The Ethylene Glycol Market is forecast to reach USD 82.25 Billion by 2028, according to a new report by Reports and Data. Ethylene glycol is a chemical most commonly used in industrial and commercial applications, including coolant and antifreeze.
It helps keep a car’s engine from freezing during the winter, and also during the summer, it reduces overheating by acting as a coolant. Other applications of ethylene glycol include heat transfer fluids used as industrial coolants for gas heating, compressors, air-conditioning systems, ventilating, and ice skating rinks.
Ethylene glycol is used as a raw material in the production of a broad spectrum of products, including polyester fibers for upholstery, clothes, pillows, and carpet; fiberglass used in products such as bathtubs, bowling balls, and jet skis; and polyethylene terephthalate resin used in bottles and packaging film. Most of these products are cost-efficient, energy-saving, and recyclable as well. Ethylene glycol, in addition to its use in antifreeze, it is also used as an ingredient in printing inks, hydraulic fluids, and paint solvents. It is used as a reagent in making explosives, polyesters, synthetic waxes, and alkyd resins.
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Key participants include Reliance Industries, Sinopec, SABIC, DowDuPont, Royal Dutch Shell, Huntsman, AkzoNobel, BASF SE, Lotte Chemical, and Ashland Inc., among others.
The Asia Pacific region dominated the market for ethylene glycol market owing to the surge in demand from the textile industry. The growth of the industrial sector in countries such as India and China are driving the market demand. China held the largest market share in the Asia-Pacific ethylene glycol market. However, the market is also witnessing high demand in other countries of Asia-Pacific, such as Japan, Bangladesh, and Taiwan.
Market Overview:
Increasing consumer inclination towards sustainability and thus considering products based on criteria such as circularity and carbon footprint is expected to change materials and chemical market trends during in the coming years. The growing consumer concern about carbon emissions has prompted industry players to make investment in renewable energy, de-carbonization of transportation, and energy efficiency. These trends are expected to have a significant impact end markets for chemicals, notably in construction and automotive.
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Further key findings from the report suggest
- Monoethylene glycol (MEG) is a colorless, odorless, syrupy liquid with sweet taste. Mono-ethylene Glycol (MEG) can be used for applications that require chemical intermediates for resins, solvent couplers, freezing point depression, solvents, humectants, and chemical intermediates.
- Monoethylene glycol is primarily used in the manufacturing of PET and polyester resins. The product is a significant raw material for industrial resins, deicing fluids, heat transfer fluids, automotive antifreeze and coolants, water-based adhesives, latex paints and asphalt emulsions, electrolytic capacitors, textile fibers, paper, and leather.
- Ethylene glycol can be produced from ethylene, via the intermediate ethylene oxide. Reaction of ethylene oxide with water produces ethylene glycol. The highest yields of the market product occurs at acidic or neutral pH with an excess of water. Ethylene glycol yields upto 90% can be achieved under these conditions.
- Ethylene glycols finds many applications, including automobile anti-freeze, aircraft deicing, and manufacturing quenchants. Ethylene glycol fluids are used in aircraft deicing in some parts of the globe as it has a lower operational use temperature than propylene glycol.
- Large-scale consumption of the Bio-PET in America is expected to create lucrative opportunities to augment the growth of the market for ethylene glycol as it is a raw material for the production of PET. North America is forecasted to grow with a CAGR of 6.4% during the forecast period.
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For the purpose of this report, Reports and Data have segmented into the global Ethylene Glycol market on the basis of type, manufacturing process, application, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Ethylene Oxide
- Coal
- Biological Route
- Renewable Resources
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Polyester Fiber
- PET Bottle
- Antifreeze
- PET Films/Others
- Industrial
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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