Ethylene Glycol Market by Type (Diethylene Glycol, Monoethylene Glycol, Triethylene Glycol), Production Method (Bio-based Production, Ethylene Oxide-Based Production), End-use Industry, Application - Global Forecast 2024-2030

Ethylene Glycol Market by Type (Diethylene Glycol, Monoethylene Glycol, Triethylene Glycol), Production Method (Bio-based Production, Ethylene Oxide-Based Production), End-use Industry, Application - Global Forecast 2024-2030

The Ethylene Glycol Market size was estimated at USD 16.67 billion in 2023 and expected to reach USD 17.45 billion in 2024, at a CAGR 5.03% to reach USD 23.51 billion by 2030.

Ethylene glycol (C2H6O2), also known as monoethylene glycol (MEG), is a colorless, virtually odorless, sweet-tasting viscous liquid and organic compound widely utilized within the chemical industry. Primary uses of ethylene glycol include serving as a raw material for the production of polyester fibers and antifreeze formulations. It exhibits properties such as hygroscopicity and freezing point depression, making it valuable in applications requiring lowering freezing points or retaining moisture. The primary driver for the ethylene glycol market is its extensive use in the production of polyester fibers, which are crucial for the textile industry. Additionally, the growing automotive sector fuels demand for antifreeze and coolant applications, where ethylene glycol plays a crucial role. Despite these positive growth prospects, health and environmental concerns associated with ethylene glycol hinder market growth. However, emerging developments and applications of bio-based ethylene glycol offer new growth opportunities for market players.

Regional Insights

The ethylene glycol market in the Americas has shown consistent growth, driven by the demand in the automotive and pharmaceutical industries. The United States remains a significant contributor, leveraging its advanced petrochemical industry. On the other hand, Latin America is witnessing modest growth, primarily propelled by the automotive sector and polyester fiber production for textiles. Europe's strict environmental regulations have led to innovations in bio-based ethylene glycol, attracting investments and creating new market opportunities. Meanwhile, the Middle East capitalizes on its abundant petrochemical resources and presents a strong market landscape. Asia-Pacific is the fastest-growing region in the global ethylene glycol market, with demand closely tied to the booming polyester fiber industry and antifreeze production. Additionally, the region benefits from competitive manufacturing costs and an expansive industrial base.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Ethylene Glycol Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing automobile sector and extensive use of ethylene glycol in vehicles
Rising demand for PET bottles and packaging materials
Increasing adoption of polyester fibers in the textile industry

Market Restraints

Fluctuating prices of raw materials associated with ethylene glycol

Market Opportunities

Rising development of bio-based ethylene glycol
Advancements in recycling technologies for ethylene glycol

Market Challenges

Health and environmental hazards of ethylene glycol

Market Segmentation Analysis

Type: Growing demand for DEG owing to its effective hygroscopic and solvent properties
Application: Significance of ethylene glycol’s efficient thermal transfer properties in antifreeze and coolants

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Ethylene Glycol Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Ethylene Glycol Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

SABIC Joins Tripartite Agreement for Ethylene Glycol Production Decarbonization

Saudi Basic Industries Corporation (SABIC) has partnered with Scientific Design (SD) and Linde Engineering through a memorandum of understanding (MoU). This partnership aims to redefine the production of ethylene oxide (EO) and ethylene glycol (EG) by integrating SABIC's advanced CO2 recovery and purification technology into SD's licensed glycol production processes. The primary objective of this collaboration is to reduce the carbon footprint associated with EG manufacturing, aligning with global environmental standards for carbon-neutral practices.

INEOS Announces the Acquisition of the LyondellBasell Ethylene Oxide and Derivatives Business and Production Facility at Bayport, Texas, for USD 700 Million

INEOS has signed an agreement to acquire LyondellBasell's facilities, including the comprehensive Bayport underwood site in Texas, for a total investment of USD 700 million. This acquisition encompasses a 420 kt ethylene oxide plant, alongside a 375 kt ethylene glycols plant and a 165 kt glycol ethers plant, further integrating all associated third-party engagements at the site.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Ethylene Glycol Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Ethylene Glycol Market, highlighting leading vendors and their innovative profiles. These include BASF SE, China Petrochemical Corporation, Ennore India Chemical International, EQUATE Petrochemical Company, ExxonMobil Corporation, HELM AG, Henan GP Chemicals Co.,Ltd., INEOS AG, Lotte Chemical Corporation, Mahakali Industries, Merck KGaA, Nan Ya Plastics Corporation, Otto Chemie Pvt Ltd, Reliance Industries Limited, Saudi Basic Industries Corporation, Shell PLC, Siddhi Vinayak Industries, Spectrum Chemical Mfg. Corp., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co., Ltd., Ultrapar Participacoes Sa, Vizag Chemical International, VWR International, LLC, and Zhishang Chemical.

Market Segmentation & Coverage

This research report categorizes the Ethylene Glycol Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Diethylene Glycol
Monoethylene Glycol
Triethylene Glycol
Production Method
Bio-based Production
Ethylene Oxide-Based Production
End-use Industry
Automotive
Chemical Intermediates
Packaging
Pharmaceutical
Textile
Application
Antifreeze & Coolants
Chemical Synthesis
PET Resins
Polyester Fibers
Solvents
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year