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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Ethylene Glycol Market Analysis
Multiple sectors are adopting the global trend of sustainability and eco-friendliness, including the chemical industry. Due to the emphasis on sustainability and environmental concerns, there has been a considerable trend towards bio-based ethylene glycol. As a result, one of the significant ethylene glycol market trends is an increase in manufacturers' efforts to investigate alternate sources of ethylene glycol, such as biomass and renewable feedstocks, which also helps to reduce the carbon footprint associated with its manufacturing ensuring the continued ethylene glycol industry growth.
It is commonly used as an antifreeze in automotive engines due to its lower freezing point than water. It keeps a vehicle radiator cold throughout winter. The growth in vehicle on-road volumes is being driven by rising vehicle production and sales volumes. Coolants and antifreeze may be in high demand due to the growing number of automobiles on the road. Increased coolant and antifreeze usage may drive up demand for MEG, which further enables the growth of the ethylene glycol market.
Ethylene Glycol Market Report Snapshots
Ethylene Glycol Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global ethylene glycol market attained a value of nearly USD 48.21 billion.
The global ethylene glycol market is assessed to grow at a CAGR of 4.7% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 72.82 billion by 2032.
The market is driven by the increasing demand for PET resins and rising applications of the product in the automobile sector.
The growing emphasis on sustainability and the rising shift in interest towards bio-based ethylene glycol are expected to propel the market expansion in the coming years.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The different end-uses are plastic, transportation, textile, and oil and gas, among others.
The key players in the market include Shell PLC, BASF SE, Mitsubishi Chemical Group, Saudi Basic Industries Corporation, Reliance Industries Ltd, China Petrochemical Co., Ltd. (SINOPEC), Formosa Plastics Corporation, INEOS AG, LOTTE Chemical Corporation, and India Glycols Limited, among others.
The leading types in the market are Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG).
The significant modes of manufacturing process of ethylene glycol in the market are Ethylene Oxide, Coal, Biological Route, and others.
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