The Global Glycol Market was estimated at USD 32.75 Bn in 2020 and is expected to grow with CAGR of 7.1% during the forecast period.
The glycol market is majorly growing owing to the increasing demand for paints and coatings from the rapidly expanding construction sector across the globe. Asia-Pacific region has been experiencing a high growth rate from commercial and residential construction projects, owing to the rapidly growing population resulting in increasing housing needs. The Middle East government has been putting efforts to establish non-oil industries in the region that are resulting in investments in several other industries, such as hospitality, healthcare, and tourism, which are further creating investments and demand in the commercial infrastructure. The North American region has shown a noticeable rise in residential construction and renovation projects.
Moreover, the rapidly growing automotive & transportation sector is another major factor driving the glycol market. Increasing investments in the automotive sector to expand production along with continuous efforts by automotive manufacturers to develop and launch new and advanced vehicles, also expected to augment the glycol industry growth. Further, automakers' efforts to develop and promote electric vehicles (EVs) are also projected to trigger growth in the automotive industry. Additionally, the government of many major economies is offering favourable incentives for the adoption of EVs. According to World Economic Forum major economies around the world including Japan, U.S., U.K., China, and France among many others are constantly offering subsidies and promoting the use of EVs. Therefore, all these aforementioned factors are projected to majorly influence the production and demand in the paints and coatings market, which in turn is expected to surge the demand for raw materials, such as glycol over the forecast period.
Despite such growth factors, the toxic nature of ethylene glycol along with stringent government regulations such as EPA and REACH implemented regarding the use of glycol ethers are posing several challenges to the growth of the glycol industry. However, the rising product awareness and benefits are resulting in creating excess demand for P-series glycol as a low emission oxygenated diesel fuel, which is therefore expected to offer growth opportunities in the glycol market.
Global Glycol Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geographic segmentation, the Asia Pacific region held the highest revenue share in the market and is expected to witness the highest CAGR during the forecast period. The rapid increase in the demand for products like adhesives, paints, and coatings has been experiencing high demand from several end-use industries, such as construction, automotive, packaging, and electronics. Developing nations in the region, such as China, India, the Philippines, Indonesia, and Vietnam have several investments and construction projects planned, which are expected to increase the product demand for several architectural paints, adhesives, and coatings. Further, China is the leading automotive producer across the globe and aims to raise the production of electric vehicles (EVs) to 2 million a year, by 2020, and 7 million by the year 2025. Hence, such favourable market trends in the region collectively are projected to fuel the glycol industry growth in the upcoming years.
The Global Glycol Industry Segmentation:
Global Glycol Market by End-Use Industry Outlook (Revenue, USD Million, 2021-2027)
Global Glycol Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the Glycol market are: