Triethylene Glycol Market: Overview
Triethylene glycol (TEG) exists as a transparent, viscous, odorless, water soluble liquid which is also miscible in liquids other than water. It displays similar properties as other glycol compounds. Its uses are confined to industries requiring high boiling point and low volatility. The application of the product includes dehydration of natural gas, as mild disinfectant. Its industrial uses include adsorbents and absorbents, functional fluids in both closed and open systems, Intermediates, petroleum production processing aids, and solvents.
Thus, it does not come as a surprise that the market is set to chart a steady growth curve over the forecast period of 2019 to 2027, pulling the market worth up substantially. The projected growth would also translate to a number of growth opportunities. Players would hustle to make the most of these over the stated forecast period.
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Triethylene Glycol Market: Notable Developments
Notable developments that are helping shape the global triethylene glycol market are spelled out below:
In the year 2015, Dow Chemical Company improved production capacity by beginning construction of a new plant in Texas. The move is set to improve market position of the company in the stated region, while boosting availability of the product for a couple of years.
In the year 2016, expansion project at Huntsman port Neches was completed by Huntsman Corporation. In North American region, the move made the facility the largest producer of ethylene oxide.
The triethylene glycol market is highly fragmented due to the presence of a large number of players. These include:
- Eastman Chemicals
- The Dow Chemical Company
Capacity enhancement by leading market players coupled is a significant growth strategy. Besides, increasing number of regional players in regions such as that of China, India, and South Korea is expected to propel the market forward by increasing competition. The leading companies are deploying strategies such as partnerships, mergers and acquisitions, and joint ventures in order to boost the growth of the market.
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Triethylene Glycol Market: Key trends and drivers
A number of growth factors underscore growth in the global triethylene glycol market. A glimpse into some of the prominent ones is provided below:
- The major factor driving global market for triethylene glycol includes the growth of the global natural gas market and the growing demand for plasticizers in end use industries.
- Increasing application of triethylene glycol as a solvent is also acting as a major factor driving the global market for triethylene glycol.
- Growth in chemical and automotive industry is set to drive the global triethylene glycol market on to a high growth trajectory. India and China would contribute positively to the growth stated here.
Triethylene glycol Market: Geographical analysis
Asia Pacific to lay claim to a large market share owing to increasing government spending in natural gas exploration projects in China and India. On the other hand, North America and Middle East will witness growth owing to an increase in natural gas production, coupled with increasing trend for natural gas based power plants in the U.S. and Canada. The forecast period would thus witness a massive a slew of growth opportunities in the market.
As far as the Middle East countries are concerned - Saudi Arabia, Iran and Qatar are expected to have strong growth prospects owing to the presence of massive proven natural gas reserves. Furthermore, massive TEG capacity addition by the Gulf Cooperation Council (GCC) over the past few years is anticipated to have a positive impact on the market.
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