Ethylene Glycol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Ethylene Glycol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global ethylene glycol market size reached US$ 44.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

Ethylene glycol refers to a transparent and slightly viscous chemical compound that is commonly used as an industrial coolant and antifreeze. It is also used as a raw material for the production of polyester fibers, fiberglass and polyethylene terephthalate resin, which are further utilized in the manufacturing of upholstery, bathtubs, bowling balls and packaging materials. Some of the common types of ethylene glycol include mono ethylene glycol (MEG), diethylene glycol (DEG) and tri ethylene glycol (TEG) that are widely used as heat transfer fluids in compressors and heating, ventilating and air conditioning (HVAC) systems. It also finds extensive applications in various consumer products, such as automotive antifreeze, hydraulic brake fluids, solvents, plastics, paints, films and cosmetics.

Rapid industrialization across the globe is one of the key factors driving the growth of the market. Furthermore, the increasing demand for ethylene glycol for the manufacturing of plastic packaging is also providing a boost to the market growth. Ethylene glycol exhibits various physical properties, such as high boiling point, resistance to corrosion, hygroscopicity and lubrication, owing to which it finds extensive industrial applications. Furthermore, there is widespread adoption of polyester fibers as a cushioning material in pillows, comforters and upholstery padding, which is consequently driving the market for ethylene glycol. Additionally, various product innovations, such as the development of bio-based variants, are creating a positive impact on the market growth. Other factors, including rising environmental consciousness among the masses, along with extensive research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global ethylene glycol market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, manufacturing process, application and end-use industry.

Breakup by Product:

Monoethylene Glycol (MEG)
Diethylene Glycol (DEG)
Triethylene Glycol (TEG)


Breakup by Manufacturing Process:

Ethylene Oxide
Coal
Biological Route
Others


Breakup by Application:

Polyester Fiber
PET
Antifreeze and Coolant
Film
Others


Breakup by End-Use Industry:

Oil and Gas Industry
Plastic Industry
Transportation Industry
Medical Industry
Textile Industry
Others


Breakup by Region:

North America

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Akzo Nobel N.V., Ashland Global Specialty Chemicals Inc., BASF SE, China Petrochemical Corporation (Sinopec Group), Dow Inc., Formosa Plastics Corporation, Huntsman Corporation, Ineos Oxide Limited (INEOS Holdings Limited), Lotte Chemical Corporation, Lyondellbasell Industries Inc., Reliance Industries Limited, SABIC and Shell plc.

Key Questions Answered in This Report:

How has the global ethylene glycol market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global ethylene glycol market?
What is the breakup of the market based on the product?
What is the breakup of the market based on the manufacturing process?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end-use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global ethylene glycol market and who are the key players?
What is the degree of competition in the industry?