According to Precedence Research, the global glycol market size was valued at USD 40.87 billion in 2022 and it is expected to be worth around USD 80.55 billion by 2032 with a CAGR of 7.02% from 2023 to 2032.

Tokyo, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The Asia-Pacific region has generated more than 44% of the revenue share in 2022. The size of the glycol market is expanding as the use of ethylene glycol in Heating, ventilation, and air conditioning (HVAC) has contributed to the expansion of the global glycol market in a number of ways. Moreover, the market will develop due to the increased use of organic composites in the food and beverage packaging sector.

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Market Overview

An organic substance known as glycol has the chemical formula (CH2OH) 2. Glycol is largely utilised for two things: making polyester fibres as a raw material and making antifreeze preparations. Glycol has the qualities of being an odourless, colourless, sweet-tasting, and gluey liquid. Glycol is also utilised as antifreeze in synthetic fibres, brake fluid, and low-freezing explosives in addition to car cooling systems. Glycol is a non-hazardous, sweetened substance that serves as a solvent, antimicrobial, and moisture-retaining ingredient in foods, dental care, and personal care items. Glycol is also utilised in a variety of products, including toys, food packaging, film, bottles, pipelines, antifreeze, carpets, insulation, and animal feeds. Glycol is utilised in many industries and its cooling properties help with a variety of tasks. The current expansion of the global market has been greatly affected by glycol's organic feature.

It is predicted that new packaging technologies will extend the range of food products that can be used, including chilled, shelf-stable, microwaveable, and prepared mixes. The growth of the global market is being driven by average spending on personal care and sanitary products like moisturisers and sunburn creams. The supply and price instability of raw materials like ethylene, ethylene glycol, and acetaldehyde are limiting industry expansion. The fluctuation of the oil price is further limiting market expansion. The global market for glycol is anticipated to increase faster because to rising demand from the automotive sector. Ethylene glycol serves as a coolant to prevent overheating in the summer and prevents car engines from freezing in the winter due to its far lower melting point than water. Ethylene glycol is additionally utilised in automobiles to absorb combustion heat, offering a sufficient market opportunity.
Regional Insights

North America held the maximum share of the glycol market due to the innovative manufacturing technology and strategies to create an industry ecosystem have historically been centred there. Despite the fact that these areas together accounted for almost 50% of the world demand, there has been a significant movement in production towards Asian markets, with China presenting itself as a regional as well as a global powerhouse for manufacturing.

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Scope of this report

Coverage	Details
Glycol Market Size in 2030	USD 70.33 Billion
Glycol Market Growth Rate	7.02% from 2023 to 2032
Asia Pacific Market Share	44% in 2022
By Product	Ethylene Glycol Propylene Glycol
By Application	Automotive HVAC Textiles Airlines Medical Pipeline Maintenance Polyester Fibers and Resins Food and Beverage Others
By End User	Automotive and Transportation Packaging Food and Beverage Cosmetics Pharmaceuticals Textile Other
By Region	North America Europe Asia-Pacific Latin America Middle East and Africa
Key Players	Dow, BASF SE, ADM, Global Bio-chem Technology Group Company Limited, DuPont Tate & Lyle Bio Products, LyondellBasell Industries N.V., Huntsman International LLC, ADEKA CORPORATION, Chaoyang Chemicals, Inc., Manali Petrochemicals Limited, SKC, Temix Oleo, INEOS Oxide, Haike Chemical Group Co., Ltd., Arch Chemicals Inc., Repsol and Others

Report Highlights

• Based on the product, the market has been divided into ethylene glycol and propylene glycol (1, 2-propanediol) (1, 2-ethanediol). These goods serve a wide variety of industry sectors. The production of polyester compounds makes extensive use of propanediol, which is also employed as a solvent in the production of food colouring, flavouring, paint dispersions, and plastic resin.
• Propylene glycol is increasingly used and is anticipated to grow as it is used as an alternative to ethylene glycol in antifreeze applications due to its inherent low toxicity. 1, 2-propanediol is used as an antifreeze in the chemical, food, and pharmaceutical industries. However, as an alternative to ethylene glycol, the chemical has found wider use as an eco-friendly automotive and marine antifreeze in a 40:60 ratio of 1, 2-propanediol: water. A common antifreeze, coolant, and heat-transfer agent is ethylene glycol. The chemical works as a reagent in the creation of polyesters, alkyd resins, synthetic waxes, and explosives in addition to lowering the freezing point of fluids. Moreover, the ethylene-based glycols are used as a component in hydraulic fluids, paint solvents, and printing inks.
• Based on application, the market primarily serves the automotive, pharmaceutical, food & beverage processing, pipeline maintenance, textiles, aviation, medical, and HVAC industries. After the global recession, trade policy, localization & sustainability of company, and fiscal systems all faced structural changes. As of 2018, the global GDP expanded by about 3.7% as both developed and emerging regions' industrial activity greatly improved. The expansion of the global economy made it possible for glycol producers to look forward to a promising future. The automotive application category is expected to increase at the quickest rate during the anticipated time period.
• Based on end user, the food and beverage sector is anticipated to experience rapid expansion in the near future as it is used in various food products such artificial sweeteners, ice cream, flavouring & essence, icing, soft drinks, sweets, frostings, and baked goods as an anti-freeze agent, solvent, thickening, flavour enhancer, emulsifier, and stabilizer.

Market Dynamics

Driver

Huge demand of glycol in food industry

Glycol is frequently used to enhance the flavour, look, texture, and shelf life of many processed food products. Stressful lifestyles, an increase in the number of people working, and altering eating habits are to blame for the huge rise in processed foods. The market for glycol is anticipated to increase as a result of a few important factors.

Also, rising demand for the substance in the production of polyester resins and expanding preferences for using organic synthesis are anticipated to accelerate the growth rate of the glycol market. Moreover, increased consumer demand for goods like coolants and antifreeze is a significant driver that is predicted to boost glycol demand in the market from 2023 to 2032. 

Restraint

Volatility of raw material prices

The restraint that will hamper the glycol market industry is the volatility of raw material prices. Glycol is derived from raw materials such as ethylene oxide and propylene oxide. The prices of these raw materials are subject to market fluctuations that can impact the cost of glycol production.

These price fluctuations can be caused by various factors such as changes in global demand, supply disruptions, or geopolitical events. For example, a sudden increase in demand for ethylene oxide from the plastics industry can lead to higher prices for this raw material, which can in turn increase the cost of producing glycol. The volatility of raw material prices can make it difficult for companies to forecast their expenses accurately. This can impact their ability to plan and budget for the future, leading to uncertainty and risk.         

Opportunities

Technology advancements

The opportunity for companies to invest in research and development is to improve the production process and performance of glycol products. The glycol industry is constantly evolving, and advancements in technology can help companies stay ahead of the competition and meet the changing needs of consumers.

One area of research and development that can improve the production process of glycol is the development of new catalysts. Catalysts are substances that increase the rate of a chemical reaction without being consumed in the reaction themselves. In the production of glycol, catalysts are used to convert raw materials, such as ethylene oxide, into glycol. New catalysts can increase the efficiency of this process, reducing energy consumption and production costs.

Another area of research and development that can improve glycol products is the development of new formulations. Glycol is used in a wide range of applications, from antifreeze and coolant products to personal care products. By developing new formulations that are optimized for specific applications, companies can improve the performance of their glycol products and gain a competitive advantage.

For example, in the automotive industry, companies are developing new formulations of antifreeze and coolant products that provide better protection against corrosion and improve engine performance. Similarly, in the personal care industry, companies are developing new formulations of glycol that are better suited for different skin and hair types.

Challenge

Environmental concerns

The challenge the glycol market industry is facing is environmental concerns. Although glycol is derived from renewable sources such as corn and sugarcane, its production process can have negative environmental impacts. The production of glycol requires a significant amount of energy, which can lead to greenhouse gas emissions. Additionally, the disposal of glycol-containing products, such as antifreeze, can be harmful to the environment if not properly managed.

Recent Developments

• In July, 2021, The company's polyurethanes and construction chemicals division has enlarged the capacity of its current propylene glycol (PG) factory in Map Ta Phut, Thailand, by 80,000 tonnes annually, increasing the total capacity to 250,000 tonnes annually. With more capacity for propylene glycol, Dow can better utilise its current asset base to support future development in high-value applications. This aids the business in attracting customers in markets that are expanding quickly.
  
  

• In January 2021, A 357 KTA Ethylene Glycol Unit and a 180 KTA Ethylene Recovery Unit, which together would produce 332 KTA MEG, were included in the company's Indian Oil Ethylene Glycol Project at Paradip, which has a core cost of Rs. 5654. The project will assist in the corporation's consolidation of its Polyester business by creating Mono Ethylene Glycol (MEG), which is used to make polyester fibres, bottle grade chips, and other products.
  
  

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