Global Glycol Market Growth Rate 2024, Forecast To 2033
8 Mar, 2024
The glycol market has witnessed robust growth, with its size expanding from $39.22 billion in 2023 to $42.5 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. This growth can be attributed to various factors such as industrial expansion, urban development, and the burgeoning automotive industry. Additionally, increased demand in sectors like refrigeration, air conditioning, and consumer goods manufacturing has further fueled this expansion. Looking ahead, the market is projected to continue its upward trajectory, reaching $56.44 billion by 2028, with a CAGR of 7.3%. This anticipated growth is expected to be driven by a shift towards renewable feedstocks, rising demand for bio-based glycols, and expanding applications in HVAC systems and LNG infrastructure. Furthermore, technological advancements in glycol production and initiatives promoting a circular economy are likely to shape the market landscape, alongside increased collaboration in research and development and the emergence of glycol for energy storage solutions.
Global Glycol Market Key Driver
The expanding automotive industry is expected to propel the growth of the glycol market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. Glycol is frequently used as a vital ingredient in engine coolants and antifreeze formulas in the automobile sector. It assists in controlling engine temperature by reducing overheating in warm weather and preventing freezing in cold weather. For instance, in May 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Moreover, according to the International Organization of Motor Vehicle Manufacturers, a 36 national trade association, the total production of car and commercial vehicles in 2021 was 80,145,988, which increased to 85,016,728 in 2022. Therefore, the expanding automotive industry is driving the growth of the glycol market.
Get A Free Sample Of The Global Glycol Market ReportGlobal Glycol Market Segments
The glycol market covered in this report is segmented –
1) Type:Ethylene Glycol, Propylene Glycol, Other Types
2) Application:Antifreeze and Coolants, Polyester Fiber Production, PET Bottles and Packaging, Solvents and Humectants, Dehydrating Agent, Chemical Intermediates
3) End User:Automotive And Transportation, Packaging, Food and Beverage, Cosmetics, Textile, Other End-Users
By Geography: The countries covered in the glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the glycol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Glycol Industry Players
ADEKA Corporation; Shell Plc; Chevron Phillips Chemical Company; Mitsubishi Chemical Corporation; The Archer-Daniels-Midland Company; Repsol S.A.; The Dow Chemical Company; Saudi Basic Industries Corporation (SABIC); LyondellBasell Industries N.V.; Global Bio-chem Technology Group Company Limited; Honeywell International Inc.; Sumitomo Chemical Co. Ltd.; INEOS Group Limited; Indorama Ventures; LOTTE Chemical Corporation; Solvay SA; Mitsui Chemicals Inc.; DuPont; Akzo Nobel; Eastman Chemical Company; Celanese Corporation; Lanxess AG; Huntsman International LLC; Formosa Plastics Corporation; Nouryon Chemicals; Clariant AG; BASF SE; India Glycols Limited; SKC Inc.; Meglobal International fze
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Glycol Market Overview
Glycol refers to any group of alcohol-related chemical compounds employed as antifreeze (i.e., a liquid that lowers the freezing point of water). Glycol can absorb and release significant amounts of heat without changing temperature. The primary function of glycol is to keep the systems cold without freezing.