The ethylene glycol market is set to grow at a 4% CAGR from 2021-2026, driven by demand in PET packaging and polyester fibers.
According to the latest report by IMARC Group, titled “Ethylene Glycol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global ethylene glycol market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the global ethylene glycol market to grow at a CAGR of 4% during 2021-2026.
Ethylene glycol is a transparent, odorless, and slightly viscous organic compound that absorbs water. It has the chemical formula (CH2OH)2 and is commonly used as a raw material in the manufacturing of polyester fibers, as an industrial coolant, in antifreeze formulations, etc. The most common types of ethylene glycol include mono ethylene glycol (MEG), diethylene glycol (DEG), tri ethylene glycol (TEG), etc. This compound is extensively utilized for heat transfer processes in compressors and heating, ventilating and air conditioning (HVAC) systems. Ethylene glycol is used in manufacturing fiberglass and polyethylene terephthalate resin, which are further used to manufacture upholstery, bathtubs, bowling balls, packaging materials, etc. It is also extensively utilized in numerous other consumer products, including automotive antifreeze, hydraulic brake fluids, solvents, paints, films, cosmetics, etc.
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Global Ethylene Glycol Market Trends:
The escalating demand for these compounds to manufacture polyethylene terephthalate (PET) packaging solutions is among the primary factors driving the ethylene glycol market. Moreover, the rising number of product applications across industries, owing to its high boiling point, resistance to corrosion, hygroscopicity, lubrication, etc., is further catalyzing the market growth. Besides this, the increasing adoption of polyester fibers as a cushioning material in pillows, comforters, upholstery padding, etc., is acting as another significant growth-inducing factor. Furthermore, the development of several bio-based product variants produced from various agricultural wastes, including hay, molasses, bagasse, etc., is expected to fuel the ethylene glycol market over the forecasted period across the globe.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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Key highlights of the Report:
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The main topic is the growth and trends of the global ethylene glycol market from 2021 to 2026.
What are the key applications of ethylene glycol? It is used in polyester fibers, industrial coolants, and PET packaging.
Who are the key players in the ethylene glycol market? Companies like BASF SE and The Dow Chemical Company are key players.
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