PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1617167
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1617167
Ethylene Glycol Market Forecasts to 2030 - Global Analysis By Product (Mono Ethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG) and Other Products), Application and By Geography
According to Stratistics MRC, the Global Ethylene Glycol Market is accounted for $40.87 billion in 2024 and is expected to reach $67.42 billion by 2030 growing at a CAGR of 8.7% during the forecast period. Ethylene glycol is a colourless, odourless, and sweet-tasting organic compound with the chemical formula C2H6O2. It is a viscous liquid widely used as an antifreeze agent in automotive cooling systems and as a raw material in the production of polyester fibers and resins. Ethylene glycol is also utilized in de-icing solutions for aircraft and runways. Despite its versatility, it is highly toxic if ingested, making safe handling and disposal essential to prevent harm to humans and the environment.
Market Dynamics:
Driver:
Growing PET usage in packaging
Growing PET usage in packaging is highly favored in the food and beverage industry due to its lightweight, durability, and recyclability. With increasing consumer demand for packaged goods, especially bottled water and soft drinks, the need for PET has surged. Ethylene glycol enables PET's excellent barrier properties, enhancing shelf life and product safety. Additionally, the global push for sustainable packaging boosts PET demand, given its recyclability. Emerging economies, with rising urbanization and disposable incomes, further amplify this trend. Thus, the expanding PET market directly fuels ethylene glycol consumption, ensuring steady growth.
Restraint:
Volatility in raw material prices
Volatility in raw material prices, particularly those of crude oil, directly affects the production cost of ethylene glycol. Ethylene glycol is derived from ethylene, which is a byproduct of petroleum refining. Fluctuating oil prices lead to unpredictable production costs, making it difficult for manufacturers to maintain stable pricing. This uncertainty can reduce profit margins, especially for companies with fixed contracts or long-term pricing agreements. Furthermore, sharp price increases may result in reduced demand from cost-sensitive industries. Manufacturers may struggle to pass on higher costs to customers, leading to potential market shrinkage. Ultimately, these price fluctuations can hinder its growth and profitability.
Opportunity:
Advancements in production technologies
Advancements in production technologies enable higher yields with lower energy consumption, making production more cost-effective. Innovations in bio-based production methods, such as using renewable feedstocks, cater to growing sustainability demands. These technologies also help meet stringent environmental regulations by minimizing emissions and waste. As a result, producers can offer competitive pricing while ensuring eco-friendly practices. Moreover, advancements enhance the scalability of production, accommodating rising global demand. Overall, these technological improvements drive market growth, making ethylene glycol more accessible and sustainable.
Threat:
Increasing environmental awareness
Increasing environmental awareness such as toxic nature of ethylene glycol raises concerns regarding its safety for both humans and the environment. As consumers and industries shift toward eco-friendly alternatives, demand for bio-based or less harmful substances rises. Stringent environmental regulations and sustainability targets also limit the production and use of conventional ethylene glycol. Additionally, industries are investing in greener solutions, such as plant-based or recyclable materials, which compete with ethylene glycol.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the hydrogen vehicle market, causing disruptions in supply chains, production delays, and reduced consumer demand due to economic uncertainties. Lockdowns and restrictions halted infrastructure development, including hydrogen refueling stations, further slowing market growth. However, the pandemic also highlighted the importance of sustainable and clean energy solutions, spurring government initiatives and investments in hydrogen technology. As economies recover, the hydrogen vehicle market is expected to rebound, driven by increasing environmental awareness and a shift toward green mobility solutions.
The triethylene glycol (TEG) segment is expected to be the largest during the forecast period
Over the forecasted timeframe, the triethylene glycol (TEG) segment is anticipated to dominate the market share, due to its diverse applications. TEG is widely used in natural gas dehydration processes, where it efficiently removes water from natural gas to prevent corrosion and freezing. Additionally, TEG is used as a humectants in cosmetics and personal care products, enhancing skin moisture retention. The rising demand for these products boosts the TEG market. It also plays a key role in industrial applications like hydraulic fluids and paints. As industries seek more sustainable and cost-effective solutions, the TEG segment remains a crucial driver for the overall ethylene glycol market.
The pharmaceuticals segment is expected to have the highest CAGR during the forecast period
The pharmaceuticals segment is expected to register lucrative growth during the estimation period, due to its use in various applications. Ethylene glycol is a key ingredient in the production of certain medications, particularly those that require specific solvents. It is also used in the manufacturing of medical devices and formulations like intravenous fluids and syrups. Additionally, it plays a role in the preparation of vaccines and other biopharmaceutical products. The growing demand for medical treatments and health products boosts the need for ethylene glycol in this segment.
Region with largest share:
Over the forecasted timeframe, the Asia Pacific region is anticipated to dominate the market share owing to rapid industrialization, urbanization, and growing demand from various end-use industries. The automotive, textile, and packaging sectors are significant consumers of ethylene glycol, especially in countries like China, India, and Japan. The rising production of PET bottles, along with the booming automotive industry, further boosts market demand. Additionally, increasing investments in the chemical manufacturing sector and advancements in production technologies are expected to fuel the growth of the ethylene glycol market in Asia Pacific.
Region with highest CAGR:
The North America region is expected to register the highest growth rate over the forecast period, driven by strong demand from industries such as automotive, textiles, and packaging. The region's advanced manufacturing capabilities and established infrastructure support the widespread use of ethylene glycol in antifreeze, coolant systems, and polyester production. The increasing demand for PET resins in packaging and recycling further boosts market prospects. North America's focus on sustainable practices and innovations in bio-based ethylene glycol production presents new opportunities.
Key players in the market
Some of the key players profiled in the Ethylene Glycol Market include SABIC, LyondellBasell Industries, The Dow Chemical Company, BASF SE, Shell Chemicals, Indian Oil Corporation Limited (IOCL), China Petrochemical Corporation (Sinopec Group), Reliance Industries Limited, Formosa Plastics Corporation, ExxonMobil Corporation, Huntsman Corporation, Eastman Chemical Company, MEGlobal, Indorama Ventures Public Company Limited and Mitsubishi Chemical Corporation.
Key Developments:
In September 2024, LyondellBasell entered into an agreement with INEOS to sell its Ethylene Oxide & Derivatives (EO&D) business, including the Bayport production facility in Texas. This divestment allows LyondellBasell to focus on its core operations while enabling INEOS to expand its presence in the U.S. market.
In May 2024, The acquisition of LyondellBasell's EO&D business by INEOS was finalized on this date. This strategic move positions INEOS as a leading producer in the U.S. ethylene oxide market, complementing its existing operations and facilitating growth opportunities in the region.
In October 2023, BASF plans to construct a new world-scale alkylethanolamines plant and expand its ethylene oxide plant in Antwerp, Belgium. These expansions are aimed at bolstering BASF's position in the global chemicals market.
Products Covered:
- Mono Ethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
- Other Products
Applications Covered:
- Polyester Fibers and Fabrics
- Automotive Antifreeze and Coolants
- Polyethylene Terephthalate or PET (Packaging)
- Industrial Chemicals
- Personal Care and Cosmetics
- Pharmaceuticals
- Food and Beverages
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 Application Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Ethylene Glycol Market, By Product
- 5.1 Introduction
- 5.2 Mono Ethylene Glycol (MEG)
- 5.3 Diethylene Glycol (DEG)
- 5.4 Triethylene Glycol (TEG)
- 5.5 Other Products
6 Global Ethylene Glycol Market, By Application
- 6.1 Introduction
- 6.2 Polyester Fibers and Fabrics
- 6.3 Automotive Antifreeze and Coolants
- 6.4 Polyethylene Terephthalate or PET (Packaging)
- 6.5 Industrial Chemicals
- 6.6 Personal Care and Cosmetics
- 6.7 Pharmaceuticals
- 6.8 Food and Beverages
- 6.9 Other Applications
7 Global Ethylene Glycol Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 SABIC
- 9.2 LyondellBasell Industries
- 9.3 The Dow Chemical Company
- 9.4 BASF SE
- 9.5 Shell Chemicals
- 9.6 Indian Oil Corporation Limited (IOCL)
- 9.7 China Petrochemical Corporation (Sinopec Group)
- 9.8 Reliance Industries Limited
- 9.9 Formosa Plastics Corporation
- 9.10 ExxonMobil Corporation
- 9.11 Huntsman Corporation
- 9.12 Eastman Chemical Company
- 9.13 MEGlobal
- 9.14 Indorama Ventures Public Company Limited
- 9.15 Mitsubishi Chemical Corporation
List of Tables
- Table 1 Global Ethylene Glycol Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Ethylene Glycol Market Outlook, By Product (2022-2030) ($MN)
- Table 3 Global Ethylene Glycol Market Outlook, By Mono Ethylene Glycol (MEG) (2022-2030) ($MN)
- Table 4 Global Ethylene Glycol Market Outlook, By Diethylene Glycol (DEG) (2022-2030) ($MN)
- Table 5 Global Ethylene Glycol Market Outlook, By Triethylene Glycol (TEG) (2022-2030) ($MN)
- Table 6 Global Ethylene Glycol Market Outlook, By Other Products (2022-2030) ($MN)
- Table 7 Global Ethylene Glycol Market Outlook, By Application (2022-2030) ($MN)
- Table 8 Global Ethylene Glycol Market Outlook, By Polyester Fibers and Fabrics (2022-2030) ($MN)
- Table 9 Global Ethylene Glycol Market Outlook, By Automotive Antifreeze and Coolants (2022-2030) ($MN)
- Table 10 Global Ethylene Glycol Market Outlook, By Polyethylene Terephthalate or PET (Packaging) (2022-2030) ($MN)
- Table 11 Global Ethylene Glycol Market Outlook, By Industrial Chemicals (2022-2030) ($MN)
- Table 12 Global Ethylene Glycol Market Outlook, By Personal Care and Cosmetics (2022-2030) ($MN)
- Table 13 Global Ethylene Glycol Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
- Table 14 Global Ethylene Glycol Market Outlook, By Food and Beverages (2022-2030) ($MN)
- Table 15 Global Ethylene Glycol Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 16 North America Ethylene Glycol Market Outlook, By Country (2022-2030) ($MN)
- Table 17 North America Ethylene Glycol Market Outlook, By Product (2022-2030) ($MN)
- Table 18 North America Ethylene Glycol Market Outlook, By Mono Ethylene Glycol (MEG) (2022-2030) ($MN)
- Table 19 North America Ethylene Glycol Market Outlook, By Diethylene Glycol (DEG) (2022-2030) ($MN)
- Table 20 North America Ethylene Glycol Market Outlook, By Triethylene Glycol (TEG) (2022-2030) ($MN)
- Table 21 North America Ethylene Glycol Market Outlook, By Other Products (2022-2030) ($MN)
- Table 22 North America Ethylene Glycol Market Outlook, By Application (2022-2030) ($MN)
- Table 23 North America Ethylene Glycol Market Outlook, By Polyester Fibers and Fabrics (2022-2030) ($MN)
- Table 24 North America Ethylene Glycol Market Outlook, By Automotive Antifreeze and Coolants (2022-2030) ($MN)
- Table 25 North America Ethylene Glycol Market Outlook, By Polyethylene Terephthalate or PET (Packaging) (2022-2030) ($MN)
- Table 26 North America Ethylene Glycol Market Outlook, By Industrial Chemicals (2022-2030) ($MN)
- Table 27 North America Ethylene Glycol Market Outlook, By Personal Care and Cosmetics (2022-2030) ($MN)
- Table 28 North America Ethylene Glycol Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
- Table 29 North America Ethylene Glycol Market Outlook, By Food and Beverages (2022-2030) ($MN)
- Table 30 North America Ethylene Glycol Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 31 Europe Ethylene Glycol Market Outlook, By Country (2022-2030) ($MN)
- Table 32 Europe Ethylene Glycol Market Outlook, By Product (2022-2030) ($MN)
- Table 33 Europe Ethylene Glycol Market Outlook, By Mono Ethylene Glycol (MEG) (2022-2030) ($MN)
- Table 34 Europe Ethylene Glycol Market Outlook, By Diethylene Glycol (DEG) (2022-2030) ($MN)
- Table 35 Europe Ethylene Glycol Market Outlook, By Triethylene Glycol (TEG) (2022-2030) ($MN)
- Table 36 Europe Ethylene Glycol Market Outlook, By Other Products (2022-2030) ($MN)
- Table 37 Europe Ethylene Glycol Market Outlook, By Application (2022-2030) ($MN)
- Table 38 Europe Ethylene Glycol Market Outlook, By Polyester Fibers and Fabrics (2022-2030) ($MN)
- Table 39 Europe Ethylene Glycol Market Outlook, By Automotive Antifreeze and Coolants (2022-2030) ($MN)
- Table 40 Europe Ethylene Glycol Market Outlook, By Polyethylene Terephthalate or PET (Packaging) (2022-2030) ($MN)
- Table 41 Europe Ethylene Glycol Market Outlook, By Industrial Chemicals (2022-2030) ($MN)
- Table 42 Europe Ethylene Glycol Market Outlook, By Personal Care and Cosmetics (2022-2030) ($MN)
- Table 43 Europe Ethylene Glycol Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
- Table 44 Europe Ethylene Glycol Market Outlook, By Food and Beverages (2022-2030) ($MN)
- Table 45 Europe Ethylene Glycol Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 46 Asia Pacific Ethylene Glycol Market Outlook, By Country (2022-2030) ($MN)
- Table 47 Asia Pacific Ethylene Glycol Market Outlook, By Product (2022-2030) ($MN)
- Table 48 Asia Pacific Ethylene Glycol Market Outlook, By Mono Ethylene Glycol (MEG) (2022-2030) ($MN)
- Table 49 Asia Pacific Ethylene Glycol Market Outlook, By Diethylene Glycol (DEG) (2022-2030) ($MN)
- Table 50 Asia Pacific Ethylene Glycol Market Outlook, By Triethylene Glycol (TEG) (2022-2030) ($MN)
- Table 51 Asia Pacific Ethylene Glycol Market Outlook, By Other Products (2022-2030) ($MN)
- Table 52 Asia Pacific Ethylene Glycol Market Outlook, By Application (2022-2030) ($MN)
- Table 53 Asia Pacific Ethylene Glycol Market Outlook, By Polyester Fibers and Fabrics (2022-2030) ($MN)
- Table 54 Asia Pacific Ethylene Glycol Market Outlook, By Automotive Antifreeze and Coolants (2022-2030) ($MN)
- Table 55 Asia Pacific Ethylene Glycol Market Outlook, By Polyethylene Terephthalate or PET (Packaging) (2022-2030) ($MN)
- Table 56 Asia Pacific Ethylene Glycol Market Outlook, By Industrial Chemicals (2022-2030) ($MN)
- Table 57 Asia Pacific Ethylene Glycol Market Outlook, By Personal Care and Cosmetics (2022-2030) ($MN)
- Table 58 Asia Pacific Ethylene Glycol Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
- Table 59 Asia Pacific Ethylene Glycol Market Outlook, By Food and Beverages (2022-2030) ($MN)
- Table 60 Asia Pacific Ethylene Glycol Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 61 South America Ethylene Glycol Market Outlook, By Country (2022-2030) ($MN)
- Table 62 South America Ethylene Glycol Market Outlook, By Product (2022-2030) ($MN)
- Table 63 South America Ethylene Glycol Market Outlook, By Mono Ethylene Glycol (MEG) (2022-2030) ($MN)
- Table 64 South America Ethylene Glycol Market Outlook, By Diethylene Glycol (DEG) (2022-2030) ($MN)
- Table 65 South America Ethylene Glycol Market Outlook, By Triethylene Glycol (TEG) (2022-2030) ($MN)
- Table 66 South America Ethylene Glycol Market Outlook, By Other Products (2022-2030) ($MN)
- Table 67 South America Ethylene Glycol Market Outlook, By Application (2022-2030) ($MN)
- Table 68 South America Ethylene Glycol Market Outlook, By Polyester Fibers and Fabrics (2022-2030) ($MN)
- Table 69 South America Ethylene Glycol Market Outlook, By Automotive Antifreeze and Coolants (2022-2030) ($MN)
- Table 70 South America Ethylene Glycol Market Outlook, By Polyethylene Terephthalate or PET (Packaging) (2022-2030) ($MN)
- Table 71 South America Ethylene Glycol Market Outlook, By Industrial Chemicals (2022-2030) ($MN)
- Table 72 South America Ethylene Glycol Market Outlook, By Personal Care and Cosmetics (2022-2030) ($MN)
- Table 73 South America Ethylene Glycol Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
- Table 74 South America Ethylene Glycol Market Outlook, By Food and Beverages (2022-2030) ($MN)
- Table 75 South America Ethylene Glycol Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 76 Middle East & Africa Ethylene Glycol Market Outlook, By Country (2022-2030) ($MN)
- Table 77 Middle East & Africa Ethylene Glycol Market Outlook, By Product (2022-2030) ($MN)
- Table 78 Middle East & Africa Ethylene Glycol Market Outlook, By Mono Ethylene Glycol (MEG) (2022-2030) ($MN)
- Table 79 Middle East & Africa Ethylene Glycol Market Outlook, By Diethylene Glycol (DEG) (2022-2030) ($MN)
- Table 80 Middle East & Africa Ethylene Glycol Market Outlook, By Triethylene Glycol (TEG) (2022-2030) ($MN)
- Table 81 Middle East & Africa Ethylene Glycol Market Outlook, By Other Products (2022-2030) ($MN)
- Table 82 Middle East & Africa Ethylene Glycol Market Outlook, By Application (2022-2030) ($MN)
- Table 83 Middle East & Africa Ethylene Glycol Market Outlook, By Polyester Fibers and Fabrics (2022-2030) ($MN)
- Table 84 Middle East & Africa Ethylene Glycol Market Outlook, By Automotive Antifreeze and Coolants (2022-2030) ($MN)
- Table 85 Middle East & Africa Ethylene Glycol Market Outlook, By Polyethylene Terephthalate or PET (Packaging) (2022-2030) ($MN)
- Table 86 Middle East & Africa Ethylene Glycol Market Outlook, By Industrial Chemicals (2022-2030) ($MN)
- Table 87 Middle East & Africa Ethylene Glycol Market Outlook, By Personal Care and Cosmetics (2022-2030) ($MN)
- Table 88 Middle East & Africa Ethylene Glycol Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
- Table 89 Middle East & Africa Ethylene Glycol Market Outlook, By Food and Beverages (2022-2030) ($MN)
- Table 90 Middle East & Africa Ethylene Glycol Market Outlook, By Other Applications (2022-2030) ($MN)
