Global Ethylene Glycols Market Size, Share, Growth Analysis, By Type(Monoethylene Glycol (MEG), Di-Ethylene Glycol (DEG)), By Application(Polyester Fiber, Films) - Industry Forecast 2023-2030

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).

The chemical compound ethylene glycol, which is colourless and slightly viscous, is extensively employed as an industrial coolant and antifreeze. It also serves as a raw material for the production of polyester fibres, fibreglass, and polyethylene terephthalate resin, which is used to build products including packaging material, bathtubs, bowling balls, and upholstery. Additionally, a variety of consumer goods such as automotive antifreeze, hydraulic brake fluid, solvents, polymers, paints, films, and cosmetics employ it.

The world is undergoing a rapid industrialization, which is one of the key drivers of the market's growth. The increased need for ethylene glycol in the manufacture of plastic packaging is also helping the market expand. The rising usage of polyester fibres as a cushioning material in pillows, comforters, and upholstery padding is thus driving the market for ethylene glycol. One of the many product innovations that are having a beneficial impact on the market expansion is the launch of bio-based versions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Ethylene Glycols Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

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

Over the course of the forecast period, the market for ethylene glycol is predicted to expand as more chemical reactions employ the substance as an intermediate. The hydroxyl groups in glycols undergo the normal chemistry of alcohols, leading to a large range of possible derivatives. Because of this chemistry, ethylene glycol can act as an intermediary in a number of procedures, most notably the creation of resin.

Because of the industries' explosive growth in the textile and PET resin products sectors, it is anticipated that ethylene glycol use will rise during the projected period. Ethylene glycol is a common feedstock used in numerous textile manufacturing processes. It is generally used to make polyester resin, films, and fibre for PET bottles. As a dewatering agent, antifreeze, coolant, and heat transfer agent, ethylene glycol also prevents the development of hydrates and acts as a precursor to polymers.

Restraint

The fluctuating cost of raw materials is predicted to hurt the worldwide ethylene glycol industry. Ethylene oxide, ethylene, and other compounds are used as raw materials in the synthesis of ethylene glycols. The COVID-19 epidemic has disrupted the supply chain, causing price volatility for several essential goods. The need for these fundamental resources varies periodically as well. This has a significant impact on their prices.

Another factor that is expected to hurt the market soon is the absence of international laws governing the use of ethylene glycol. Every country has a different set of rules and legislation controlling the use of ethylene glycol. It is difficult for businesses to follow these national regulations and legislation. This would discourage investment, which would be bad for the market and hurt the ethylene glycol industry.

Market Trends

The market is expected to grow significantly in the coming years as a result of the use of ethylene oxide in sterilisers. Since ethylene glycol is antibacterial, it can be used to disinfect surfaces and sterilise medical equipment. Ethylene glycol can be used to treat a variety of bacterial diseases. This increases its value in the healthcare industry even further. Better-wrapped products tend to sell better with consumers. Thus, the use of PET in the packaging of different items and beverages has raised the demand for ethylene glycol.