The Global Glycol Market was valued at USD 32.75 Bn in 2020 and is expected to reach USD 52.60 Bn by 2027, with a growing CAGR of 7.1% during the forecast period.
Glycol is a thick, colourless water-miscible coolant that is often used in cooling and heat transfer applications. It offers improvised heat transfer parameters when compared to water and can be mixed along the water to provide several heat transfer properties. There are two types of glycols i.e. propylene glycol and ethylene glycol. Among these, propylene glycol has a wide application in the food industry while ethylene glycol is often used in industrial applications.
The glycol market is accounted to boost at a significant pace in the forecast period. This growth is majorly owing to the rapidly expanding packaging industry across the globe. Polyester films that are made using ethylene glycol, have a wide application in a variety of packaging applications which ranges from food and drugs to consumer and industrial goods. Owing to this, the glycol industry has been experiencing high product demand and is expected to witness high growth rates from the packaging industry. PET (polyethylene terephthalate) plastic containers and bottles, manufactured using polymerization of terephthalic acid and ethylene glycol, are the most favoured consumer pack types in the consumer packaging industry across the globe. Thus, the growing demand for PET is projected to drive the market during the forecast period.
Further, evident efforts by organizations to increase the efficiency of supply channels and decrease the uncertainties that are associated with cost components are another major factor driving the glycol industry. With the rapid advent of technology, the chemical sector including glycol industry players too has opened doors for virtual marketplaces and started selling through online portals. This has resulted in increasing convenience for both consumers as well as vendors’ perspectives. A virtual marketplace offers consumers ease of procurement, whereas these online marketplaces help vendors to reduce the expenses associated with physical infrastructure by marketing their products online. Therefore, growing acceptance of these online marketplaces is expected to be instrumental in offering growth opportunities in the market.
By End-Use Industry
The unique insights provided by this report also include the following:
Based on product, the ethylene glycol segment dominated the glycol market across the globe owing to rapid industrialization across several developing nations
Based on product, the global glycol industry is fragmented into ethylene glycol and propylene glycol. Among these, the ethylene glycol segment dominated the glycol market across the globe. This dominant share is attributed to the rapid industrialization across several developing nations. Ethylene glycol shows several physical properties like resistance to corrosion, high boiling point, lubrication, and hygroscopicity. Owing to these properties, ethylene glycol experiences high demand from industrial applications. Further, the rising demand for ethylene glycol for making plastic packaging is also pegged to garner significant demand over the forecast period
Based on the end-use industry, the paints and coatings industry accounted for the largest share in the glycol market across the globe because paints and coatings have a high application in several industries, such as automotive, construction, and packaging
Based on the end-use industry the global glycol market is segmented as packaging, food and beverage, automotive and transportation, cosmetics, pharmaceuticals, textile, paints and coatings, and other end-use industries. Among these, the paints and coatings industry accounted for the largest share in the glycol market across the globe. This high share is because paints and coatings have a high application in several industries, such as automotive, construction, and packaging. Glycol facilitates in forming proper film during coating cure and serves as an active solvent in resins. It also helps to optimize the evaporation rate of the solvent in a coating. It further helps in increasing the flow-out properties of the paint, thus helping to eliminate the brush marks obtained during painting. Therefore, increasing commercial and non-commercial construction is expected to boost the global glycol market.
Based on region, Asia-Pacific is expected to be the fastest-growing market in the glycol market across the globe due to increasing product demand from several end-user industries
Based on region, the global glycol is divided into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe. Among these, Asia-Pacific is expected to be the fastest-growing market in the glycol market across the globe. This is due to increasing product demand from several end-use industries such as food & beverage, textile, and cosmetics, etc. in countries like Japan, South Korea, China, India, and the Southeast Asian nations. The increasing demand in these industries is owing to rising exports, as well as domestic consumption in this region. Further, increasing demand for paints and coatings construction activities in several developing nations in the region is another major factor that is projected to proliferate the glycol industry growth across the region. Thus, rising demands from the above-mentioned end-use industries are expected to drive growth in the Asia-Pacific region.
The report also provides an in-depth analysis of Glycol market dynamics such as drivers, restraints opportunities, and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
The Covid-19 outbreak has severely impacted economies across the globe leading to several lockdown impositions by many major nations. The entire lockdown situation in these nations has indirectly or directly impacted several major industries. Most of these industries across the globe have experienced disruptions by their supply chain and manufacturing operations. This has led to a shift in activities like vendor operations, supply chain operations, and product commercialization among others. The global glycol market has also experienced the same situation and has been negatively impacted by the outbreak. Additionally, consumer demand for the product has also slowed down as individuals are now more focused on eliminating non-essential expenses from their respective budgets and shifted to spending only on essential products. All these aforementioned factors are projected to burden the revenue trajectory in the glycol market over the forecast period.
The report also provides an in-depth analysis of key trends in Glycol market
The report also provides in-depth analysis of recent news developments and investments in the in the glycol industry
Company Profiles and Competitive Intelligence
The key players operating in the glycol industry are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.