- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
Ethylene Glycol Market size was valued at USD 17,248.4 million in 2022 and is expected to grow at a CAGR of 5.6% from 2023 to 2029. 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.
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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.
The ethylene glycol market size was valued at USD 17,248.4 million in 2022
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.