The world market size for ethylene glycol is expected to reach a valuation of USD 16,187.2 Million in 2022. during the forecast period of 2022 to 2032. The ethylene glycol market is forecast to thrive at a CAGR of 5.3% which is forecast to be worth 27,130.3 million USD.
What is Driving Demand for Ethylene Glycol
Major factors driving the market are the growing demand from the textile industry and automotive industry. The availability of enhanced ethylene glycol production technology increased the popularity of bio-based ethylene glycol, and rising demand from the textile industry is projected to fuel market expansion throughout the forecast period.
Rapid growth in the textile and PET resin products industries is expected to boost consumption during the forecast period.?
The packaging industry has been driven by rapid growth and changing lifestyles of consumers, and the growing use of? Polyethylene Terephthalate (PET)? in a variety of consumer goods products, including food containers and bottles, is expected to enhance demand for MEG which is likely to boost the market throughout the forecast period.
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Who are the Key Manufacturers and Suppliers
Some of the leading manufacturers and suppliers include:
- Exxon Mobil Corp.
- Dow Chemical
- SABIC
- Sinopec
- Shell Chemical
- Reliance Industries Ltd.
- Huntsman Chemical Corporation
- LOTTE Chemical Corp.
- Kuwait Petroleum Corporation
- LyondellBasell Industries
- Formosa Plastics Corporation
Major players in the worldwide market are increasing their regional presence and company operations through organic and inorganic growth methods such as joint ventures, mergers and acquisitions, expansion, collaborations, new product launches, strategic alliances, and RD.
Key Segments Covered in the Ethylene Glycol Market Survey
By Derivative Type:
- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
By Application:
- Polyester Fibres
- PET
- Antifreeze and Coolants
- Films
- Others
By End Use Industry:
- Textiles
- Automotive
- Packaging
- Others
Europe and North America Demand Outlook
The increased production and sale of passenger vehicles in Germany, France, and the United Kingdom are expected to drive ethylene glycol consumption in automotive applications, boosting the market in these countries. North America, owing to the presence of leading automotive players and the growing PET resin sector will lead to significant demand for this product in the North American market over the projection period.
