Ethylene Glycol Market Drivers and Opportunities [2021-2031]
The Ethylene Glycol Market is expected to register a CAGR of 6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
Ethylene Glycol Market covers analysis By Product Type (Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG)); Application (PET, Polyester Fibres, Antifreeze, Others) , and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). Ethylene glycol is a sweet-tasting colourless liquid produced from ethylene oxide. Manufacture of ethylene glycol from ethylene oxide coproduces diethylene glycol (DEG) and triethylene glycol (TEG). Ethylene glycol is majorly used in the production of polyester fibre, PET bottle resins, and films.
Purpose of the ReportThe report Ethylene Glycol Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Ethylene Glycol Market Segmentation
Product Type- Monoethylene Glycol
- Diethylene Glycol
- Triethylene Glycol
- PET
- Polyester Fibres
- Antifreeze
- Others
Strategic Insights
Ethylene Glycol Market Growth Drivers- Rising Demand for Ethylene Glycol in Automotive Antifreeze and Coolants: Ethylene glycol is used widely in the formulation of vehicle antifreeze and coolants. With increasing global automotive machine production and sales, demand for ethylene glycol to ensure vehicle performance and safety will shoot up in the coming years.
- Expanding Demand for Ethylene Glycol in Textiles and Packaging: Ethylene glycol is one of the major feedstocks for the production of polyethylene terephthalate, a leading material in the textiles and packaging industries. The primary end-applications of ethylene glycol are, first and foremost, the textile and consumer goods markets, in particular polyester fibres and PET bottles.
- Increased Consumption of Ethylene Glycol Due to Seasonal Climate Changes: A change in climatic conditions from season to season requires more consumption of antifreeze products both at home and in industries. Thus, resulting in high demand for ethylene glycol being one of the main ingredients used within antifreeze products to obtain maximum protection against freezing as well as a good cooling efficiency.
- Environmental Regulations Driving Eco-friendly Ethylene Glycol Products: It has been the stricter environmental regulations that force the development of even more environmentally friendly products. Due to ethylene glycol being biodegradable and much less toxic than others, it gives an advantage in companies looking to comply with green initiatives and have a reduced environmental footprint.
- Increasing Demand for Sustainable Packaging: Demand for polyethylene terephthalate will be driven higher in accordance with growth rates of the beverage and packaging industries. This, in turn, will directly increase the consumption of ethylene glycol. More and more firms will search for sustainable packaging solutions and hence, facilitate growth in this market.
- Growing Investments in Bio-based and Recycled Ethylene Glycol Production: Growth of consumers and regulations on sustainability will be the major drivers for the demand for bio-based and recycled ethylene glycol. For the manufacturer, the global requirements on sustainability and consumer demands will continue to attract high investments in greener production processes and alternatives for the bio-based and recycled ethylene glycol.
- Increased Use of Ethylene Glycol as Moisture Barrier in Paints: Apart from its usages as concrete antifreeze, ethylene glycol has been employed broadly in construction industries. It has also gained usage as a moisture barrier in paints. For example, infrastructure development and city expansion are still in full swing. These alone are predicted to increase further usage of ethylene glycol in construction materials.
- Increased Demand for Textiles and Packaging: Growing population and increased urbanization enhance the demand for consumer goods, including textiles and packaged products. This therefore gives an opportunity for ethylene glycol in the production of materials that find use with change in consumer preferences.
- Expanding Applications and Market Reach for Ethylene Glycol Across Industries: With innovation in production technologies, manufacturing ethylene glycol becomes more efficient. Improving the process and reducing cost, ethylene glycol becomes even more available with more applications and an even wider market reach across diverse industries.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Ethylene Glycol Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Ethylene Glycol Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Ethylene Glycol Market is estimated to witness a CAGR of 6% from 2023 to 2031
The growing demand from formulation of vehicle antifreeze and coolants is a key driver in the market.
Dow Chemical Company, ExxonMobil, Formosa Plastics Group, Honam Petrochemicals, Ineos, Nouryon, Reliance Industries Limited, SABIC, Shell Chemical, and Sinopec are some of the key players operating in the market.
The MEG product segment accounted for the largest market share in 2023.
The Asia Pacific market is expected to account for the highest CAGR during the forecast period owing to the growing construction industry in the region.
The growing demand the demand for bio-based and recycled ethylene glycol is an emerging trend in the market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Ethylene Glycol Market - By Product Type
1.3.2 Ethylene Glycol Market - By Application
1.3.3 Ethylene Glycol Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ETHYLENE GLYCOL MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. ETHYLENE GLYCOL MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. ETHYLENE GLYCOL MARKET - GLOBAL MARKET ANALYSIS
6.1. ETHYLENE GLYCOL - GLOBAL MARKET OVERVIEW
6.2. ETHYLENE GLYCOL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ETHYLENE GLYCOL MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. MONOETHYLENE GLYCOL (MEG)
7.3.1. Overview
7.3.2. Monoethylene Glycol (MEG) Market Forecast and Analysis
7.4. DIETHYLENE GLYCOL (DEG)
7.4.1. Overview
7.4.2. Diethylene Glycol (DEG) Market Forecast and Analysis
7.5. TRIETHYLENE GLYCOL (TEG)
7.5.1. Overview
7.5.2. Triethylene Glycol (TEG) Market Forecast and Analysis
8. ETHYLENE GLYCOL MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PET
8.3.1. Overview
8.3.2. PET Market Forecast and Analysis
8.4. POLYESTER FIBERS
8.4.1. Overview
8.4.2. Polyester Fibers Market Forecast and Analysis
8.5. ANTIFREEZE
8.5.1. Overview
8.5.2. Antifreeze Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. ETHYLENE GLYCOL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Ethylene Glycol Market Overview
9.1.2 North America Ethylene Glycol Market Forecasts and Analysis
9.1.3 North America Ethylene Glycol Market Forecasts and Analysis - By Product Type
9.1.4 North America Ethylene Glycol Market Forecasts and Analysis - By Application
9.1.5 North America Ethylene Glycol Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Ethylene Glycol Market
9.1.5.1.1 Canada Ethylene Glycol Market by Product Type
9.1.5.1.2 Canada Ethylene Glycol Market by Application
9.1.5.2 Mexico Ethylene Glycol Market
9.1.5.2.1 Mexico Ethylene Glycol Market by Product Type
9.1.5.2.2 Mexico Ethylene Glycol Market by Application
9.1.5.3 US Ethylene Glycol Market
9.1.5.3.1 US Ethylene Glycol Market by Product Type
9.1.5.3.2 US Ethylene Glycol Market by Application
9.2. EUROPE
9.2.1 Europe Ethylene Glycol Market Overview
9.2.2 Europe Ethylene Glycol Market Forecasts and Analysis
9.2.3 Europe Ethylene Glycol Market Forecasts and Analysis - By Product Type
9.2.4 Europe Ethylene Glycol Market Forecasts and Analysis - By Application
9.2.5 Europe Ethylene Glycol Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Ethylene Glycol Market
9.2.5.1.1 Germany Ethylene Glycol Market by Product Type
9.2.5.1.2 Germany Ethylene Glycol Market by Application
9.2.5.2 France Ethylene Glycol Market
9.2.5.2.1 France Ethylene Glycol Market by Product Type
9.2.5.2.2 France Ethylene Glycol Market by Application
9.2.5.3 Italy Ethylene Glycol Market
9.2.5.3.1 Italy Ethylene Glycol Market by Product Type
9.2.5.3.2 Italy Ethylene Glycol Market by Application
9.2.5.4 United Kingdom Ethylene Glycol Market
9.2.5.4.1 United Kingdom Ethylene Glycol Market by Product Type
9.2.5.4.2 United Kingdom Ethylene Glycol Market by Application
9.2.5.5 Russia Ethylene Glycol Market
9.2.5.5.1 Russia Ethylene Glycol Market by Product Type
9.2.5.5.2 Russia Ethylene Glycol Market by Application
9.2.5.6 Rest of Europe Ethylene Glycol Market
9.2.5.6.1 Rest of Europe Ethylene Glycol Market by Product Type
9.2.5.6.2 Rest of Europe Ethylene Glycol Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Ethylene Glycol Market Overview
9.3.2 Asia-Pacific Ethylene Glycol Market Forecasts and Analysis
9.3.3 Asia-Pacific Ethylene Glycol Market Forecasts and Analysis - By Product Type
9.3.4 Asia-Pacific Ethylene Glycol Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Ethylene Glycol Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Ethylene Glycol Market
9.3.5.1.1 Australia Ethylene Glycol Market by Product Type
9.3.5.1.2 Australia Ethylene Glycol Market by Application
9.3.5.2 China Ethylene Glycol Market
9.3.5.2.1 China Ethylene Glycol Market by Product Type
9.3.5.2.2 China Ethylene Glycol Market by Application
9.3.5.3 India Ethylene Glycol Market
9.3.5.3.1 India Ethylene Glycol Market by Product Type
9.3.5.3.2 India Ethylene Glycol Market by Application
9.3.5.4 Japan Ethylene Glycol Market
9.3.5.4.1 Japan Ethylene Glycol Market by Product Type
9.3.5.4.2 Japan Ethylene Glycol Market by Application
9.3.5.5 South Korea Ethylene Glycol Market
9.3.5.5.1 South Korea Ethylene Glycol Market by Product Type
9.3.5.5.2 South Korea Ethylene Glycol Market by Application
9.3.5.6 Rest of Asia-Pacific Ethylene Glycol Market
9.3.5.6.1 Rest of Asia-Pacific Ethylene Glycol Market by Product Type
9.3.5.6.2 Rest of Asia-Pacific Ethylene Glycol Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Ethylene Glycol Market Overview
9.4.2 Middle East and Africa Ethylene Glycol Market Forecasts and Analysis
9.4.3 Middle East and Africa Ethylene Glycol Market Forecasts and Analysis - By Product Type
9.4.4 Middle East and Africa Ethylene Glycol Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Ethylene Glycol Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Ethylene Glycol Market
9.4.5.1.1 South Africa Ethylene Glycol Market by Product Type
9.4.5.1.2 South Africa Ethylene Glycol Market by Application
9.4.5.2 Saudi Arabia Ethylene Glycol Market
9.4.5.2.1 Saudi Arabia Ethylene Glycol Market by Product Type
9.4.5.2.2 Saudi Arabia Ethylene Glycol Market by Application
9.4.5.3 U.A.E Ethylene Glycol Market
9.4.5.3.1 U.A.E Ethylene Glycol Market by Product Type
9.4.5.3.2 U.A.E Ethylene Glycol Market by Application
9.4.5.4 Rest of Middle East and Africa Ethylene Glycol Market
9.4.5.4.1 Rest of Middle East and Africa Ethylene Glycol Market by Product Type
9.4.5.4.2 Rest of Middle East and Africa Ethylene Glycol Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Ethylene Glycol Market Overview
9.5.2 South and Central America Ethylene Glycol Market Forecasts and Analysis
9.5.3 South and Central America Ethylene Glycol Market Forecasts and Analysis - By Product Type
9.5.4 South and Central America Ethylene Glycol Market Forecasts and Analysis - By Application
9.5.5 South and Central America Ethylene Glycol Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Ethylene Glycol Market
9.5.5.1.1 Brazil Ethylene Glycol Market by Product Type
9.5.5.1.2 Brazil Ethylene Glycol Market by Application
9.5.5.2 Argentina Ethylene Glycol Market
9.5.5.2.1 Argentina Ethylene Glycol Market by Product Type
9.5.5.2.2 Argentina Ethylene Glycol Market by Application
9.5.5.3 Rest of South and Central America Ethylene Glycol Market
9.5.5.3.1 Rest of South and Central America Ethylene Glycol Market by Product Type
9.5.5.3.2 Rest of South and Central America Ethylene Glycol Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ETHYLENE GLYCOL MARKET, KEY COMPANY PROFILES
11.1. DOW CHEMICAL COMPANY
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. EXXONMOBIL
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. FORMOSA PLASTICS GROUP
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HONAM PETROCHEMICALS
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. INEOS
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NOURYON
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. RELIANCE INDUSTRIES LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SABIC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SHELL CHEMICAL
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SINOPEC
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Dow Chemical Company
2.ExxonMobil
3.Formosa Plastics Group
4.Honam Petrochemicals
5.Ineos
6.Nouryon
7.Reliance Industries Limited
8.SABIC
9.Shell Chemical
10.Sinopec
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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