Glycol Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Ethylene Glycol, Propylene Glycol, Others), By Application (Automotive, HVAC, Textiles, Airlines, Medical, Pipeline Maintenance, Polyester Fibers and Resins, Food and Beverage, Others), By Region and Competition, 2019-2029F

  • Industry : Chemicals
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 38.27 Billion

Market Size (2029)

USD 50.73 Billion

CAGR (2024-2029)

4.77%

Fastest Growing Segment

Propylene Glycol

Largest Market

Asia Pacific

Market Overview

Global Glycol Market was valued at USD 38.27 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.77% through 2029. Regulations play a critical role in shaping the dynamics of the industry. Compliance procedures, inventory protocols, and manufacturing standards are constantly evolving in response to changes in existing policies. This state-level intervention also places greater emphasis on the development expenditures of companies, which are predominantly driven by shifting customer preferences and product standards.

In the chemicals industry, companies are actively striving to enhance the efficiency of supply channels and mitigate uncertainties associated with cost components. With the advent of virtual marketplaces, the chemical sector has embraced this trend as well. These days, various online platforms facilitate the sale of chemicals, including glycols, directly to end-users through their portals.

From a consumer's perspective, virtual marketplaces offer convenience and ease of procurement. On the other hand, vendors can significantly reduce costs associated with physical infrastructure by promoting and selling their products online. This trend has proven to be instrumental in improving the profit margins of companies and expanding their customer base without the need for a physical presence in foreign markets.

As the industry continues to evolve, these regulatory frameworks and virtual marketplaces provide a foundation for growth and innovation. By adapting to changing policies and leveraging online platforms, companies can navigate the ever-changing landscape of the chemicals industry and thrive in a global marketplace.

Key Market Drivers

Growing Demand of Glycol in Automotive Industry

Glycol, specifically ethylene glycol (EG), plays a vital and indispensable role in the automotive sector. It is primarily used as an antifreeze and coolant for engines, ensuring optimal performance even under the most extreme weather conditions. With its high boiling point and low freezing point, ethylene glycol effectively maintains an engine's temperature stability, preventing overheating or freezing that could potentially damage vital engine components.

As the automotive industry continues to experience rapid growth and evolution, the demand for reliable and efficient engine cooling solutions like glycol becomes increasingly significant. This growing demand has become a major driving force behind the continuous expansion of the glycol market.

However, along with the numerous opportunities presented by the increasing demand in the automotive sector, there are also challenges that need to be addressed. One such challenge is the fluctuation in raw material prices, which can impact the overall cost and availability of glycol. Additionally, there are environmental concerns associated with ethylene glycol production, emphasizing the need for sustainable and eco-friendly manufacturing practices.

In conclusion, the growing demand for glycol in the automotive industry has emerged as a key driver of the global glycol market. As the automotive industry continues to evolve and advance, the role of glycol as an essential coolant and antifreeze solution becomes even more crucial. Despite the challenges ahead, the glycol market is poised for significant growth, fueled by the ever-increasing demand from the automotive sector and the ongoing efforts to address environmental concerns and ensure sustainable production practices.

Growing Demand of Glycol in Medical Industry

In the medical sector, glycol, especially PEG (Polyethylene Glycol), plays a critical role due to its exceptional properties. PEG is widely used in pharmaceutical formulations, thanks to its low toxicity and excellent solubility. Not only is it utilized in laxatives, ointments, and capsule preparations, but PEG is increasingly becoming an integral part of drug delivery systems. This advancement contributes to improved medication effectiveness and patient adherence, making PEG even more valuable in the medical field.

The growing demand for glycol in diverse medical applications is driving its increasing utilization in the healthcare sector. As the medical industry continues to evolve and expand, the importance of glycol as an essential various component in various applications becomes even more significant. Despite the challenges ahead, the glycol market is poised for substantial growth, fueled by the ever-increasing demand from the medical sector.

The remarkable properties of glycol, combined with its wide range of applications and its integral role in drug delivery systems, highlight its indispensability in the medical industry. As the global glycol market continues to thrive, driven by the growing demand from the healthcare sector, it is evident that glycol will remain a key driver of innovation and development in the medical field.


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Key Market Challenges

Volatility in Price of Crude Oil

Crude oil plays a vital and indispensable role in the production of glycol, serving as a primary raw material in the manufacturing process. The fluctuations in crude oil prices have a direct and profound impact on the cost of producing glycol, establishing an intricate interdependence between these two markets. As a result, any instability in the crude oil market inevitably reverberates through the global glycol market, causing ripples of uncertainty and challenge.

The volatility of crude oil prices can be attributed to the low responsiveness or "inelasticity" of both supply and demand to price changes in the short run. This lack of elasticity often leads to sharp and rapid swings in oil prices, which in turn can have outsized effects on companies, economies, and global geopolitics. The glycol market, being intricately tied to crude oil, faces significant challenges as a result of these price fluctuations.

The impact of price volatility in the crude oil market on the glycol market is multifaceted. Firstly, it introduces uncertainty in pricing, making it difficult for glycol producers to plan and make accurate forecasts. Such unpredictability can reduce planning horizons, forcing firms to constantly adapt and adjust their strategies. Additionally, these price fluctuations may lead to firms postponing investments and diverting resources to manage the financial implications. This reallocation of resources can be costly and time-consuming for companies operating in the glycol market.

Moreover, the emergence of new production capacities, particularly in Asia, adds another layer of complexity to the glycol market. While the fall in oil prices may provide some relief, the global ethylene cost curve, a key raw material for glycol production, has flattened. This further intensifies the strain on the glycol market, particularly in regions like Europe that already face challenges due to volatile upstream energy and utility costs.

In summary, the intricate relationship between crude oil and glycol underscores the significance of price fluctuations in the crude oil market and their cascading effects on the global glycol market. The challenges posed by these fluctuations, from uncertainty in pricing to resource reallocation, require careful navigation and strategic planning by glycol producers worldwide.

Key Market Trends

Growing Demand for Polyethylene Terephthalate (PET)

The global glycol market has been experiencing remarkable growth in recent years, driven by various factors. The key trends contributing to this growth is the escalating demand for Polyethylene Terephthalate (PET), a thermoplastic polymer resin of the polyester family. PET finds extensive applications in synthetic fibers, beverage containers, food containers, and other liquid containers.

This surge in demand for PET can be attributed to the increasing need for sustainable packaging solutions. With its lightweight, strong, and recyclable properties, PET is becoming the preferred choice for packaging, especially in the food and beverage industry. This shift towards sustainable packaging solutions has created a significant opportunity for the glycol market.

Monoethylene glycol (MEG), a variant of glycol, plays a critical role as a raw material in the production of PET. As the demand for PET continues to rise, the need for glycol also increases proportionally. Therefore, the expanding PET market directly fuels the growth of the global glycol market.

The growing demand for Polyethylene Terephthalate (PET) is a significant trend shaping the global glycol market. As industries increasingly prioritize sustainable and efficient materials like PET for their packaging needs, the glycol market, as a vital supplier of raw materials, stands to benefit immensely from this evolving landscape.

Segmental Insights

Product Insights

Based on the category of product, the propylene glycol segment emerged as the dominant player in the global market for glycol in 2023. Due to its low toxicity and favorable properties, propylene glycol has been increasingly recognized as a viable alternative to ethylene glycol in antifreeze applications. With its usage spanning across various industries such as chemicals, food, and pharmaceuticals, 1,2-propanediol has proven to be a versatile compound. Particularly, when combined with water in a 40:60 ratio, this environmentally-friendly mixture finds extensive utilization as an automotive and marine antifreeze, further contributing to a greener and more sustainable future.

 

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Regional Insights

Asia Pacific emerged as the dominant player in the Global Glycol Market in 2023, holding the largest market share in terms of value. Glycol, a versatile compound, plays a crucial role in textile processing. It not only softens fabrics but also enhances dyeing processes, resulting in vibrant and long-lasting colors. The Asia Pacific region, known as a textile powerhouse, contributes to over 60% of the global textile production. With the booming apparel industry, particularly in China and India, the demand for glycol continues to soar, driven by the need for high-quality textiles and innovative fashion trends. The utilization of glycol in textile production highlights its significant impact on the growth and success of the industry in the region.

Recent Development

  • In December 2023, SABIC (based in Riyadh, Saudi Arabia), Scientific Design (SD), a leading licensor of Ethylene Glycol Technology, and Linde Engineering, a subsidiary of Linde, signed a Memorandum of Understanding (MoU) to explore collaboration opportunities aimed at decarbonizing the SD Ethylene Glycol Process. This partnership aims to develop innovative solutions to reduce carbon emissions and achieve low-carbon technology by leveraging SABIC's advanced CO2 recovery and purification technology in SD-licensed glycol manufacturing plants worldwide. The overarching objective is to establish sustainable production processes for Ethylene Oxide and Ethylene Glycol, setting new industry standards for carbon-neutral operations.

Key Market Players

  • The Dow Chemical Company
  • LyondellBasell Industries Holdings B.V.
  • BASF SE
  • Archer-Daniels-Midland Co
  • Global Bio-chem Technology Group Company Limited
  • Tate & Lyle plc
  • SKC
  • KLK OLEO
  • INEOS Capital Limited
  • Huntsman International LLC

By Product

 By Application

By Region
  • Ethylene Glycol
  • Propylene Glycol
  • Others
  • Automotive
  • HVAC
  • Textiles
  • Airlines
  • Medical
  • Pipeline Maintenance
  • Polyester Fibers and Resins
  • Food and Beverage
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the Global Glycol Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Glycol Market, By Product:

o Ethylene Glycol

o Propylene Glycol

o Others

  • Glycol Market, By Application:

o Automotive

o HVAC

o Textiles

o Airlines

o Medical

o Pipeline Maintenance

o Polyester Fibers and Resins

o Food and Beverage

o Others

  • Glycol Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Glycol Market.

Available Customizations:

Global Glycol Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Glycol Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.     Markets Covered

1.2.2.     Years Considered for Study

1.2.3.     Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Impact of COVID-19 on Global Glycol Market

5.    Global Glycol Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Product (Ethylene Glycol, Propylene Glycol, Others)

5.2.2.     By Application (Automotive, HVAC, Textiles, Airlines, Medical, Pipeline Maintenance, Polyester Fibers and Resins, Food and Beverage, Others)

5.2.3.     By Region

5.2.4.     By Company (2023)

5.3.  Market Map

6.    Asia Pacific Glycol Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Product

6.2.2.     By Application

6.2.3.     By Country

6.3.  Asia Pacific: Country Analysis

6.3.1.     China Glycol Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.             By Product

6.3.1.2.2.             By Application

6.3.2.     India Glycol Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.             By Product

6.3.2.2.2.             By Application

6.3.3.     Australia Glycol Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Product

6.3.3.2.2.             By Application

6.3.4.     Japan Glycol Market Outlook

6.3.4.1.         Market Size & Forecast

6.3.4.1.1.             By Value

6.3.4.2.         Market Share & Forecast

6.3.4.2.1.             By Product

6.3.4.2.2.             By Application

6.3.5.     South Korea Glycol Market Outlook

6.3.5.1.         Market Size & Forecast

6.3.5.1.1.             By Value

6.3.5.2.         Market Share & Forecast

6.3.5.2.1.             By Product

6.3.5.2.2.             By Application

7.    Europe Glycol Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Product

7.2.2.     By Application

7.2.3.     By Country

7.3.  Europe: Country Analysis

7.3.1.     France Glycol Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Product

7.3.1.2.2.             By Application

7.3.2.     Germany Glycol Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Product

7.3.2.2.2.             By Application

7.3.3.     Spain Glycol Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Product

7.3.3.2.2.             By Application

7.3.4.     Italy Glycol Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Value

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Product

7.3.4.2.2.             By Application

7.3.5.     United Kingdom Glycol Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Value

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Product

7.3.5.2.2.             By Application

8.    North America Glycol Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Product

8.2.2.     By Application

8.2.3.     By Country

8.3.  North America: Country Analysis

8.3.1.     United States Glycol Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Product

8.3.1.2.2.             By Application

8.3.2.     Mexico Glycol Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Product

8.3.2.2.2.             By Application

8.3.3.     Canada Glycol Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Product

8.3.3.2.2.             By Application

9.    South America Glycol Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Product

9.2.2.     By Application

9.2.3.     By Country

9.3.  South America: Country Analysis

9.3.1.     Brazil Glycol Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Product

9.3.1.2.2.             By Application

9.3.2.     Argentina Glycol Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Product

9.3.2.2.2.             By Application

9.3.3.     Colombia Glycol Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Product

9.3.3.2.2.             By Application

10.  Middle East and Africa Glycol Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Product

10.2.2.  By Application

10.2.3.  By Country

10.3.              MEA: Country Analysis

10.3.1.  South Africa Glycol Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Product

10.3.1.2.2.           By Application

10.3.2.  Saudi Arabia Glycol Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Product

10.3.2.2.2.           By Application

10.3.3.  UAE Glycol Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Product

10.3.3.2.2.           By Application

11.  Market Dynamics

11.1.              Drivers

11.2.              Challenges

12.  Market Trends & Developments

12.1.              Recent Developments

12.2.              Product Launches

12.3.              Mergers & Acquisitions

13.  Global Glycol Market: SWOT Analysis

14.  Porter’s Five Forces Analysis

14.1.              Competition in the Industry

14.2.              Potential of New Entrants

14.3.              Power of Suppliers

14.4.              Power of Customers

14.5.              Threat of Substitute Product

15.  PESTLE Analysis

16.  Competitive Landscape

             16.1.                The Dow Chemical Company

16.1.1.  Business Overview

16.1.2.  Company Snapshot

16.1.3.  Products & Services

16.1.4.  Financials (As Reported)

16.1.5.  Recent Developments

16.2.              LyondellBasell Industries Holdings B.V.

16.3.              BASF SE

16.4.              Archer-Daniels-Midland Co

16.5.              Global Bio-chem Technology Group Company Limited

16.6.              Tate & Lyle Bio Plc

16.7.              SKC

16.8.              KLK OLEO

16.9.              INEOS Capital Limited

16.10.            Huntsman International LLC

17.  Strategic Recommendations

18.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Glycol Market is estimated to be USD 38.27 billion in 2023.

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The Dow Chemical Company, LyondellBasell Industries Holdings B.V., BASF SE, Archer-Daniels-Midland Co, Global Bio-chem Technology Group Company Limited, Tate & Lyle plc were the top key market player in the Global Glycol Market

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Volatility in Price of Crude Oil and Competing Alternatives are the major challenges which restrict the growth of the Global Glycol Market.

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Growing demand of glycol in automotive and medical industries are the major drivers for the Global Glycol Market.

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Business Consultant
Press Release

Glycol Market to Grow with a CAGR of 4.77% Globally through 2029

Feb, 2024

Increasing usage of glycol in the textile industry is expected to drive the Global Glycol Market growth in the forecast period, 2025-2029

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