ALKYLENE GLYCOL MARKET ANALYSIS

Alkylene Glycol MarketSize and Trends

Market Dynamics:

• On the basis of type, the propylene glycol segment is expected to grow at a noteworthy rate owing to a wide variety of industrial applications such as cosmetics, personal care products, functional fluids & antifreezes, unsaturated polyester resins, liquid detergents, and pharmaceuticals. Moreover, the global consumption of propylene glycols is expected to grow at an average rate of about 2.5% yearly which is expected to drive the overall growth of the market.
• Moreover, the increasing demand for synthetic fibers is expected to favor growth of the alkylene glycol market. For instance, synthetic fibers account for about 50% of all fiber usage, with applications in various fiber and textile technology. Moreover, nylon, polyester, acrylic and polyolefin accounts for around 98% of the global synthetic fiber production in terms of volume. Additionally, it is estimated that 1 billion lbs ethylene glycol is generated each year in the United States for the production of polyester.

Market Outlook:

• On the basis of application, the PET segment is expected to grow at a significant rate during the forecast period owing to a wide application in the packaging industry. Polyethylene terephthalate (PET) is one of the most commonly used thermoplastic polymer resins. PET is used to manufacture plastic bottles for beverages, among other commonly used items. The growing demand for PET packaging is the one of the key factors contributing to the growth of the global aklylene glycol market. For instance, production for polyethylene terephthalate (PET) accounted for about 25 metric tons in 2018 and is expected to reach for over 42 metric tons by 2030.
• Major alkylene glycol manufacturers are focusing on strategies such as development of new and innovative products along with various mergers and acquisitions. For instance, in April 2019, SK Innovation acquired Sinopec-owned 170,000-b/d Wuhan refinery in Hubei Province, China. Through the acquisition, SK Innovation aims to secure feedstocks to make petrochemical products and integrate refining and petchem operations at China. Moreover, the acquisition also involves the expansion by constructing three new derivative units in Wuhan. Furthermore, in March 2016, MEGlobal, a subsidiary of the EQUATE Petrochemical Company, announced the construction a new monoethylene glycol (MEG) manufacturing plant in the U.S. Through the expansion MEGlobal offers consistent and reliable delivery of ethylene glycol products to its customers.