Global Glycol Market, By Product (Ethylene Glycol, Propylene Glycol), Application (Automotive, HVAC, Textiles, Airlines, Medical, Pipeline Maintenance, Polyester Fibers and Resins, Food and Beverage, Others), End-user Industry (Automotive and Transportation, Packaging, Food and Beverage, Cosmetics, Pharmaceuticals, Textile, and Other End-user Industries) – Industry Trends and Forecast to 2029.
Glycol Market Analysis and Size
The use of glycol increases across several industries and the cooling properties of glycol help in completing various tasks. In recent times, the organic property of glycol has had a vital role in the growth of the glycol market globally. The usage of ethylene glycol in HVAC has created several factors for the growth of the global glycol market. Moreover, the rise in the usage of organic composites in the food and beverages packaging industry will flourish the market's growth.
Data Bridge Market Research analyses that the glycol market was valued at USD 35.78 billion in 2021 and is expected to reach USD 62.40 billion by 2029, registering a CAGR of 7.20% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Glycol Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Ethylene Glycol, Propylene Glycol), Application (Automotive, HVAC, Textiles, Airlines, Medical, Pipeline Maintenance, Polyester Fibers and Resins, Food and Beverage, Others), End-user Industry (Automotive and Transportation, Packaging, Food and Beverage, Cosmetics, Pharmaceuticals, Textile, and Other End-user Industries)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Dow (U.S.), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), ADM (U.S.), Global Bio-chem Technology Group Company Limited. (China), DuPont Tate & Lyle Bio Products (U.S.), SKC (South Korea), Temix Oleo (Italy), INEOS Oxide (Switzerland), Huntsman International LLC (U.S.), ADEKA CORPORATION (Japan), Chaoyang Chemicals, Inc. (U.S.), Manali Petrochemicals Limited (India), Haike Chemical Group Co., Ltd. (China), Arch Chemicals Inc, (U.S.), Repsol (Spain), Midland Company (U.S.), Helm AG (Germany), Shell Plc (U.K.)
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Market Opportunities
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Market Definition
Glycol is an organic compounds belonging to the alcohol family. In the molecule of glycol, two hydroxyl groups are attached to the different carbon atoms. Glycol is an odorless, colorless, sweet-tasting, flammable and viscous liquid. It can be toxic for human health if taken in high concentrations.
Global Glycol Market Dynamics
Drivers
- Growing demand of propylene glycol
Propylene glycol is used in hydraulic fluids and fire-resistant brake as a coolant in the transportation sector for engine cooling. This is widely used as a raw material for de-icing planes and as a heat transfer fluid for high-temperature applications. The rising demand of propylene glycol is expected to boost the growth of the glycol market.
- Huge demand of glycol in food industry
Glycol is widely used to improve several processed food products, flavour, appearance, texture, and shelf life. The significant rise in processed foods is due to hectic lifestyles, growing working population and changing dietary patterns. These are some key factors expected to stimulate the glycol market's growth.
Furthermore, rising demand of the compound in polyester resins manufacturing, rising preferences towards the usages of organic synthesis are expected to boost the growth rate of the glycol market. Also, growing demand of products such as coolants and antifreeze is the major factor that will likely uplift the glycol demand in the market during the forecast period of 2022-2029.
Opportunities
- Increasing demand of glycol in automotive industry
The rising demand for glycol in the automotive industry is anticipated to increase the growth of the global market. Ethylene glycol has a significantly lower melting point than water, which keeps engines of ethylene from freezing in the winter and works as a coolant to avoid overheating in the summer. Also, ethylene glycol is used in vehicles to absorb combustion heat which is expected to generate lucrative opportunities for the global glycol market.
Furthermore, augmented utilization in paints and coatings, food, pharmaceuticals, combined with use in aircraft de-icing fluid will create a surge in demand for glycol and will increase valuable opportunities for the market's growth rate.
Restraints/ Challenges
- Disadvantages associated with glycol
Health issues due to the use of glycol is the major challenge which has encountered by the glycol manufacturers. Numerous health distresses associated with glycol can adversely affect the market growth rate. However, WHO has specified that the acceptable daily consumption of glycol as a food additive should not exceed 25 mg/ Kilogram of weight. Health issues created by the high consumption of glycol are the major market restrains that will hinder the market's growth rate.
This glycol market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the glycol market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Glycol Market
The outbreak of covid-19 had an adverse impact on the glycol market. The severe disruptions in many manufacturing process and supply-chain operations has majorly affected the market growth rate. Several precautionary lockdowns which has imposed by governments to curb the spread of disease leads to massive financial setbacks for the market. Moreover, people are now more focused on removing non-essential expenses from their budgets which has also decreased the demand for the glycol.
On the other side, the growing demand for personal care products due to increasing awareness regarding hygiene is expected to recover the growth rate of the glycol market.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In July 2021, Dow augmented propylene glycol (P.G.) capacity at its existing facility by 80,000 tons per year in Map Ta Phut, Thailand which is bringing the total capacity to 250,000 tons per year. This increased capacity boosts Dow’s existing asset infrastructure to support constant growth in high-value applications. This also aids the company to gain consumers’ attention in fast-growing markets.
- In January 2021, the Indian Oil Corporation has announced the Indian Oil Ethylene Glycol Project at Paradip, which comprises of a 180 KTA Ethylene Recovery Unit and a 357 KTA Ethylene Glycol Unit, which will produce 332 KTA MEG. This project will aid in merging the Polyester business tion by way of producing Mono Ethylene Glycol (MEG), which is used to produce bottle grade chips, polyester fibers, and polyester film grade chips.
Global Glycol Market Scope
The glycol market is segmented on the basis of product, application and end-user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Ethylene Glycol
Monoethylene Glycol
Diethylene Glycol
Triethylene Glycol
- Propylene Glycol
Application
- Automotive
- HVAC
- Textiles
- Airlines
- Medical
- Pipeline Maintenance
- Polyester Fibers and Resins
- Food and Beverage
- Others
End-user Industry
- Automotive and Transportation
- Packaging
- Food and Beverage
- Cosmetics
- Pharmaceuticals
- Textile
- Other End-user Industries
Glycol Market Regional Analysis/Insights
The glycol market is analyzed and market size insights and trends are provided by country, product, application and end-user industry as referenced above.
The countries covered in the glycol market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America and Europe dominate the glycol market in terms of market share. This is due to the increasing adoption of innovative approaches and manufacturing technologies.in this region.
Asia-Pacific is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to the rising production of mono ethylene glycol and the increasing prevalence of huge consumer base in this region. The growing demand of glycol from several end-user industries such as cosmetics, textile, packaging, food & beverage and others in countries such as South Korea, India, China, Japan, and Southeast Asian nations are expected to boost the market growth in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Glycol Market Share Analysis
The glycol market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to glycol market.
Some of the major players operating in the glycol market are:
- Dow (U.S.)
- LyondellBasell Industries N.V. (Netherlands)
- BASF SE (Germany)
- ADM (U.S.)
- Global Bio-chem Technology Group Company Limited (China)
- DuPont Tate & Lyle Bio Products (U.S.)
- SKC (South Korea)
- Temix Oleo (Italy)
- INEOS Oxide (Switzerland)
- Huntsman International LLC (U.S.)
- ADEKA CORPORATION (Japan)
- Chaoyang Chemicals, Inc. (U.S.)
- Manali Petrochemicals Limited (India)
- Haike Chemical Group Co., Ltd. (China)
- Arch Chemicals Inc, (U.S.)
- Repsol (Spain)
- Midland Company (U.S.)
- Helm AG (Germany)
- Shell Plc (U.K.)
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