Press release
Ethylene Glycol Market Size Worth USD 27.43 Billion in 2032 | Key Companies - DuPont, Solvay, DOW, DAIKIN, 3M, and Kuraray Co., Ltd.
Ethylene Glycol Market
Ethylene glycol, a high-volume chemical utilized in diverse industries, boasts exceptional properties such as high boiling and freezing points, making it indispensable for applications where purity is paramount. Its widespread use spans across sectors including textile, packaging, automotive, Oil & Gas, transportation, medical, and more.
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Market Drivers
The escalating demand for packaging materials, coupled with the need for prolonged food product storage, is propelling the textile and PET resin industries. PET resin demand is expected to exhibit steady growth, with packaging requirements projected to increase by approximately 2.1% annually until 2030. Ethylene glycol plays a crucial role in PET component production, owing to its density and low volatility properties.
Major players in the ethylene glycol market are experiencing heightened orders and sales volumes, particularly in meeting the demands of textile and PET resin sectors. Notably, Braskem and Sojitz recently announced the launch of Sustainea, a brand aimed at capitalizing on market opportunities and available raw materials. The joint venture plans to construct three industrial plants, with the first unit scheduled to commence operations in 2026, boasting a combined production capacity of up to 700,000 tons of bioMEG annually.
Market Restraints
Challenges such as fluctuating raw material costs and high manufacturing expenses could impede market revenue growth. Ethylene glycol's toxicity necessitates careful handling, adding to production complexities and costs. The resource-intensive manufacturing process, requiring advanced technology and skilled labor, contributes to elevated operational expenses, potentially impacting market competitiveness.
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Market Segment Insights
Ethylene Glycol Type Insights:
• Monoethylene glycol dominates the market, primarily due to its extensive use in polyester resin and textile fiber production. It also serves as a key ingredient in engine coolants and anti-freezing agents.
Ethylene Glycol Manufacturing Process Insights:
• Ethylene oxide manufacturing segment is poised for steady growth, driven by its use in ethylene glycol production. Leading manufacturers are investing in R&D to develop tailored products, supported by government initiatives and cost-effectiveness.
Ethylene Glycol Application Insights:
• Polyester fibers segment is expected to hold a significant market share, driven by rising adoption in textiles and automotive industries. Ethylene glycol's purity and versatility contribute to its widespread use in polyester fiber production, meeting the evolving needs of the clothing and packaging sectors.
Ethylene Glycol Top Companies and Competitive Landscape
The global ethylene glycol market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ethylene glycol products in the market.
Some of the major companies included in the global ethylene glycol market report are:
• DuPont
• Solvay
• DOW
• DAIKIN
• 3M
• Kuraray Co., Ltd.
• H.B. Fuller Company
• Biome Bioplastics
• PTT Global Chemical Public Company Limited
• AVERY DENNISON CORPORATION
• Sealed Air
• SABIC
• Mitsui Chemical Inc.
• Arkema
• Exxon Mobil Corporation
• Novamont SpA
• LyondellBasell Industries Holdings B.V.
• Total Energies
• Braskem
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Ethylene Glycol Latest Industry News
• On 9 August, 2023, Kuraray LLC announced its plans to increase the production capacity for globally in-demand ethylene-vinyl alcohol copolymers at operations in the U.S. and Europe. A total of 5,000 mt/year will be added to the capacity of U.S. and European operations in 2024, and an additional 5,000 mt/year will be added in 2026. Total capacity increase by 10,000 mt /year will bring global production capacity. from the current 103,000 tons/year to 113,000 tons/year.
• On 6 October, 2021, Dow announced its plans to build the world's first carbon-neutral synthetic ethylene and derivatives production facility with regard to Scope 1 and 2 carbon dioxide emissions. Tripling Dow's ethylene and polyethylene production capacity from the Fort Saskatchewan, Alberta, site while upgrading the site's existing assets to achieve net-zero carbon emissions.
Ethylene Glycol Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global ethylene glycol market on the basis of type, manufacturing process, application, end-use, and region:
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Monoethylene Glycol
o Di-Ethylene Glycol
o Tri-Ethylene Glycol
• Manufacturing Process Outlook (Revenue, USD Billion; 2019-2032)
o Ethylene Oxide
o Coal
o Biological Route
o Others
• Application Outlook (Revenue, USD Billion, 2019-2032)
o Polyester Fiber and Films
o Polyethylene Terephthalate
o Antifreeze and Coolant
o Others
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Textile Industry
o Packaging
o Automotive
o Oil and Gas
o Transportation
o Medical
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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