Ethylene Glycol Market Introduction
- Ethylene glycol is an organic compound with the formula (CH2OH)2. It is a toxic, colorless, practically odorless, low-volatility, viscous, hygroscopic liquid. It is completely miscible with water and many organic liquids. Hydroxyl groups on glycols undergo the usual alcohol chemistry, giving a wide variety of possible derivatives.
- Ethylene glycol is primarily used as a raw material in the manufacture of polyester fibers; and for antifreeze formulations
- In terms of application, the global ethylene glycol market can be segmented into PET, polyester fiber, antifreeze, and films. The polyester fiber segment is expected to expand at a significant pace during the forecast period owing to rise in usage of ethylene glycol as a raw material in the preparation of polyester fibers.
Key Drivers of Ethylene Glycol Market
- Growth in usage of ethylene glycol as an intermediate in a wide of range of chemical reactions is expected to augment the ethylene glycol market during the forecast period. Hydroxyl groups on glycols undergo the usual alcohol chemistry, giving a wide variety of possible derivatives. This chemistry permits ethylene glycol to act as an intermediate in a wide range of reactions, especially resin formation.
- Rapid expansion in textile and PET resin products industries is anticipated to boost the consumption of ethylene glycol during the forecast period. Ethylene glycol is used as feedstock in many textile manufacturing processes. It is majorly used in the production of PET bottle resins, polyester fiber, and films. Other uses include ethylene glycol as dewatering agent, antifreeze, coolant, and heat transfer agent, hydrate inhibition, runway de-icing fluids, and precursor to polymers.
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Restraints of Ethylene Glycol Market
- Fluctuation in prices of raw materials is projected to hamper the global ethylene glycol market. Raw materials such as ethylene oxide, ethylene, and other chemicals are used in the preparation of ethylene glycols. These raw materials are experiencing unstable prices, as the supply chain has been disrupted due to the COVID-19 pandemic. These raw materials also experience periodic fluctuation in demand. This significantly affects their prices.
- Dearth of universal directives pertaining to applications of ethylene glycol is also likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of ethylene glycol. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investment in the ethylene glycol market, thereby adversely affecting the market.
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Covid-19 Impact on Ethylene Glycol Market
- Ethylene glycol oils play an important role in various end-user industries such as plastic manufacturing, chemicals, and textiles. Many production facilities of these end-user industries have come to a standstill due to the COVID-19 pandemic. This has adversely affected the demand for ethylene glycol across the globe.
- Key players operating in the ethylene glycol market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
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Asia Pacific to Hold Major Share of Global Ethylene Glycol Market
- In terms of region, the global ethylene glycol market can be split into North America, Asia Pacific, Europe, Middle East Asia& Africa and Latin America
- Asia Pacific is projected to hold significant share of the global ethylene glycol market in terms of consumption during the forecast period. End-user industries such as plastic manufacturing, chemicals, and textiles are rapidly expanding in the region. Rise in disposable income and improvement in standard of living in many countries in Asia Pacific are boosting the consumption of plastics and resins. This, in turn, is augmenting the demand for ethylene glycols. Ethylene glycol is also used in the manufacture of automotive components. Rise in production and sale of passenger vehicles in China, India, Japan, and South Korea is estimated to drive the consumption of ethylene glycol in automotive applications, thereby boosting the market in these countries.
- North America is projected to account for vital share of the global ethylene glycol market during the forecast period owing to presence of major automotive players and flourishing PET resin industry in the U.S. and Canada
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Prominent Players in Global Ethylene Glycol Market
Major players operating in the global ethylene glycol market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Reliance Industries Ltd.
- Huntsman Corporation
- SABIC
- BASF SE
- Kuwait Petroleum Corporation
- AkzoNobel
- Clariant
- Formosa Plastics Group
- Exxon Mobil Corp.
- Ineos Oxide
- Ultrapar Participacoes Sa
- Lyondellbasell Industries
- Honam Petrochemical Corporation
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