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 size was valued at USD  24 billion in 2019 and is poised to grow from USD 25.32 billion in 2023 to USD 38.86 billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).

To expand their geographic presence and company processes, significant companies operating in the 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.