Glycol Market

Glycol Market Overview

The glycol market size is projected to grow from $45.55 billion in 2024 to $97.15 billion by 2035, representing a CAGR of 7.12% during the forecast period 2024-2035.

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The new research study consists of industry trends, detailed market analysis, key market trends of the glycol market, SWOT analysis, and value chain analysis.

Glycol is a viscous, colorless, and odorless chemical compound that belongs to the alcohol family. The core quality of the chemical is miscibility which allows it to amalgamate with water and various industrial, commercial, and household applications, boosting the glycol industry's growth. Illustratively, ethylene glycol, one of the significant glycols due to having a wide range of applications such as polyester fibers & resins, apparel, and pipeline maintenance, supports sustaining the market demand in the global marketplace. With focus on reducing plastics consumption, along with these applications, there are several other glycol applications in the industry such as cosmetics, food and beverage, packaging, and pharmaceuticals. Yet, it is mostly used in antifreeze systems for mechanical cooling in automotive engines. 

On the other hand, propylene glycol is widely used in personal care, food & beverage, and pharmaceutical products owing to being a non-toxic solvent. Driven by these factors, the propylene glycol industry is going through a transformation with towering demand from the pharmaceutical and food industries. Besides, the ongoing innovation in the production process like the development of new optimization of manufacturing methods, aids in increasing chemical production and minimizing the environmental impact of the glycol manufacturing process. Consequently, in order to cater to the growing demand for sustainable glycol products, market players are introducing bio-based glycol and methods to reduce environmental effects. Overall, the market is projected to grow vigorously driven by several driving factors, however, volatility of raw material prices can be a glycol market challenge which can slow down the market from reaching its full potential growth during this forecast period. 

Glycol Market Share Insights

The report presents an in-depth analysis of the various service providers that are involved in offering glycol market, across different segments, as defined in the table below:

Glycol Market: Report Attributes / Market Segmentations

Glycol Market Key Segments

Market Share by Type of Product 

This segment highlights the types of products available in the global glycol market such as butylene glycol, ethylene glycol, propylene glycol, and others. As per our research, ethylene glycol is expected to acquire the maximum glycol market share of over 35% and will dominate the segment till 2035. The segment dominates the market due to the fact that ethylene glycol’s versatile chemical properties such as high compatibility, and chemical stability make it the most suitable element in the production of polyester fiber and fiberglass. In addition, the product is commonly used in the manufacturing of polyethylene terephthalate resin which is extensively applied in the making of packaging material, therefore, the segment is likely to retain its position throughout this projection timeframe. Whereas propylene glycol is expected to be the second leading segment which will likely expand at a noteworthy CAGR owing to its high utilization in numerous pharmaceutical and cosmetic products as a solvent, humectant and emulsifier.

Market Share by Type of Application  

This global glycol market segmentation features various applications such as airlines, automotive, HVAC, industrial, medical, pipeline maintenance, polyester fibers and resins, and textiles. Among the given categories, polyester fibers and resin application are predicted to gain the largest market share due to the high use of ethylene glycol in the production of polyester fiber and polyethylene terephthalate resins. Nevertheless, the automotive segment is anticipated to experience a substantial growth rate owing to huge demand from antifreeze and coolant applications which are critical components in the automotive engine to prevent overheating and freezing under extreme weather conditions.

Market Share by Type of End User

The distribution of the glycol market based on type of end user is bifurcated into automotive and transportation, cosmetics, food and beverage, packaging, pharmaceuticals, textile, and others. According to the market review, the automotive segment is the dominating sector in accelerating the growth of the market with the surging demand and production of vehicles where antifreeze and coolant, a major application in fueling the demand for ethylene glycol. However, textile industry, one of the biggest consumers of glycol, is poised to witness a higher growth rate with the rise in demand for polyester in apparel, home furnishing and industrial applications.

Market Share by Geographical Regions

This segment highlights the distribution of the Glycol Market across various geographical regions such as North America, Europe, Asia, Latin America, the Middle East, North Africa, and the Rest of the World. In terms of market revenue, as per market research, in terms of revenue, North America occupies the maximum market share. On the other hand, Asia is projected to register exceptional CAGR throughout this projection timeframe. This can be ascribed to the increasing industrial base, high demand from end-use industries, and expansion of chemical production facilities in the region.

Glycol Market Key Insights

The “Glycol Market, Till-2035: Industry Trends and Global Forecasts” report features an extensive study of the current market landscape, market size and future opportunity within their glycol market, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the glycol market analysis report are briefly discussed below.

Market Trends in Glycol Market

In the past few decades, worldwide, the growing emphasis on reduction of carbon footprints has propelled the demand for environmentally friendly chemicals and products as traditional glycol derived from fossil fuels significantly generate greenhouse gas emissions. In addition to this, several governments around the world have imposed stringent environmental regulations to decrease carbon emissions, thereby, bio-based chemicals are gaining traction across various industries which provide similar functional properties as their traditional counterpart. Hence, industries are inclining toward bio-based glycol which is becoming a prominent glycol industry trend. As a result, leading companies are following the trend and are developing eco-friendly ethylene glycol and propylene glycol by using renewable resources such as corn, sugarcane, and other plant-based feedstocks. Also, their unique features make it suitable for several applications from cosmetics, pharmaceutical, to food products. Consequently, as environmental awareness continues to grow, demand for eco-friendly products and materials will likely enhance the glycol market opportunities in the future.

Competitive Landscape of Glycol Market

The glycol market competitive landscape is categorized by numerous established companies and emerging regional market players involved in the manufacturing, distribution and development of various types of glycols. Notably, global companies lead the market with their capital investment in innovation to develop high-performance and sustainable glycol. Key players such as Dow, BASF, Huntsman, and others adopt competitive strategies such as mergers, & acquisitions, and invest in capacity expansion to boost production facilities in different regions. Furthermore, these brands continuously invest in R&D to develop more sustainable glycol production methods, lifting market development.

Key Drivers of the Glycol Market

The glycol market growth has been rising substantially and is expected to continue to grow driven by inflating demand from automotive which is a leading ethylene glycol application and greatly used ethylene glycol for antifreeze and coolant in vehicle engines. Along with this, the expansion of the polyester fiber and textile industry is attributed to drive the market growth as the industry is one of the biggest consumers of ethylene glycol. Furthermore, the heightening demand for cosmetic products and the growth of HVAC systems in the real estate sector coupled with innovation in the glycol production methods are some of the considerable glycol market drivers that will likely propel the market outlook in the upcoming decade.

Regional Analysis: North America is Expected to Lead the Market with the Largest Glycol Market Share

With regard to regional analysis, North America has been a prominent region in the market due to significant glycol demand and supply in the region. Particularly, the US and Canada play a crucial role in the ethylene glycol market with the robust automotive industry by raising its demand for antifreeze and coolant applications in vehicles. Further, industry players headquartered in North America propel the market development with their established production facilities, advanced technologies, and vast distribution networks. Besides, the region emphasizes producing bio-based propylene glycol and ethylene glycol positioning North America as a dominating region in the market.

Leading Companies in Glycol Market

Examples of key service providers involved in the glycol market (which have also been captured in this market report, arranged in alphabetical order) include ADEKA (Japan), ADM (US), Arch Chemical (US), BASF (Germany), Braskem (Brazil), Dow (US), DuPont (US), Exxon Mobil (US), Haike Chemical (China), Huntsman (US), India Glycols (India), Indian Oil (India), Indorama Ventures (Thailand), Lotte Chemical (South Korea), LyondellBasell (US), MEGlobal (UAE), Mitsui Chemicals (Japan), Mitsubishi Chemical (Japan), Nan Ya Plastics (Taiwan), Repsol (Spain), Shell (Netherlands), Sinopec (China), SKC (South Korea), and Temix (Italy). This market report includes an easily searchable Excel database of all the companies who have adopted the glycol market.

Glycol Market Report Coverage

The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain, across different segments. Amongst other elements, the market report includes:

• A preface providing an introduction to the full report, glycol market, 2019-2023 (Historical Trends) and 2024-2035 (Forecasted Estimates).
• An outline of the systematic research methodology adopted to conduct the study on the glycol market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure the accuracy and reliability of our findings.
• An overview of economic factors that impact the overall glycol market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the insights captured during our research. It offers a high-level view on the current state of the market for glycol and their likely evolution in the mid-long term.
• A detailed assessment of the glycol market landscape, based on several relevant parameters, including year of experience, company size, location of headquarters, and ownership structure.
• Elaborate profiles of prominent players engaged in the market, featuring information on their year of establishment, location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, glycol portfolio, moat analysis, recent developments, and an informed future outlook. 
• A value chain analysis featuring a discussion on various stakeholders involved in the development of the glycol market, from suppliers to end-users.
• A discussion on affiliated trends, key drivers and challenges, under a SWOT framework, which is likely to impact the industry’s evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall market.
• A detailed estimate of the current market size and the future growth potential of the market over the next decade. Based on multiple parameters we have provided an informed estimate on the market evolution during the forecast period 2024-2035. The report also features the likely distribution of the current and forecasted opportunity within the market. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
• Detailed projections of the current and future market across various types of products such as butylene glycol, ethylene glycol, propylene glycol, and others.
• Detailed projections of the current and future market across various types of applications such as Airlines, Automotive, HVAC, industrial, medical, pipeline maintenance, polyester fibers and resins, and textiles.
• Detailed projections of the current and future market across various types of end user such as automotive and transportation, cosmetics, food and beverage, packaging, pharmaceuticals, textile, and others
• Detailed projections of the current and future market for glycol across various geographical regions, such as North America (US, Canada, Mexico, and other North American countries), Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, UK and other European countries), Asia (China, India, Japan, Singapore, South Korea and other Asian countries), Middle East and North Africa (Egypt, Iran, Iraq, Israel, Kuwait, Saudi Arabia, UAE and other MENA countries), Latin America (Brazil, Chile, Colombia, Venezuela and other Latin American countries) and rest of the world (Australia, New Zealand and other countries).

Recent Developments in Glycol Market

• In July 2024, Technip Energies acquired technologies from Shell to elevate the commercialization of its Bio-2-Glycols technologies for bio-based Mono Ethylene Glycol production from glucose.
• In May 2024, Toyoda Gosei developed eco-friendly plastics called Glycol Lignin Plastics by using wood biomaterial.
• In March 2024, Dow introduced a new variety of bio-circular and circular propylene glycol solutions in North America. These solutions feature circular feedstocks that offer high-performance and sustainability advantages
• In February 2024, DuPont unveiled a resin called AmerLite EV2X resin, a high-performing glycol-purification for electric vehicles.

Author(s): Ronit Sharma and Neha Kashyap

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