Overview and Scope
Glycol refers to any group of alcohol-related chemical compounds employed as antifreeze (i.e., a liquid that lowers the freezing point of water). Glycol can absorb and release significant amounts of heat without changing temperature. The primary function of glycol is to keep the systems cold without freezing.
Sizing and Forecast
The glycol market size has grown strongly in recent years. It will grow from $39.22 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to industrial growth and expansion, urbanization and infrastructure development, automotive industry growth, refrigeration and air conditioning, consumer product manufacturing.
The glycol market size is expected to see strong growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to focus on renewable feedstocks, growing demand for bio-based glycols, rising demand in hvac systems, expansion of lng infrastructure, electronics industry growth. Major trends in the forecast period include technological advancements in glycol production, circular economy initiatives, smart glycol solutions, increased collaboration in research and development, glycol for energy storage.
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The glycol market covered in this report is segmented –
1) By Type: Ethylene Glycol, Propylene Glycol, Other Types
2) By Application: Antifreeze and Coolants, Polyester Fiber Production, PET Bottles and Packaging, Solvents and Humectants, Dehydrating Agent, Chemical Intermediates
3) By End User: Automotive And Transportation, Packaging, Food and Beverage, Cosmetics, Textile, Other End-Users
Asia-Pacific was the largest region in the glycol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expanding automotive industry is expected to propel the growth of the glycol market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. Glycol is frequently used as a vital ingredient in engine coolants and antifreeze formulas in the automobile sector. It assists in controlling engine temperature by reducing overheating in warm weather and preventing freezing in cold weather. For instance, in May 2023, according to a report published by the European Automobile Manufacturers’ Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Moreover, according to the International Organization of Motor Vehicle Manufacturers, a 36 national trade association, the total production of car and commercial vehicles in 2021 was 80,145,988, which increased to 85,016,728 in 2022. Therefore, the expanding automotive industry is driving the growth of the glycol market.
Key Industry Players
Major companies operating in the glycol market report are ADEKA Corporation, Shell Plc, Chevron Phillips Chemical Company, Mitsubishi Chemical Corporation, The Archer-Daniels-Midland Company, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., Global Bio-chem Technology Group Company Limited, Honeywell International Inc., Sumitomo Chemical Co. Ltd., INEOS Group Limited, Indorama Ventures, LOTTE Chemical Corporation, Solvay SA, Mitsui Chemicals Inc., DuPont, Akzo Nobel, Eastman Chemical Company, Celanese Corporation, Lanxess AG, Huntsman International LLC, Formosa Plastics Corporation, Nouryon Chemicals, Clariant AG, BASF SE, India Glycols Limited, SKC Inc., Meglobal International fze
The glycol market report table of contents includes:
1. Executive Summary
2. Glycol Characteristics
3. Glycol Trends And Strategies
4. Glycol – Macro Economic Scenario
5. Global Glycol Size and Growth
…..
32. Global Glycol Competitive Benchmarking
33. Global Glycol Competitive Dashboard
34. Key Mergers And Acquisitions In The Glycol
35. Glycol Future Outlook and Potential Analysis
36. Appendix
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