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GLYCOL MARKET ANALYSIS

Glycol Market, By Type (Ethylene Glycol, Monoethylene Glycol, Diethylene Glycol, Triethylne Glycol, Polyethylene Glycol, Propylene Glycol, and Other Types), By End-User Industry (Automotive and Transportation, Packaging, Food and Beverage, Cosmetics, Pharmaceuticals, Textile, and Other End-user Industries), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

  • Published In : Jul 2024
  • Code : CMI5320
  • Pages :138
  • Formats :
      Excel and PDF
  • Industry : Bulk Chemicals

Glycol Market Size and Trends

The glycol market is estimated to be valued at USD 46.82 Bn in 2024 and is expected to reach USD 75.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7% from 2024 to 2031.

Glycol Market Key Factors

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The glycol market has been witnessing significant growth over the past few years driven by extensive use of glycol in different end-use industries like automotive, aviation, construction, and others. Glycol acts as an anti-freeze agent, coolant, and de-icing fluid in automobiles as well as aircrafts and finds wide application in HVAC systems and construction materials like insulation panels, glazing, and coatings. Growth in automotive production across regions, rising number of air passengers, and increasing construction activities are expected to boost the demand for glycol during the forecast period. Geographically, North America currently dominates the glycol market and is expected to maintain its dominance during the forecast period due to rapid industrialization, economic growth.

Rising demand from coolants and de-icing fluids

With global temperatures rising on average each year, the demand for coolants and de-icing fluids is experiencing steady growth. As the world population expands further into hotter regions and climates, the need for reliable and effective cooling solutions is becoming increasingly vital. Whether it's ensuring the safe operation of industrial machinery or keeping commercial and residential air conditioners running optimally, glycol-based coolants are proving indispensable. Their inherent properties make them a preferable choice over traditional water based coolants.

Glycol remains liquid over a wide range of temperatures without freezing or boiling, enabling it to transfer heat more efficiently. The non-conductive and non-corrosive nature of glycol also helps protect electronic components and metal surfaces from damage. With more sophisticated electronic controls being used across various industries, from automotive to aviation, reliable cooling is a primary concern. Glycol is helping address this concern through its use as a heat transfer fluid in automotive radiators, aircraft de-icers, and other applications. Looking specifically at the aviation sector, regulations now mandate the use of Type 1 de-icing fluids which contain high concentrations of glycol. With air traffic continuing to expand each year across the world, particularly in regions with harsh winters, the demand for aircraft de-icing fluids is steadily growing.

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Increased glycol production for polyester fibers and PET resins

Glycol, especially ethylene glycol and propylene glycol, serves as a chief raw material in the production of polyester fibers and polyethylene terephthalate (PET) resins. Both polyester and PET have experienced astronomical growth in demand over the past few decades. This can be attributed to their wide usage in textiles, packaging, and other plastic goods. Properties such as strength, durability, stability, and sustainability have made polyester the most popular manufactured fiber globally. Likewise, PET has emerged as the packaging material of choice for beverages due to its lightweight and shatter-resistant qualities.

As developing economies expand their manufacturing capabilities and infrastructure, coupled with the rising global population, the demand for affordable textiles and packaged consumer goods continues to surge. This downstream demand pull effectively fuels greater consumption of glycol upstream during polyester and PET synthesis. Their inherently recyclable nature has garnered industry support for increasing adoption into various product applications as well.

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