Global Ethylene Glycols Market

Global Ethylene Glycols Market Size, Share, Growth Analysis, By Type(Monoethylene Glycol (MEG), Di-Ethylene Glycol (DEG)), By Application(Polyester Fiber, Films) - Industry Forecast 2022-2028


Report ID: SQSG15B2008 | Region: Global | Published Date: September, 2022 | Pages: 165

Global Ethylene Glycols Market Insights

Global Ethylene Glycols Market size was valued at USD 24 billion in 2021, and it is expected to reach a value of USD 35 billion by 2028, at a CAGR of 5.5% over the forecast period (2022 - 2028).

Ethylene glycol is a colorless, slightly viscous chemical substance that is frequently used as antifreeze and an industrial coolant. Additionally, it is used as a raw material to create polyester fibers, fiberglass, and polyethylene terephthalate resin, which is then used to make upholstery, bathtubs, bowling balls, and packing material. It also has a wide range of uses in consumer goods like antifreeze for cars, hydraulic braking fluid, solvents, plastics, paints, films, and cosmetics.

One of the main factors fueling the market's expansion is the rapid industrialization taking place all over the world. The growth of the market is also being aided by the rising demand for ethylene glycol in the production of plastic packaging. The market for ethylene glycol is accordingly being driven by the increased use of polyester fibers as a cushioning material in pillows, comforters, and upholstery padding. The introduction of bio-based variants is only one example of the numerous product advancements that are positively impacting the market expansion.

Market snapshot

Global Market Size

USD 24 billion

Largest Segment

Monoethylene Glycol (MEG)

Fastest Growth

Di-Ethylene Glycol (DEG)

Growth Rate

5.5% CAGR

Global Ethylene Glycols Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Ethylene Glycols Market Size By Type, 2021-2028 ($ Bn)
Global Ethylene Glycols Market Size By Type, 2021-2028 (%)

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Global Ethylene Glycols Market Segmental Analysis

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.

Analysis by Type

Mono-ethylene glycol controlled the ethylene glycol market (MEG). It is also expected that this product would expand the fastest, with a significant CAGR  during the forecast period. The demand for mono-ethylene glycol is expected to increase over the forecast period due to the increased production of polyethylene terephthalate, which is made mostly from mono-ethylene glycol. Since DEG and TEG are very minor byproducts of production, their quantities represent smaller shares than those of MEG.

Analysis by Application

The market share of ethylene glycol held by the polyester fiber and film segment will increase dramatically. The increased demand for polyester fiber in textile and industrial applications is expected to increase the demand for ethylene glycol. The majority of synthetic fibers are made from polyester fibers. Upholstered furniture, beds, and apparel are all made with polyester fibers. Conveyor and safety belt production using polyester fibers is growing in popularity in industrial settings, which is expected to fuel market expansion.

Global Ethylene Glycols Market By Type , 2021(%)

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Global Ethylene Glycols Market Regional Insights

With over 50% of the market share, Asia-Pacific dominated the ethylene glycol market. This is a result of the growth of the textile and auto sectors in developing nations like China and India. Due to the increased demand and consumption of MEG, the majority of producers are increasing their production capacity in Asia through both organic and inorganic development strategies. This market is also anticipated to grow at the fastest rate. Textiles, chemicals, and plastic products are a few of the end-user sectors in the area that are increasing quickly.

Due to rising packaged goods demand and the growth of sectors like paints in the region, North America holds the second-largest market share for ethylene glycol. North America will see high demand for this product due to the presence of major automotive players and the expanding PET resin market.

It is anticipated that the rising production and sales of passenger cars in Germany, France, and the United Kingdom will enhance demand for ethylene glycol in automotive applications and expand these markets.

Global Ethylene Glycols Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Global Ethylene Glycols Market Dynamics

Driver

  • The ethylene glycol market is anticipated to grow over the course of the forecast period as more chemical reactions use ethylene glycol as an intermediate. Glycols' hydroxyl groups go through the typical alcohol chemistry process, producing a wide range of potential derivatives. Ethylene glycol is able to serve as an intermediate in a variety of processes, most notably resin production, because of this chemistry.
  • Ethylene glycol usage is predicted to increase during the projection period due to the industries' rapid expansion in the textile and PET resin products sectors. Many techniques used in the production of textiles employ ethylene glycol as a feedstock. It is primarily utilized in the production of polyester fiber, films, and resins for PET bottles. Ethylene glycol also functions as a dewatering agent, antifreeze, coolant, and heat transfer agent, inhibits the formation of hydrates, and serves as a precursor to polymers.

Restraint

  • The global ethylene glycol market is expected to suffer from fluctuating raw material prices. The production of ethylene glycols starts with raw materials like ethylene oxide, ethylene, and other compounds. Due to the COVID-19 pandemic's disruption of the supply chain, the prices of these basic commodities are unstable. The demand for these basic resources fluctuates from time to time as well. Their prices are considerably impacted by this.
  • The lack of global regulations governing ethylene glycol applications is also anticipated to have a negative impact on the market in the near future. The laws and regulations governing the usage of ethylene glycol differ in every nation. Companies find it challenging to comply with these national mandates and laws. This could deter investment in the ethylene glycol sector, which would be detrimental to the market.

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Global Ethylene Glycols Market Competitive Landscape

To expand their geographic presence and company processes, significant companies operating in the global ethylene glycol market are using a variety of organic and inorganic growth strategies, including joint ventures, mergers and acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development. Vendors are being forced by the intensifying market rivalry to implement a variety of growth methods, such as promotional efforts and spending on advertising, to increase the exposure of their services. For instance, in January 2021, in Kingsport, Tennessee, the Eastman Chemical Company announced a US$250 million investment in the construction of a new methanolysis facility. The plant would turn polyester plastic, which is difficult to recycle, into mono-ethylene glycol and dimethyl terephthalate. A capacity of 150,000–200,000 tonnes per year will be available at the new facility.

Top Players Company Profiles

  • 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)

Recent Development

  • In January 2022, Gulf Coast Growth Ventures' top-notch manufacturing facility in San Patricio County, Texas, was successfully established, according to ExxonMobil and SABIC. The new facility's operations include a mono-ethylene glycol unit with a 1.1 million metric tonnes annual capacity.
  • In November 2021, SABIC announced the opening of the Ethylene Glycol Plant 3 at its manufacturing affiliate, Jubail United Petrochemical Company (United), with a capacity to produce 700,000 metric tonnes of mono-ethylene glycol annually.

Global Ethylene Glycols Key Market Trends

  • In the upcoming years, it is anticipated that the market would develop dramatically due to the use of ethylene oxide in sterilizers. Ethylene glycol possesses antibacterial qualities that make it useful as a disinfectant and in the sterilization of medical equipment. Any number of bacterial illnesses can be treated with ethylene glycol. This raises its worth in the healthcare sector even further. Customers favor purchasing goods that are better wrapped. Thus, the demand for ethylene glycol has increased as a result of the usage of PET in the packaging of numerous goods and beverages.

Global Ethylene Glycols Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the ethylene glycol market was dominated by mono-ethylene glycol (MEG). This product is also anticipated to grow the fastest, with a sizable CAGR over the course of the projected period. The segment of polyester fibre and film will significantly enhance its market share of ethylene glycol. Asia-Pacific dominated the ethylene glycol market with a share of over 50%.

Report Metric Details
Market size value in 2021 USD 24 billion
Market size value in 2028 USD 35 billion
Growth Rate 5.5%
Base year 2021
Forecast period 2022 - 2028
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Monoethylene Glycol (MEG), Di-Ethylene Glycol (DEG), Tri-Ethylene Glycol (TEG)
  • Application
    • Polyester Fiber, Films, PET, Antifreeze, Coolant, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Ethylene Glycols Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Ethylene Glycols Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Ethylene Glycols Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ethylene Glycols Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Ethylene Glycols Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Ethylene Glycols Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Ethylene Glycols Market size was valued at USD 24 billion in 2021, and it is expected to reach a value of USD 35 billion by 2028, at a CAGR of 5.5% over the forecast period (2022 - 2028).

To expand their geographic presence and company processes, significant companies operating in the global ethylene glycol market are using a variety of organic and inorganic growth strategies, including joint ventures, mergers and acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development. Vendors are being forced by the intensifying market rivalry to implement a variety of growth methods, such as promotional efforts and spending on advertising, to increase the exposure of their services. For instance, in January 2021, in Kingsport, Tennessee, the Eastman Chemical Company announced a US$250 million investment in the construction of a new methanolysis facility. The plant would turn polyester plastic, which is difficult to recycle, into mono-ethylene glycol and dimethyl terephthalate. A capacity of 150,000–200,000 tonnes per year will be available at the new facility.'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)'

The ethylene glycol market is anticipated to grow over the course of the forecast period as more chemical reactions use ethylene glycol as an intermediate. Glycols' hydroxyl groups go through the typical alcohol chemistry process, producing a wide range of potential derivatives. Ethylene glycol is able to serve as an intermediate in a variety of processes, most notably resin production, because of this chemistry.

In the upcoming years, it is anticipated that the market would develop dramatically due to the use of ethylene oxide in sterilizers. Ethylene glycol possesses antibacterial qualities that make it useful as a disinfectant and in the sterilization of medical equipment. Any number of bacterial illnesses can be treated with ethylene glycol. This raises its worth in the healthcare sector even further. Customers favor purchasing goods that are better wrapped. Thus, the demand for ethylene glycol has increased as a result of the usage of PET in the packaging of numerous goods and beverages.

With over 50% of the market share, Asia-Pacific dominated the ethylene glycol market. This is a result of the growth of the textile and auto sectors in developing nations like China and India. Due to the increased demand and consumption of MEG, the majority of producers are increasing their production capacity in Asia through both organic and inorganic development strategies. This market is also anticipated to grow at the fastest rate. Textiles, chemicals, and plastic products are a few of the end-user sectors in the area that are increasing quickly.

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Global Ethylene Glycols Market

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