글로벌 에틸렌글리콜 시장 – 2023-2030

Overview
Global Ethylene Glycol Market reached US$ 29.2 billion in 2022 and is expected to reach US$ 40.1 billion by 2030, growing with a CAGR of 4.2% during the forecast period 2023-2030.
Ethylene glycol produced from biofuels is also a major trend. Alternatives to conventional ethylene glycol produced from fossil fuels that are based on biotechnology are being investigated and funded by suppliers. An alternative that is more environmentally friendly and may have a smaller carbon footprint is bio-based ethylene glycol, which is frequently made from renewable feedstocks like biomass or waste from agriculture.
The market for ethylene glycol is mostly driven by the automobile industry. Hydraulic braking fluids, air conditioning systems and car engines all employ ethylene glycol as a coolant and antifreeze. Global auto manufacturing is rising, particularly in emerging nations, which is driving up demand for ethylene glycol.
Asia-Pacific is among the growing regions in the global ethylene glycol market covering more than 1/3rd of the market. The factors driving the market's development may be linked to the growth of the ethylene glycol market in the Asia-Pacific. The region's flourishing car sector is one of the main contributing factors. In China, the demand for ethylene glycols, which are widely utilized as coolant and antifreeze agents in automotive engines, air conditioning systems and hydraulic braking fluids, is fueled by the growing production of vehicles.
Dynamics
Growing Ethylene Glycol Use in the Textile and Fabric Industries
Polyester fiber is becoming more and more in demand for usage in clothing production because of its qualities of softness, high hygroscopicity and lightweight nature. Because polyester has high warm-keeping, comfortable feeling and soft luster qualities, it is frequently used to make thin thermal underwear, casual warm winter clothing and sportswear. Soft, heat-resistant and wear-resistant gloves and socks are also made using this material.
The International Trade Administration (ITA) projects that the fashion clothing market in U.S. will reach a valuation of over US$400 billion by 2025. The 'Clothing Park for Exports' initiative, instituted by the Indian government, aims to establish internationally-standard clothing production units at promising development locations through a focused push.
Because ethylene glycol is widely used in the production of polyester fiber, it is thus expected that demand for it would rise in tandem with the growing fabric and textiles sector. Consequently, throughout the projected period, the growing fabric and textile sector will boost the ethylene glycol market.
Growing Demand for Automotive
The industrial trend is the increasing demand for ethylene glycol in the car production sector. In the automobile industry, ethylene glycol is essential for some uses, one of which is a vital component in the creation of car antifreeze. The multipurpose chemical is in high demand because it works well to prevent engine coolant from freezing in very cold temperatures and from overheating in hot weather.
The International Trade Administration (ITA) reports that the Chinese government anticipates that by 2025, 35 million vehicles will be produced. The total number of road vehicles registered in the Netherlands on January 1st of each year went from 1,12,87,017 in 2018 to 1,14,95,837 in 2019 to 1,17,03,420 in 2020, according to Statistics Netherlands (CBS).
Additionally, the International Organization of Automobile Manufacturers (OICA) reports that the production of light commercial vehicles climbed by 10.2% in Brazil, from 326,647 in 2017 to 358,981 in 2018. The need for additional ethylene glycol to produce antifreeze as a result of rising automotive manufacturing will drive the ethylene glycol market during the projected period.
High Cost of Raw Material
The ethylene glycol market is significantly constrained by the price volatility of raw materials. The main ingredient in the production of ethylene glycol is ethylene, which comes from petrochemical feedstocks such as natural gas and crude oil. The expenses associated with producing ethylene glycol can be directly impacted by changes in the pricing of various raw ingredients.
Manufacturers may experience uncertainty due to fluctuating raw material costs, which may be attributed to several factors such as supply-demand mismatches, geopolitical conflicts and volatility in global energy markets. Market players may find it difficult to properly plan and manage their operations as a result of this volatility, which may also have an impact on the pricing and profitability of ethylene glycol.
Negative Effects of Ethylene Glycol
The primary drawback of ethylene glycol is that it poses a risk to both people and animals. Although most Safety Data Sheets classify ethylene glycol as "dangerous," a large body of research indicates that even tiny amounts of the substance may be lethal. The US Senate is still debating the issue of ethylene glycol poisoning across the country. The usual degradation of ethylene glycol occurs when oxygen is introduced.
As byproducts of degradation, many acids are produced, including oxalic, glycolic, formic and acetic acids. If suitable steps aren't followed, such as reducing oxygen availability, buffering the acid's pH and using inhibitors to prevent corrosion in advance, these acids may quickly erode carbon steel and other metal parts. Therefore, throughout the projected period, these issues are expected to become a key factor restricting the market's growth.
Segment Analysis
The global ethylene glycol market is segmented based on type, technology, application, end-user and region.
Rising Demand for Monoethylene Glycol (MEG) in the Applications
The monoethylene glycol (MEG) segment is among the growing regions in the global ethylene glycol market covering more than 1/3rd of the market. The most popular applications for monoethylene glycol (MEG) are as a hydrate inhibition and dewatering agent. In pipelines where hydrate formation is an issue, its modest concentrations are frequently constantly injected.
Due to its higher efficiency at a given mass concentration compared to diethylene glycol (DEG), monoethylene glycol (MEG) is the most widely used glycol. The is because only if the glycol used in the next dehydration process is also DEG may DEG be utilized as an agent in the pipeline.
Geographical Penetration
Rising Demands in the Automotive and Electronics Industries in Asia-Pacific
Asia-Pacific has been a dominant force in the global ethylene glycol market. Industrial paints and coatings are made from ethylene glycol, which comes in many forms such as mono, di and triethylene glycol. The types of ethylene glycol give surface coatings viscous texture and qualities including flexibility and durability.
Additionally, the Indian government recently said that it will begin work on a textile processing project in Maharashtra in 2021, with a budget of INR 905 million (about US$ 12.2 million). Moreover, according to a recent post on fibre2fashion, over 70% of all enterprises in Vietnam are engaged in textile production. Because of this, it is anticipated that the region's soaring textile demand would raise the need for the ethylene glycol needed for textile production. The is anticipated to propel the market's expansion in the Asia-Pacific area throughout the next few years.
In addition, the Vietnamese government said in 2020 that it intended to grow the paint coating sector with a 2030 target. Between 2021 and 2030, the paint coating industry's output value is predicted to rise at an average pace of up to 14%. Because of the aforementioned qualities of ethylene glycol, it is anticipated that the manufacturing of coatings in the Asia-Pacific would rise, hence increasing the demand for this major raw material. In the next years, this is expected to fuel market expansion in the Asia-Pacific.
The textile industry uses polyethylene terephthalate resin, while polyester fibers are mainly produced using ethylene glycol, such as mono ethylene glycol. For example, the Non-Woven Fabric Manufacturing Expansion Project in Himachal Pradesh, valued at INR 220 million (US$ 2.9 million), was advertised as starting in July 2021 by India.
COVID-19 Impact Analysis
The new coronavirus, known as SARS-CoV-2, has affected every industry, including the packaging and automobile industries. The government-imposed import-export restrictions in different regions have resulted in a decline in the demand for packaging. Additionally, the production of cars has been severely impeded, which has led to a significant decline in the automotive industry as a whole.
For example, the European Automobile Manufacturers Association reports that, in June 2020, the EU's demand for new commercial cars was still sluggish (-20.3%), but at a slower rate than in April and May. Germany (-30.5%), Spain (-24.2%) and Italy (-12.8%) were the three major markets in the area to report double-digit percentage reductions last month, while France saw a slight uptick (+2.2%). The market for ethylene glycol is being greatly impacted by the sharp decline in antifreeze demand brought on by the decline in car manufacturing.
The world shut down and supply chain disruptions caused a large decline in demand for many items. The COVID-19 pandemic has caused the textile industries to stop producing. People are not allowed to go shopping; thus, fabric manufacture has been suspended. The pharmaceutical business continues to function in the market even if many other industries are experiencing difficulties.
The need for personal protective equipment, such as face masks and disinfectants, has surged because of the COVID-19 epidemic. During this scenario, ethylene glycol works great as a disinfectant because of its antibacterial qualities. Ethylene glycol is used in hospitals to sterilize surgical tools. The global market for ethylene glycol is rising significantly as a result of this a pandemic
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict has the potential to significantly impact the global ethylene glycol market due to the key role these countries play in the production and transportation of petrochemicals. Both Russia and Ukraine are major players in the production of raw materials like natural gas, a crucial feedstock for ethylene glycol manufacturing.
Disruptions in the supply chain, such as transportation blockades, export restrictions or damage to critical infrastructure, could lead to shortages and increased prices in the global ethylene glycol market. Moreover, the fight may exacerbate geopolitical unrest, which would affect investor confidence and the financial system.
The markets for commodities, such as chemicals like ethylene glycol, are susceptible to fluctuations and speculation brought about by geopolitical events. The cost structure of ethylene glycol manufacturing may be impacted, affecting pricing dynamics in the globally market, by the possibility of higher energy costs brought on by worries about supply interruptions in the area.
By Type
• Monoethylene Glycol (MEG)
• Diethylene Glycol (DEG)
• Triethylene Glycol (TEG)
• Others
By Technology
• Gas-Based
• Naptha-Based
• Coal-Based
• Bio-Based
• Methanol-Based
• Others
By Application
• Solvent Coupler
o Stabilizer
o Freezing Point Depression
o Heat Transfer Agent
o Antifreeze and Coolants
o Others
• Chemical Intermediate
o Polyester Resins
o Alkyd-Resins
o Others
• Solvent
• Humectant
o Adhesives
o Textile Fibers
o Printing Inks
o Others
• Others
By End-User
• Transportation
• Packaging
• Oil & Gas
• Building and Construction
• Food & Beverages
• Sports
• Fabric & Textiles
• Personal Care & Cosmetics
• Medical & healthcare
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Russia
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• On October 16, 2023, BASF SE expanded capacities for both ethylene oxide and its derivatives at the integrated site in Antwerp, Belgium. The investment contributes approximately 400,000 metric tons per year to BASF SE production capacity for these specific products. By establishing these new plants, the company is reinforcing its commitment to supporting the ongoing expansion of its customer base and strengthening its market position in Europe.
• On October 17, 2022, Saudi Basic Industries Corporation (SABIC) is expanded with the establishment of its third Ethylene Glycols Plant under its subsidiary, Jubail United Petrochemicals. SABIC is poised to initiate commercial operations at United Ethylene Glycol Plant. The facility boasts an annual production capacity of 700,000 metric tons of Monoethylene Glycol (MEG).
Competitive Landscape
The major global players in the market include Saudi Basic Industries Corporation, Shell plc, Dow Chemical Company, BASF SE, Sinopec Corp, Reliance Industries Limited, Mitsubishi Chemical Corporation, LyondellBasell Industries Holdings B.V., Lotte Chemical Corporation and Huntsman Corporation.
Why Purchase the Report?
• To visualize the global ethylene glycol market segmentation based on type, technology, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ethylene glycol market -level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global ethylene glycol market report would provide approximately 70 tables, 75 figures and 208 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies