The global glycol market is expanding primarily due to rising demand for polyester films and PU adhesives. Water, edible oils, soft drinks, alcoholic beverages, juices, and other foods and beverages are frequently packaged with polyester films. Another significant driver of the market's growth is the expanding demand for ethylene glycol from the textile industry. For instance, Sinopec Yizheng Chemical Fiber announced plans to build three 500,000-ton-per-syear factories to Jiangsu as part of an expansion of its PET resin capacity in April 2021. The textile industry's demand for glycol is probably going to go up as a result. An increasing trend in the market is the popularity of bio-based glycols. Key businesses are concentrating on raising bio-based glycol manufacturing capacity in order to meet the growing demand. The global glycol market is anticipated to grow over the forecast period due to the rising use of non-perishable resources. Furthermore, government activities are anticipated to increase the use of bio-based goods like glycol.
Coherent Market Insights estimates that the size of the global Glycol Market, estimated at USD 37000.00 million in 2021, is expected to expand at a compound annual growth rate (CAGR) of 6.8% between 2022 and 2030.
Prominent Companies in the Glycol Industry:
1. BASF SE,
The company was established in 1865 and its main office is in Ludwigshafen, Germany. The following segments make up the company's operations: Petrol and related products, chemicals, plastics, specialty goods, functional goods, and agricultural substitutes. On February 6, 2022, BASF advances the plastics transition to a more sustainable future. For battery maker PPES, BASF has been chosen as a strategic supplier of high-performance cathode active materials as of December 19, 2022.
2. Huntsman International LLC
The company was founded in 1970 and has its headquarters in The Woodlands, Texas. Huntsman Corporation produces and sells chemical products to both retail and commercial clients. For customers, Huntsman produces a variety of polyurethanes, performance goods, and adhesives. In July 2022, Huntsman's Geismar, Louisiana Polyurethanes Facility began using the new splitter for commercial purposes.
3. India Glycols Limited
The company was founded in 1983 and has its headquarters in India. In addition to producing agrochemicals, leather and textiles, fertilisers, paints, detergents, and a variety of healthcare items, India Glycols Limited also produces mono-ethylene glycol (MEG), diethylene glycol (DEG), and triethylene glycol (TEG).
4. Indian Oil Corporation Ltd (IOCL),
The company was founded in 1959 with its headquarters in New Delhi, India. Indian Oil's commercial activities span the whole hydrocarbon value chain, including refining, pipeline transportation, and marketing of petroleum products, exploration and production of crude oil, natural gas, and petrochemicals. In March 2022, the business declared that IndianOil will sponsor India's first corporate women's hockey team. By enhancing the current Cold Chain Equipment infrastructure in March 2021, IndianOil has used its experience and resources to support India's COVID-19 immunisation campaign.
5. Indorama Ventures
The company was founded in 1994 and has its headquarters in Bangkok, Thailand. Indorama Ventures is a manufacturer of wool yarns, PET resins, and intermediate petrochemicals. In the US and Thailand, respectively, IVL was the leading manufacturer of polyester fibre as of February 2021.
6. LOTTE Chemical Corporation,
Lotte Chemical was founded in 1976 with its headquarters in Seoul, South Korea. A variety of industrial materials are produced by Lotte Chemical using synthetic resins and other chemical processes. A variety of petrochemical products, including high density polyethylene, polypropylene, and ethylene glycol, are produced by Lotte Chemical Corporation.
7. Shell PLC
The firm with its main office in London, England. , which was established in 1907. Shell PLC maintains service station networks in addition to exploring and refining petroleum products, producing and importing fuels, chemicals, and lubricants, and importing them. Beginning in February 2023, Shell began manufacturing at Vito in the US Gulf of Mexico. In November 2022, Shell has purchased the renewable natural gas company Nature Energy.
8. Reliance Industries Ltd,
With its headquarters in Mumbai, Reliance Commercial Company was founded in 1958. In addition to energy and textiles, it also engages in petrochemicals, natural gas, retail, telecommunications, and mass media. In February 2023, Reliance will launch its first store in Mumbai as a joint venture with Gap Inc.
Definition: Glycol is a viscous, flavourless liquid that is frequently employed in the production of plastics and antifreeze formulas. It is primarily used to make polyester fibre and in antifreeze compositions. Moreover, it is utilised in items for personal hygiene.
