According to the latest research, the demand for Ethylene Glycol Market 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.
What is Driving Demand for Ethylene Glycol
Major factors driving the market are the growing demand from the textile industry and automotive industry. The availability of enhanced ethylene glycol production technology, increased popularity of bio-based ethylene glycol, and rising demand from the textile industry are projected to fuel market expansion throughout the forecast period.
Rapid growth in the textile and PET resin products industries is expected to boost the consumption during the forecast period.
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The packaging industry has been driven by rapid growth and changing lifestyles of consumers, and the growing use of Polyethylene Terephthalate (PET) in a variety of consumer goods products, including as food containers and bottles, is expected to enhance demand for MEG which is likely to boost the market throughout the forecast period.
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.
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