The Ethylene Glycol Market, valued at USD 41.2 Billion in 2023, is anticipated to surpass USD 65.2 Billion by 2032, reflecting a projected CAGR of 5.3%

Ethylene glycol is chemically an organic compound which can be represented with the chemical formula as CH2OH2. Ethylene glycol is viscous, toxic, practically odorless, with low volatility, colorless, and hygroscopic liquid. Hydroxyl groups on glycols go through the common alcohol chemistry by giving the broad diversity of likely derivatives. In the production of polyester fibers ethylene glycol is used as raw material. It also acts as heat transferring agent.

Growing use of ethylene glycol as a median in a broad diversity of chemical reactions is estimated to drive the ethylene glycols market growth globally. Especially in resin production, the ethylene glycol acts as an intermediate. Fast development in PET resin products and textile industries is expected to thrust the growth for the market of ethylene glycol during the forecast period. In much textile fabrication process the ethylene glycol is used as a raw material. Increase in usage of ethylene glycol as a raw material in manufacturing of films, polyester fibers, and PET bottle resins. Other uses of ethylene glycol consist as coolant, antifreeze, dewatering agent, hydrate inhibition, de-icing fluids, transfer agent for heat, precursors to polymers.

Fluctuations in the cost of raw material are expected to hinder the growth of the ethylene glycols market. Raw materials for preparation of ethylene glycol are ethylene, ethylene oxide, and other chemicals. Due to COVID-19 pandemic the supply chain is disturbed, because of this reason the raw materials are facing unstable prices. Due to this reason the raw materials are also experiencing the fluctuation in the demand. Other major restraint to hamper the growth of ethylene glycol market, there are lack of guidelines or rules and regulations related to the applications of ethylene glycol. The toxic nature of ethylene glycol can also hamper the growth of the market.

Ethylene Glycol Market Statistics

• In 2023, the global ethylene glycol market was valued at USD 41.2 billion
• The market is expected to grow at a stable annual pace of 5.3% from 2024 to 2032
• The Asia-Pacific region accounts for 48% of the ethylene glycols market
• Asia-Pacific is increasing at a CAGR of 5.8% in the ethylene glycol market
• The packaging end use delivers the highest income in the market
• The PET application category has contributed significantly to revenue growth
• The ethylene glycol market is driven by the emerging markets in Asia-Pacific boosting infrastructure and automotive growth

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Ethylene Glycol Market Dynamics

Growing Demand for PET in Packaging Applications Drives the Ethylene Glycol Market

The growing use of polyethylene terephthalate (PET) in packaging applications is a key driver of the ethylene glycol market. PET, a derivative of monoethylene glycol (MEG), is widely utilized in the production of bottles, containers, and flexible packaging due to its durability, lightweight nature, and recyclability. The growing consumer desire for packaged beverages, ready-to-eat foods, and personal care goods has increased global PET usage. Furthermore, the rise in e-commerce has increased the demand for safe and lightweight packaging, resulting in extra demand for PET. North America and Europe are the leaders in premium packaging, but Asia-Pacific and Latin America are experiencing rapid increase in PET production as a result of economic expansion and urbanization.

Furthermore, the increasing transition to sustainable packaging alternatives, such as recycled PET, has increased demand for ethylene glycol. Technological developments in PET manufacture, including as increased polymer characteristics and recyclability, contribute to the continued rise of ethylene glycol in packaging applications.

Rising Adoption of Bio-Based Ethylene Glycol Create Opportunity in the Ethylene Glycol Market

The growing emphasis on sustainability creates a lucrative opportunity for the ethylene glycol industry through the use of bio-based alternatives. Conventional ethylene glycol manufactured from petrochemical feedstocks is under criticism for their environmental impact. Bio-based ethylene glycol, made from renewable raw resources including sugarcane, corn, and biomass, offer a sustainable and environmentally friendly option. The transition to bio-based goods is aided by tight rules that promote green chemistry and reduce carbon footprints. For example, top beverage and textile manufacturers are incorporating bio-based PET into their product lines, driving up demand for bio-based ethylene glycol.

Furthermore, advances in biotechnology and fermentation techniques have increased the cost-effectiveness and scalability of bio-based glycol production. Asia-Pacific, with its plentiful agricultural resources and growing investments in renewable chemistry, is poised to become a hub for bio-based ethylene glycol synthesis. As consumers and industries emphasize sustainability, the demand for bio-based ethylene glycol is predicted to rise dramatically, providing manufacturers with an opportunity to innovate and develop in this niche but promising market.

Ethylene Glycol Market Segmentation

The worldwide ethylene glycol market is divided into 4 groups: derivative type, application, end-use, and regional markets

• Derivative type: diethylene glycol (DEG), monoethylene glycol (MEG), and triethylene glycol (TEG)
• Application: PET, polyester fibers, films, antifreeze and coolants, and others
• End use: automotive, textile, packaging, and others
• Regional: Latin America, North America, Asia-Pacific, the Middle East & Africa, and Europe

Ethylene Glycol Market Regional Outlook

In region Asia-Pacific is expected to fastest growing in the global market of butadiene. In Asia-Pacific region, China has the major population across the world. Due to China’s geographic region, it is an advantage for China that the neighboring countries have the industrial goods market. China also gives effortless access to the other countries worldwide because of this reason China is the leading manufacturing country worldwide. The country is projected to increase the publication of a plan for the Neighborhood Electric Vehicle (NEV) industry growth from, categorize to guide future development. PET is a key material that goes into external and internal body components. Rise in demand for cars due to costumer’s increasing purchase power is expected to drive the demand for PET in this region.

Ethylene Glycol Market Players

Ethylene glycol companies profiled in the report include Mitsubishi Chemical, Nan Ya Plastics, Nippon Shokubai, LOTTE Chemical, LG Chem, BASF SE, Eastman Chemical, Indian Oil, Ineos Group, LyondellBasell, Dow Chemical, and Formosa Plastics.

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Mr. Richard Johnson

Acumen Research and Consulting

India: +91 8983225533

E-mail: [email protected]