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Ethylene Glycol Market Poised for Significant Growth: Demand to Reach USD 75,303.1 Million by 2034 | FMI study

Ethylene Glycol Market Poised for Significant Growth: Demand to Reach USD 75,303.1 Million by 2034 | FMI study

The global ethylene glycol market, valued at USD 37,743.8 million in 2023, is expected to reach USD 40,017 million in 2024, surging at a CAGR of 6.5% through 2034. Key growth drivers include rising demand from the textile and automotive industries, alongside increasing usage in heat transfer fluids and green solvents.

NEWARK, Del, Aug. 22, 2024 (GLOBE NEWSWIRE) — The global ethylene glycol market size is on a robust growth trajectory, with an estimated market value of USD 37,743.8 million in 2023. Projected to exhibit a year-over-year growth of 5.9% in 2024, the market is expected to reach USD 40,017 million by the end of the year. Surging at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2034, demand for this versatile chemical compound is anticipated to soar, with market revenues forecast to hit USD 75,303.1 million by 2034.

The global ethylene glycol market is poised for significant growth, driven by rising demand from the textile, automotive, and industrial sectors. However, regulatory challenges and health risks associated with the compound could pose obstacles. Nevertheless, the ongoing expansion of application areas, particularly in emerging markets, is expected to sustain market momentum, making ethylene glycol a crucial component in various industries for years to come.

“The global ethylene glycol market is poised for significant growth, driven by rising demand from the textile and automotive sectors. However, tightening regulations and health concerns may pose challenges that the industry must navigate carefully to sustain its momentum”, says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Takeaways

  • The global ethylene glycol market sales is projected to grow from USD 37,743.8 million in 2023 to USD 40,017 million in 2024, with further expansion reaching USD 75,303.1 million by 2034.
  • The market is expected to witness a CAGR of 6.5% between 2024 and 2034.
  • Monoethylene glycol, holding a 75% market share in 2024, is set to remain a dominant force in various industries, including textiles and automotive.
  • The Asia Pacific region, particularly China, South Korea, and Japan, is expected to be a significant driver of market growth due to its booming automotive, electronics, and textile industries.

To Gain More Insights about this Research, Visit! https://www.futuremarketinsights.com/reports/ethylene-glycol-market

Regional Insights and Market Drivers

Booming Textile Industry Driving Demand for Polyester Fibers

The global textile industry is a key driver of ethylene glycol demand, particularly in the production of polyester fibers. Regions like Asia Pacific, with leading textile producers such as China, India, and Bangladesh, are witnessing a surge in demand for monoethylene glycol. This demand is fueled by consumer preference for polyester-based textiles due to their durability, affordability, and versatility.

The growing emphasis on sustainability within the textile industry is also contributing to the demand for monoethylene glycol. Companies are increasingly focused on developing eco-friendly polyester fibers, such as recycled polyester, which further drives the use of monoethylene glycol as a sustainable raw material.

For instance, Indorama Ventures has initiated the use of sustainable feedstock in monoethylene glycol production, aligning with the global push towards sustainability in textile manufacturing. This development highlights the industry’s shift towards greener practices, boosting demand for the chemical compound.

Rising Demand for Ethylene Glycol in Heat Transfer and Hydraulic Fluids

Ethylene glycol, particularly ethane-1,2-diol, plays a crucial role in heat transfer and hydraulic fluids, essential for various industrial processes. Emerging economies, particularly in Asia Pacific and North America, are driving this demand, as rapid industrialization boosts the need for efficient cooling and lubrication solutions.

Countries in these regions are witnessing significant growth in manufacturing plants, chemical processing units, and other industrial facilities, which rely heavily on ethylene glycol for maintaining operational productivity and safety. For instance, LyondellBasell has announced a joint venture with a Middle Eastern petrochemical company to establish a new ethane-1,2-diol production plant in Saudi Arabia, catering to the region’s booming industrial sector.

Automotive Industry Pushing Demand for Antifreeze and Coolant Solutions

The automotive industry is another major consumer of ethylene glycol, particularly in antifreeze and coolant solutions. As vehicle production continues to rise, especially in rapidly developing countries like China and India, the demand for ethylene glycol is expected to increase.

With the global shift towards electric and hybrid vehicles, the need for effective cooling solutions is more critical than ever. Ethylene glycol plays a vital role in ensuring optimal battery temperatures and overall vehicle efficiency. The Dow Chemical Company, for example, has expanded its ethylene glycol production capacity in Texas to meet the growing demand from the automotive and packaging industries.

Competitive Landscape

To strengthen their position in the ethylene glycol market, vendors are applying various tactics by assessing aspects such as strategic alliances, partnerships, mergers and acquisitions, regional expansion, and product or service launches.

Novel Advancements

An executive from Shell Chemical revealed intentions to expand the facility’s capacity at its Norco, Louisiana, location for the use of bio-based feedstocks to generate alcohol and alcohol ethoxylates in May 2022. To create renewable diesel from soybean oil, which would then be put into a cracker to create ethylene, EO, alcohols, and ethoxylates, soybean oil would be processed at the Norco refinery.

Leading Ethylene Glycol Brands

  • Reliance Industries Limited
  • Shell Chemical
  • Sinopec
  • SABIC
  • BASF SE
  • Indian Oil Corp
  • Ineos Group Limited
  • Dow Chemical
  • LG Chem Ltd.
  • LyondellBasell Industries
  • Mitsubishi Chemical Corporation
  • LOTTE Chemical Corp.
  • Eastman Chemical Company
  • Nan Ya Plastics
  • Formosa Plastics Corporation
  • PETRONAS Chemicals Group
  • Nippon Shokubai Co., Ltd.
  • MEGlobal (EQUATE)

Key Segments of Market Report

By Product Type:

Monoethylene glycol, diethylene glycol, and triethylene glycol are the key product types.

By End-use Industry:

End-use segments included in the study are textile, automotive, healthcare and pharmaceuticals, industrial applications, chemical, packaging, construction, and others. The textile segment is further divided into polyester fibers and polyester films. The automotive segment is segregated into antifreeze and coolant and hydraulic and brake fluids. The healthcare and pharmaceuticals segment includes solvents and sterilizing agents. Industrial applications feature heat transfer fluids and dehydrating agents. The chemical segment is bifurcated into resins and solvents.

By Region:

Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa have been covered in the report.

Old Source: https://www.globalbankingandfinance.com/ethylene-glycol-market-is-anticipated-to-grow-with-a-compelling-growth-rate-of-about-3-1-to-4-5-in-between-the-coming-assessment-period-of-2021-2031/

Der globale Markt für Ethylenglykol weist einen robusten Wachstumstrend auf und wird im Jahr 2023 einen geschätzten Marktwert von 37.743,8 Millionen USD haben. Für 2024 wird ein jährliches Wachstum von 5,9 % prognostiziert, sodass der Markt bis Ende des Jahres voraussichtlich 40.017 Millionen USD erreichen wird. Mit einer durchschnittlichen jährlichen Wachstumsrate (CAGR) von 6,5 % zwischen 2024 und 2034 wird die Nachfrage nach dieser vielseitigen chemischen Verbindung voraussichtlich stark ansteigen, wobei die Markteinnahmen bis 2034 voraussichtlich 75.303,1 Millionen USD erreichen werden.

Der globale Markt für Ethylenglykol steht vor einem erheblichen Wachstum, angetrieben durch die steigende Nachfrage aus den Bereichen Textil, Automobil und Industrie. Allerdings könnten regulatorische Herausforderungen und Gesundheitsrisiken im Zusammenhang mit der Verbindung Hindernisse darstellen. Dennoch wird erwartet, dass die anhaltende Ausweitung der Anwendungsbereiche, insbesondere in den Schwellenmärkten, die Marktdynamik aufrechterhalten wird, wodurch Ethylenglykol in den kommenden Jahren zu einem entscheidenden Bestandteil in verschiedenen Branchen wird.

„Der globale Ethylenglykolmarkt steht vor einem deutlichen Wachstum, angetrieben durch die steigende Nachfrage aus den Textil- und Automobilsektoren. Allerdings können strengere Vorschriften und Gesundheitsbedenken Herausforderungen darstellen, die die Branche sorgfältig meistern muss, um ihre Dynamik aufrechtzuerhalten“, sagt Nikhil Kaitwade, Associate Vice President bei Future Market Insights (FMI).

Wichtige Erkenntnisse

• Die globalen Ethylenglykol-Umsätze werden voraussichtlich von 37.743,8 Millionen USD im Jahr 2023 auf 40.017 Millionen USD im Jahr 2024 wachsen, mit einer weiteren Expansion auf 75.303,1 Millionen USD bis 2034.

• Der Markt wird zwischen 2024 und 2034 voraussichtlich eine durchschnittliche jährliche Wachstumsrate von 6,5 % verzeichnen.

• Monoethylenglykol, das im Jahr 2024 einen Marktanteil von 75 % hält, wird voraussichtlich eine dominierende Kraft in verschiedenen Branchen bleiben, darunter in der Textil- und Automobilindustrie.

• Die Region Asien-Pazifik, insbesondere China, Südkorea und Japan, dürfte aufgrund ihrer boomenden Automobil-, Elektronik- und Textilindustrie ein bedeutender Wachstumstreiber des Marktes sein.

Regionale Einblicke und Markttreiber

Boomende Textilindustrie treibt Nachfrage nach Polyesterfasern

Die globale Textilindustrie ist ein wichtiger Treiber der Nachfrage nach Ethylenglykol, insbesondere bei der Herstellung von Polyesterfasern. Regionen wie der Asien-Pazifik-Raum mit führenden Textilproduzenten wie China, Indien und Bangladesch erleben einen Anstieg der Nachfrage nach Monoethylenglykol. Diese Nachfrage wird durch die Vorliebe der Verbraucher für polyesterbasierte Textilien aufgrund ihrer Haltbarkeit, Erschwinglichkeit und Vielseitigkeit angeheizt.

Die wachsende Betonung der Nachhaltigkeit in der Textilindustrie trägt ebenfalls zur Nachfrage nach Monoethylenglykol bei. Unternehmen konzentrieren sich zunehmend auf die Entwicklung umweltfreundlicher Polyesterfasern, wie z. B. recyceltes Polyester, was die Verwendung von Monoethylenglykol als nachhaltigem Rohstoff weiter vorantreibt.

Indorama Ventures hat beispielsweise die Verwendung nachhaltiger Rohstoffe bei der Monoethylenglykolproduktion eingeleitet und sich damit dem globalen Vorstoß zur Nachhaltigkeit in der Textilherstellung angeschlossen. Diese Entwicklung unterstreicht den Wandel der Branche hin zu umweltfreundlicheren Verfahren und steigert die Nachfrage nach der chemischen Verbindung.

Steigende Nachfrage nach Ethylenglykol in Wärmeübertragungs- und Hydraulikflüssigkeiten

Ethylenglykol, insbesondere Ethan-1,2-diol, spielt eine entscheidende Rolle in Wärmeübertragungs- und Hydraulikflüssigkeiten, die für verschiedene industrielle Prozesse unverzichtbar sind. Schwellenländer, insbesondere im asiatisch-pazifischen Raum und in Nordamerika, treiben diese Nachfrage an, da die rasche Industrialisierung den Bedarf an effizienten Kühl- und Schmierlösungen erhöht.

Die Länder in diesen Regionen verzeichnen ein erhebliches Wachstum bei Produktionsanlagen, chemischen Verarbeitungseinheiten und anderen Industrieanlagen, die in hohem Maße auf Ethylenglykol angewiesen sind, um die Betriebsproduktivität und -sicherheit aufrechtzuerhalten. So hat LyondellBasell beispielsweise ein Joint Venture mit einem Petrochemieunternehmen aus dem Nahen Osten angekündigt, um in Saudi-Arabien eine neue Ethan-1,2-diol-Produktionsanlage zu errichten, die den boomenden Industriesektor der Region bedienen soll.

Automobilindustrie treibt Nachfrage nach Frostschutz- und Kühlmittellösungen voran

Die Automobilindustrie ist ein weiterer großer Verbraucher von Ethylenglykol, insbesondere in Frostschutz- und Kühlmittellösungen. Da die Fahrzeugproduktion weiter steigt, insbesondere in sich schnell entwickelnden Ländern wie China und Indien, wird die Nachfrage nach Ethylenglykol voraussichtlich steigen.

Mit der weltweiten Umstellung auf Elektro- und Hybridfahrzeuge ist der Bedarf an effektiven Kühllösungen wichtiger denn je. Ethylenglykol spielt eine entscheidende Rolle bei der Gewährleistung optimaler Batterietemperaturen und der Gesamteffizienz des Fahrzeugs. Die Dow Chemical Company hat beispielsweise ihre Produktionskapazität für Ethylenglykol in Texas erweitert, um der wachsenden Nachfrage der Automobil- und Verpackungsindustrie gerecht zu werden.

Wettbewerbslandschaft

Um ihre Position auf dem Ethylenglykolmarkt zu stärken, wenden Anbieter verschiedene Taktiken an, indem sie Aspekte wie strategische Allianzen, Partnerschaften, Fusionen und Übernahmen, regionale Expansion und Produkt- oder Serviceeinführungen bewerten.

Neue Fortschritte

• Erweiterung

Ein leitender Angestellter von Shell Chemical gab bekannt, dass er im Mai 2022 die Kapazität der Anlage am Standort Norco, Louisiana, erweitern will, um aus biobasierten Rohstoffen Alkohol und Alkoholethoxylate zu erzeugen. Um aus Sojaöl erneuerbaren Diesel herzustellen, der dann in einen Cracker gegeben wird, um Ethylen, EO, Alkohole und Ethoxylate zu erzeugen, soll Sojaöl in der Norco-Raffinerie verarbeitet werden.

Führende Ethylenglykol-Marken

• Reliance Industries Limited

• Shell Chemical

• Sinopec

• SABIC

• BASF SE

• Indian Oil Corp

• Ineos Group Limited

• Dow Chemical

• LG Chem Ltd.

• LyondellBasell Industries

• Mitsubishi Chemical Corporation

• LOTTE Chemical Corp.

• Eastman Chemical Company

• Nan Ya Plastics

• Formosa Plastics Corporation

• PETRONAS Chemicals Group

• Nippon Shokubai Co., Ltd.

• MEGlobal (EQUATE)

Wichtige Segmente des Marktberichts

Nach Produkttyp:

Monoethylenglykol, Diethylenglykol und Triethylenglykol sind die wichtigsten Produkttypen.

Nach Endverbrauchsbranche:

Die in der Studie berücksichtigten Endverbrauchssegmente sind Textil, Automobil, Gesundheitswesen und Pharmazeutika, industrielle Anwendungen, Chemie, Verpackung, Bauwesen und andere. Das Textilsegment ist weiter unterteilt in Polyesterfasern und Polyesterfolien. Das Automobilsegment ist unterteilt in Frostschutzmittel und Kühlmittel sowie Hydraulik- und Bremsflüssigkeiten. Das Segment Gesundheitswesen und Pharmazeutika umfasst Lösungsmittel und Sterilisationsmittel. Industrielle Anwendungen umfassen Wärmeübertragungsflüssigkeiten und Dehydratisierungsmittel. Das chemische Segment ist in Harze und Lösungsmittel unterteilt.

Nach Region:

Der Bericht behandelt wichtige Länder in Nordamerika, Lateinamerika, Westeuropa, Osteuropa, Ostasien, Südasien sowie dem Nahen Osten und Afrika.

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About the Chemical & Material Division at Future Market Insights

The chemical & material team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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