The global glycols market size is projected to reach USD 47.26 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.7% during the forecast period. Recovering end-use industries in developed nations is a key driving factor for the market.
Ethylene glycol is used in several applications that entail intermediaries for solvent couplers, resins, for freeze point depression, and humectants. These points of applications are crucial in manufacturing of a wide range of products that include polyester resins, coolants, antifreeze formulations, heat transfer fluids, latex paints, paper, textiles, cosmetic formulations, leather, solvents, electrolytic capacitors, and APIs.
Obtainability of bio-based glycols manufactured by ethylene and propylene glycol molasses as substitutes in various applications, combined with volatility in raw material (petrochemicals and crude oils) prices, is expected to limit market growth over the forecast period. Glycol manufacturing companies are engaged in developing innovative solutions in the form of new products, increasing processing efficiency, and developing tailored supply chain solutions.
Further key findings from the report suggest:
- In terms of volume, the global market volume was estimated at 20.57 million tons in 2018. It is likely to register a CAGR of 5.3% from 2019 to 2025
- Asia Pacific accounted for over 44.0% of the global demand in 2018, with China and India being major consumers in the region
- In 2018, Monoethylene glycol (MEG) accounted for over 85.0% of the total ethylene glycol demand. MEG is widely used in polyester fibers and antifreeze formulations
- Globally, around 5.5. billion gallons of glycols are produced every year and the production rate is growing at the rate of approximately 200 million gallons per year
- EPA has listed glycol waste as hazardous and estimates only 12.0% of used antifreeze is recycled every year
- Major glycol manufacturers include BASF SE, AkzoNobel N.V., Clariant AG, and Huntsman Corporation
- Many glycol products are nowadays aiming at recycling and reusing to comply with stringent environmental and sustainability regulations, especially in North America and Europe.