Glycols are a family of organic compounds that are linked by an ether link to a diol. Ethylene glycol is a colorless, odorless, viscous liquid that is derived from the chemical formula (CH2OH). It is most commonly used in the manufacture of polyester fibers and in antifreeze formulations. While it may sound like a pretty benign substance, it can have some rather serious effects if it is misused or abused. There are a number of different types of glycol, each providing a specific use. While ethylene glycol is the most common type, other types include diethylene glycol, propylene glycol, and ethylene glycol monomethyl. These chemicals all have high boiling points, and are odorless and colorless. Although glycol is used widely for various industrial purposes, there are several risks associated with ingestion of this chemical.
The global glycol market is estimated to account for US$ 37000.00 Mn in terms of value by the end of 2021.
Global Glycol Market: Drivers
Glycol is widely used across industries, including HVAC and plastics. Its organic properties and cooling abilities have made it popular throughout the industrial sector. As a result, these industries are becoming a major driver of the global glycol market. It is also increasingly used as an additive in plastics, which is further driving the growth of the market.
Global Glycol Market: Opportunities
Robust growth in fast-moving consumer goods and packaged foods industries across developing regions is expected to provide significant growth over the forecast period. Growth in fast-moving consumer goods industry is projected to hold potential growth opportunities.
Global Glycol Market: Restraints
Unfavourable conditions arising due to the COVID-19 outbreak are hindering market growth is hampering market growth to some extent.
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Global Glycol Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including construction, agrochemical, personal care, mining, transportation, logistics, manufacturing, and others. To combat COVID-19 pandemic, most of the countries had implemented lockdown and are now easing it phase-wise and industry wise. This has significantly impacted glycol market, as the facilities across the globe were temporarily shut down.
The global glycol market was valued at US$ 37000.00 Mn in 2021 and is forecast to reach a value of US$ 66548.64 Mn by 2030 at a CAGR of 6.8% between 2022 and 2030.
Ethylene Glycol segment held dominant position in the global glycol market in 2021, accounting for 35.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Glycol Market Trends:
Technological innovations and application-specific developments are expected to shape the industry during the forecast period. As a result, the global glycol market is poised to grow at a very high rate during this timeframe. By integrating digital technologies and the latest technologies, major players are aligning their business models with the new business environment and leveraging their existing capabilities to stay ahead of the competition.
Growing demand for packaged foods due to increasing trend of westernization is projected to foster market growth. Thus, changing lifestyle, increasing disposable income, and growing adoption of western culture is augmenting market growth.
Global Glycol Market: Competitive Landscape
BASF SE, China Sanjiang Fine Chemical Co. Ltd, Dow, Huntsman International LLC, India Glycols Limited, Indian Oil Corporation Ltd (IOCL), Indorama Ventures, Public Company Limited, INEOS, LOTTE Chemical Corporation, LyondellBasell Industries Holdings BV, MEGlobal International FZE, Mitsubishi Chemical Corporation, Nouryon, Petro Rabigh, PETRONAS Chemicals Group (PCG), Reliance Industries Ltd, SABIC, Shell PLC, and Sinopec Zhenhai Refining & Chemical Company
Global Glycol Market: Recent Developments
In January 2020, Indorama Ventures has completed its acquisition of Huntsman’s world-class integrated oxides and derivative businesses. This acquisition strengthens IVL's Integrated Oxides and Derivatives (IOD) segment, which includes popular portfolios of value- added EODs and Propylene Oxide (PO) Derivatives.
In October 2020, LyondellBasell and Sasol announced the formation of a 50/50 joint venture (JV) in which LyondellBasell will acquire 50% of Sasol's 1.5-million-ton ethane cracker, 0.9 million ton low and linear low-density polyethylene plants, and associated infrastructure for a total consideration of $2 billion. The JV will be known as Louisiana Integrated Polyethylene JV LLC.
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