Ethylene Glycols Market Size, Share, Growth Analysis, By Type(Monoethylene Glycol (MEG), Di-Ethylene Glycol (DEG), Tri-Ethylene Glycol (TEG)), By Application(Polyester Fiber, Films, PET, Antifreeze), By Region - Industry Forecast 2024-2031

Ethylene Glycols Market 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.

Ethylene Glycols Market 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.