What Has Been the Growth Trajectory of the Glycol Market?
The glycol market has seen considerable growth due to a variety of factors.
•In recent times, the glycol market size has seen significant expansion. The market, which stands at $42.23 billion in 2024, is projected to surge to $45.54 billion in 2025 demonstrating a compound annual growth rate (CAGR) of 7.8%.
Factors contributing to this growth during the historic period encompass industrial growth and expansion, urbanization and infrastructure development, an upswing in the automotive industry, rise in refrigeration and air conditioning, as well as consumer product manufacturing.
What Does the Future Hold for the Glycol Market?
The glycol market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the glycol market is anticipated to witness substantial growth in the upcoming years. The market is projected to expand to $62.02 billion in 2029, escalating at a compound annual growth rate (CAGR) of 8.0%.
Factors that contribute to this growth anticipated in the forecast period include a shift towards renewable feedstocks, expanding demand for bio-based glycols, increasing needs in HVAC systems, the enlargement of LNG infrastructure, and the growth of the electronics industry. Some of the significant trends in the forecast period comprise advancements in glycol production technology, circular economy drives, intelligent glycol solutions, augmented partnerships in research and development, and the use of glycol for energy storage.
What Are the Critical Driver Fuelling the Glycol Market's Growth?
The surge in the automotive sector is anticipated to fuel the growth trajectory of the glycol market into the future. The automotive industry encompasses the entire chain of development, production, promotion and sales of motor vehicles, including cars, trucks, motorcycles, and other types of vehicles. The automobile industry frequently uses glycol as an essential component in engine coolants and antifreeze mixtures. It helps in maintaining the engine's temperature by warding off overheating during high temperatures and averting freezing during low temperatures. For instance, data from the European Automobile Manufacturers' Association, a vehicle industry association based in Belgium, showed that in March 2024, the EU car market experienced a substantial growth of 13.9% in 2023 compared to 2022, with a volume that hit 10.5 million units. Consequently, the booming automotive sector is propelling the upward movement of the glycol market.
How Is the Glycol Market segmented?
The glycol market covered in this report is segmented –
1) By Type: Ethylene Glycol, Propylene Glycol, Other Types
2) By Application: Antifreeze And Coolants, Polyester Fiber Production, PET Bottles And Packaging, Solvents And Humectants, Dehydrating Agent, Chemical Intermediates
3) By End User: Automotive And Transportation, Packaging, Food And Beverage, Cosmetics, Textile, Other End-Users
Subsegments:
1) By Ethylene Glycol: Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG)
2) By Propylene Glycol: Industrial Grade Propylene Glycol, Food Grade Propylene Glycol, Pharmaceutical Grade Propylene Glycol
3) By Other Types: Butylene Glycol, Glycerin, Sorbitol
Pre-Book The Glycol Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing the Glycol Market?
In the glycol market, a key trend that is becoming increasingly prevalent is product innovations. Maintaining their presence in the market is a primary focus for companies operating within the glycol sector, with many striving to innovate new product offerings and solutions. An example of such innovation can be seen in August 2022 when Valvoline Inc., an American retail automotive services company, rolled out their new product, Valvoline Advanced Coolant. This is a glycol-based total-antifreeze coolant that is engineered to safeguard against both extremely hot and freezing climate situations, preventing overheating and frigid weather from interfering with engine functionality. It's also backward compatible with any cooling systems using OAT coolants. This state-of-the-art coolant, featuring an advanced formulation, contributes to the extension of vehicle engine lifespan. Benefitting from its ethylene glycol-based compound, it utilises a non-depleting organic acid technology that could potentially extend engine durability and render it suitable for harsh conditions.
Who Are the Key Players in the Glycol Market?
Major companies operating in the glycol market include:
• 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
What Is The Most Dominant Region In The Glycol Market?
Asia-Pacific was the largest region in the glycol market in 2024, 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.
