The global ethylene glycols market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Ethylene glycols are a sweet tasting colorless liquid produced from ethylene oxide. They are a major feedstock for producing polyester fibres, resins and films. Ethylene glycols grades include monoethylene glycol (MEG), diethylene glycol (DEG) and triethylene glycol (TEG). All three grades are co-produced by hydrolysis of ethylene oxide.
Ethylene glycols have additional applications that include automotive antifreeze, de-icing fluids and surface coatings.
Rising demand for thermoplastic resins from various industries such as textiles, construction, packaging and others are likely to drive the ethylene glycols market. As ethylene glycols are a primary feedstock for polyester fibers and PET resin, demand for these is expected to fuel the growth of this market. Demand for polyester fibers and PET resin is increasing due rise in demand from construction, packaging and other industries, which is in turn supported by the growing population and extra income in developing countries.
Drivers and Restraints Of Ethylene Glycols Market
Growing investments in downstream industries in regions like the Asia, Americas and the Middle East are likely to offer tremendous possibilities for ethylene glycols market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Ethylene glycols are exposed to the probability of volatility in supply and price of gas (Ethane). Ethylene glycols have an adverse effect on the environment and are prone to stringent regulations. Existing and future regulations concerning the use of ethylene glycols in end products are likely to challenge the market growth.
Ethylene Glycols Market By Region
Asia was the largest consumer of ethylene glycols and its derivatives and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were the largest consumers of ethylene glycols in this region, whereas India is likely to grow at a higher pace. Growing demand for textiles, packaging, construction and other industries will drive ethylene glycols market in Asia. Consumption of ethylene glycols in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. With major production capacities in Asia and the Middle East, the region is likely to grow in terms of global supply capability. North America is likely to grow at a significant rate due to demand from textiles and construction. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Top players in this market include Saudi Basic Industries Corporation (SABIC), DOW, Sinopec, Shell Inc., Reliance Industries Ltd., Huntsman Corporation, BASF, Kuwait Petroleum Corporation, Akzonobel, Clariant, Formosa Plastics Group, Exxon Mobil Corp., Ineos Oxide, Ultrapar Participacoes Sa, Lyondellbasell Industries and Honam Petrochemical Corporation.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth