Market Summary:

The global market for Ethylene Glycols Market reached a size of USD 29.23 billion in 2022 and is anticipated to reach USD 42.33 billion by 2032, exhibiting a growth rate of 4.2% during the forecast period. Key drivers behind the increase in market revenue include the growing demand for polyester fibers, especially in the textile and packaging industries, as well as the rising requirement for antifreeze and coolants in the automotive sector.

Ethylene glycols play a crucial role in the production of coatings and resins, which have broad applications in the construction industry. Furthermore, the increasing adoption of ethylene glycols in various industrial applications, such as coatings, resins, and adhesives, is a significant factor contributing to revenue growth.

Additionally, the market is expected to benefit from the escalating investments in infrastructure development projects worldwide. Ethylene glycols also serve as plasticizers in the manufacturing of various plastic products like food packaging, toys, and medical devices. The rising demand for these products, particularly in emerging economies, is poised to drive market revenue growth in the forecast period.

Nevertheless, there are certain factors that could hinder the growth of market revenue. One such factor is the volatility in the prices of raw materials used in the production of ethylene glycols. Fluctuations in crude oil prices have a notable impact on ethylene glycols' pricing, subsequently affecting market revenue growth. Additionally, stringent environmental regulations concerning the disposal of ethylene glycols represent another potential restraint on market revenue growth.

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Strategic Development:

·         In 2021, SABIC announced the expansion of its ethylene glycol production capacity in Europe. The expansion is aimed at meeting the increasing demand for ethylene glycols in the region.

·         In 2020, Royal Dutch Shell announced the start of production at its new ethylene glycol plant in China. The plant is expected to produce 150,000 metric tons of ethylene glycols per year.

·         In 2020, Dow Chemical Company announced the start of production at its new ethylene glycol plant in Freeport, Texas. The plant is expected to produce 750,000 metric tons of ethylene glycols per year.

·         In 2019, ExxonMobil Chemical Company announced the expansion of its ethylene glycol production capacity at its integrated manufacturing complex in Singapore. The expansion is expected to increase the plant's ethylene glycol production capacity by 20%.

·         In 2018, Huntsman Corporation announced the acquisition of Demilec, a leading manufacturer and distributor of spray Polyurethane foam insulation systems. The acquisition is expected to strengthen Huntsman's position in the ethylene glycols market by expanding its product portfolio.

Ethylene Glycols Market Report Scope

Leading Players in the Ethylene Glycols Market:

The global market for ethylene glycols is characterized by intense competition and fragmentation, featuring a multitude of prominent players as well as numerous small and medium-sized enterprises operating within the industry. Anticipated market growth in the upcoming years is primarily attributed to the rising demand from diverse end-use sectors, including automotive, textiles, packaging, and construction. Key players in the worldwide ethylene glycols market encompass:

·         SABIC

·         Royal Dutch Shell

·         Dow Chemical Company

·         ExxonMobil Chemical Company

·         Huntsman Corporation

·         LyondellBasell Industries

·         INEOS Group AG

·         BASF SE

·         Reliance Industries Limited

·         Mitsui Chemicals, Inc.

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