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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Ethylene Glycol Market: By Product Type, Diethylene Glycol, Triethylene Glycol ), By End User, and Geography
Ethylene Glycol Market: By Product Type, Diethylene Glycol, Triethylene Glycol ), By End User, and Geography
Ethylene Glycol Market size was valued at US$ 17,248.4 million in 2023 and is expected to grow at a CAGR of 5.6% from 2024 to 2030. Ethylene glycol denotes a slightly viscous and transparent chemical compound that is usually used as an industrial antifreeze and coolant. It is also utilized as a raw material for the manufacture of polyester fibers, polyethylene terephthalate resin, and fiberglass, which are further used in the production of upholstery, bowling balls, bathtubs, and packaging materials. Some of the usual types of ethylene glycol contain tri ethylene glycol (TEG), diethylene glycol (DEG), and mono ethylene glycol (MEG), which are extensively used as heat transfer fluids in heating and compressors, air conditioning, and ventilating (HVAC) systems. It also finds wide applications in numerous consumer products, such as automotive antifreeze, solvents, hydraulic brake fluids, paints, plastics, cosmetics, and films. The global market provides a detailed overview of the ethylene glycol market size, and that can be segmented by product type and by the end user.
By product type, the Ethylene Glycol Industry market growth has been segmented into Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG). The Triethylene Glycol (TEG) segment is likely to be the significant growing segment in terms of product type. Based on End-users, the Ethylene Glycol Industry market is segmented into Fiber, PET, Film, Antifreeze & Coolant, and Others. Among these, the Antifreeze Coolant end-user segment is expected to have the fastest-growing market during the forecast period. Growing demand for anti-freeze in nations located in temperate and sub-temperate regions is a significant factor enhancing the ethylene glycol industry market growth. Ethylene glycol, a key element in antifreeze compounds, is derived from ethylene oxide. Hydraulic brake fluid is additional substance, which is manufactured using ethylene glycol, and therefore donates to the growing demand for ethylene oxide in the automobile industry. By region, the Asia Pacific market is expected to witness the highest market share during the forecast period.
Study Period
2024-2030Base Year
2023CAGR
3.6%Largest Market
Asia PacificFastest Growing Market
North America
The accessibility of low transportation costs and raw materials is anticipated to propel the market growth over the forecast years. Moreover, the growing acceptance for bio-based ethylene glycol is burgeoning the market growth over the forecast years.
Asia Pacific is projected to account for largest share in the market during the forecast period. Developing textile industry creates a demand for polyester fibers and increasing consumer spending is further up surging the regional market growth. Moreover, due increases tour and travelling industry in the region there is growing demand for products like packaged beverage is augmenting the ethylene glycol market during the forecast period. The market in North America region is prophesied to grow at a substantial CAGR by the completion of the forecast period. Product penetration play vital role in the regional market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 17,248.4 million |
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Market CAGR |
3.6% |
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By Product Type |
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By End User |
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The ethylene glycol market size was valued at US$ 17,248.4 million in 2023
The ethylene glycol market key players are: SABIC MEGlobal, Shell Formosa Plastics Dowdupont Reliance Industries Sinopec BASF PTTGC Sibur Lotte Chemical Eastman Exxonmobil
The ethylene glycol market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.