PET, antifreeze and coolant, and others. Based on region the global ethylene glycols market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Driver

As more chemical reactions use ethylene glycol as an intermediate, the market for ethylene glycol is expected to expand over the course of the forecast period. The standard alcohol chemistry reaction is carried out on the hydroxyl groups of glycols, resulting in a large variety of possible derivatives. This chemical enables ethylene glycol to act as an intermediary in a number of procedures, most notably resin synthesis.

Due to the industries' rapid expansion in the textile and PET resin products sectors, an increase in ethylene glycol consumption is anticipated during the projected period. Ethylene glycol is a common feedstock utilised in several processes used in the manufacture of textiles. It is mostly used to make polyester fibre, films, and resins for PET bottles. A precursor to polymers, ethylene glycol also works as a dewatering agent, antifreeze, coolant, and heat transfer agent. It also prevents the formation of hydrates.

Restraint

Prices for raw materials are likely to fluctuate, which may hurt the worldwide ethylene glycol industry. Starting with raw ingredients like ethylene oxide, ethylene, and other chemicals, ethylene glycols are produced. Prices for these essential commodities are unstable as a result of the COVID-19 pandemic's disruption of the supply chain. Additionally, the need for these fundamental resources changes periodically. This has a big effect on their prices.

It is also projected that in the near future the market will suffer from a lack of international regulations governing applications of ethylene glycol. Every country has different ethylene glycol consumption rules and regulations. Compliance with these national rules and laws can be difficult for businesses. This would discourage investment in the ethylene glycol business, which would be bad for the market.

Market Trends

Due to the use of ethylene oxide in sterilisers, it is projected that the market would grow significantly in the future years. Because of its antibacterial properties, ethylene glycol is helpful as a disinfectant and in the sterilisation of medical equipment. Ethylene glycol is effective in treating a wide range of bacterial diseases. As a result, its value in the healthcare industry is increased even further. Better-wrapped goods are more frequently bought by consumers. As a result of the use of PET in the packaging of numerous goods and beverages, the demand for ethylene glycol has skyrocketed.

Companies Mentioned

  • Reliance Industries Ltd. (India)
  • Huntsman Corporation (US)
  • SABIC (Saudi Arabia)
  • BASF SE (Germany)
  • Kuwait Petroleum Corporation (Kuwait)
  • AkzoNobel (Netherlands)
  • Clariant (Switzerland)
  • Formosa Plastics Group (Taiwan)
  • Exxon Mobil Corp. (US)
  • Ineos Oxide (UK)
  • Ultrapar Participacoes Sa (Brazil)
  • Lyondellbasell Industries (Netherlands)
  • Honam Petrochemical Corporation (South Korea)

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