Ethylene Glycol Market Introduction
- Ethylene glycol is an organic compound with the formula (CH2OH)2. It is a toxic, colorless, practically odorless, low-volatility, viscous, hygroscopic liquid. It is completely miscible with water and many organic liquids. Hydroxyl groups on glycols undergo the usual alcohol chemistry, giving a wide variety of possible derivatives.
- Ethylene glycol is primarily used as a raw material in the manufacture of polyester fibers; and for antifreeze formulations
- In terms of application, the global ethylene glycol market can be segmented into PET, polyester fiber, antifreeze, and films. The polyester fiber segment is expected to expand at a significant pace during the forecast period owing to rise in usage of ethylene glycol as a raw material in the preparation of polyester fibers.
Key Drivers of Ethylene Glycol Market
- Growth in usage of ethylene glycol as an intermediate in a wide of range of chemical reactions is expected to augment the ethylene glycol market during the forecast period. Hydroxyl groups on glycols undergo the usual alcohol chemistry, giving a wide variety of possible derivatives. This chemistry permits ethylene glycol to act as an intermediate in a wide range of reactions, especially resin formation.
- Rapid expansion in textile and PET resin products industries is anticipated to boost the consumption of ethylene glycol during the forecast period. Ethylene glycol is used as feedstock in many textile manufacturing processes. It is majorly used in the production of PET bottle resins, polyester fiber, and films. Other uses include ethylene glycol as dewatering agent, antifreeze, coolant, and heat transfer agent, hydrate inhibition, runway de-icing fluids, and precursor to polymers.
Restraints of Ethylene Glycol Market
- Fluctuation in prices of raw materials is projected to hamper the global ethylene glycol market. Raw materials such as ethylene oxide, ethylene, and other chemicals are used in the preparation of ethylene glycols. These raw materials are experiencing unstable prices, as the supply chain has been disrupted due to the COVID-19 pandemic. These raw materials also experience periodic fluctuation in demand. This significantly affects their prices.
- Dearth of universal directives pertaining to applications of ethylene glycol is also likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of ethylene glycol. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investment in the ethylene glycol market, thereby adversely affecting the market.
Covid-19 Impact on Ethylene Glycol Market
- Ethylene glycol oils play an important role in various end-user industries such as plastic manufacturing, chemicals, and textiles. Many production facilities of these end-user industries have come to a standstill due to the COVID-19 pandemic. This has adversely affected the demand for ethylene glycol across the globe.
- Key players operating in the ethylene glycol market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
Asia Pacific to Hold Major Share of Global Ethylene Glycol Market
- In terms of region, the global ethylene glycol market can be split into North America, Asia Pacific, Europe, Middle East Asia& Africa and Latin America
- Asia Pacific is projected to hold significant share of the global ethylene glycol market in terms of consumption during the forecast period. End-user industries such as plastic manufacturing, chemicals, and textiles are rapidly expanding in the region. Rise in disposable income and improvement in standard of living in many countries in Asia Pacific are boosting the consumption of plastics and resins. This, in turn, is augmenting the demand for ethylene glycols. Ethylene glycol is also used in the manufacture of automotive components. Rise in production and sale of passenger vehicles in China, India, Japan, and South Korea is estimated to drive the consumption of ethylene glycol in automotive applications, thereby boosting the market in these countries.
- North America is projected to account for vital share of the global ethylene glycol market during the forecast period owing to presence of major automotive players and flourishing PET resin industry in the U.S. and Canada
Prominent Players in Global Ethylene Glycol Market
Major players operating in the global ethylene glycol market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Reliance Industries Ltd.
- Huntsman Corporation
- BASF SE
- Kuwait Petroleum Corporation
- Formosa Plastics Group
- Exxon Mobil Corp.
- Ineos Oxide
- Ultrapar Participacoes Sa
- Lyondellbasell Industries
- Honam Petrochemical Corporation
Research Scope: Ethylene Glycol Market
Ethylene Glycol Market, by Product
Ethylene Glycol Market, y Application
- Polyester Fiber
Ethylene Glycol Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.