According to the latest research, the demand for Ethylene Glycol is anticipated to grow with a compelling growth rate of about 3.1% to 4.5 % in between the coming assessment period of 2021-2031.
It is mainly used as a raw material in the manufacture of polyester fibres and for antifreeze formulations.
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Growth of automotive sector to boost the market and increase demand of Ethylene Glycol
It is widely used as an antifreeze in automobile engines. Because it has a lower freezing point than water, it is used to keep an automobile radiator cool throughout the winter.
Globally, the number of vehicles on the road is increasing and is expected to grow at a CAGR of 4.5 percent.
Growing vehicle production and sales volumes are to responsible for the increase in vehicle on-road volumes. Coolants and antifreeze will be in high demand due to the increased number of vehicles on the road.
The demand for MEG will be fuelled by an increase in coolants and antifreeze usage.
Many end use industries depend on the use of ethylene glycol as a feedstock. It’s mostly used to make PET bottle resins, polyester fibre, and films. Fibre is the most common application of MEG.
Due to the usage of MEG in the production of PET and polyester fibres, it is widely used in the textile and apparel industries, as well as garment manufacturing, home furnishings, carpets, and rugs. Hence the market is expanding due to the high potential for polyester applications in the textile industry.
Europe and North America Demand Outlook
The increased production and sale of passenger vehicles in Germany, France, and the United Kingdom is 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 America market over the projection 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 and many others.
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 R&D.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Ethylene Glycol Market Key Segments
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
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