The global ethyleneglycol market size was valued at USD 21.77 billion in 2023. The market is expected toexpand from USD 22.61 billionin 2024 to USD 31.18 billionby 2032, exhibiting a CAGR of 4.1% over the study period.
Ethylene Glycol(EG) has many essential physical and chemical features, making it a significant
ingredient in different industries, including paints & coatings,
automotive, chemicals, polymers & plastics, and others. The increasing
demand for polyethylene terephthalate (PET) is set to flourish the market expansion.
The lightweight attribute of PET makes it the go-to alternative for bottlers
that develop daily products, including soft drinks and water.
FortuneBusiness Insights™ provides this information in its research report, titled “Ethylene Glycol Market, 2024-2032”.
Segmentation:
Monoethylene Glycol (MEG) Segment LedOwing to Utilization in Formulation of AntifreezeFormulations
With respect to type, the market is dividedinto Monoethylene Glycol (MEG), Triethylene Glycol (TEG), and Diethylene Glycol
(DEG). The Monoethylene Glycol (MEG) segment occupied the largest share in
2023, which can be attributed to its deployment in the development of
antifreeze formulations for industrial and automotive applications.
In terms of region, the market is classifiedinto the Middle East & Africa, Asia Pacific, North America, Latin America, and
Europe.
Report Coverage
The report comprehensively discusses the majordriving and restraining factors impacting the market expansion. It further
offers a detailed analysis of the major industry developments, COVID-19
pandemic impact, and notable industry developments. The report also throws
light on strategic moves adopted by key companies to gain a competitive edge.
Drivers andRestraints:
Surging Bio-basedProduct Trend to Develop New Profitable Opportunities, Propelling Market Growth
Nations emphasizing energy security andindependence may look for options, including bio-based EG, to decrease the
dependence on imported petroleum products. The requirement for bio-based EG has
arrived from an amalgamation of economic, technological, regulatory, and
environmental attributes, which is expected to generate profitable market
opportunities.
RegionalInsights:
Asia Pacific Dominates Fueled by HugeDeployment of the Product in Industries
Asia Pacific occupies the largest market shareon account of the massive deployment of the product in industries, which makes
China dominant. The regional growth can further be attributed to the availability
of a well-established PET and polyester production base, which is leading to the
high product demand in China.
