Product Code: 69490
The glycol market is expected to register at a CAGR of over 4% during the forecast period. Major factors driving the market studied are increasing demand for polyester films, PU adhesives, and PET bottles from the packaging industry and increasing demand for propylene glycol from the food & beverage industry. On the flip side, the toxic nature of ethylene glycol and unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- The packaging industry is expected to dominate the global glycol market over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Packaging Industry to Dominate the Market
- The packaging industry is one of the largest sectors in the global economy and is one of the fastest-growing sectors. The industry is anticipated to register a CAGR of more than 7% during the forecast period.
- Polyester films, made from ethylene glycol, are used in many types of packaging applications, ranging from food and drugs to industrial and consumer goods. Thus, growth in the packaging industry would ensure continuous demand for glycols.
- PET (polyethylene terephthalate) plastic bottles and containers, produced by the polymerization of ethylene glycol and terephthalic acid, are among the most popular consumer pack types in the global consumer packaging market. The market is expected to register a CAGR of more than 8% during the forecast period.
- Hence, the packaging industry is expected to be the fastest-growing market over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market for glycol consumption, and it is also expected to be the fastest-growing market during the forecast period, with increasing demand from end-user industries such as packaging, food & beverage, cosmetics, textile, etc. in countries, such as China, Japan, South Korea, India, and the Southeast Asian nations.
- The packaging market in the Asia-Pacific region is driven by factors such as population growth, rise in disposable income, urbanization, and growing demand for fast-moving consumer goods, including E-commerce. The use of engineering plastic products in the packaging sector (PET containers, bottles, etc.) is increasing at a tremendous rate, owing to their advantages.
- The demand from industries like food & beverage, consumer goods, and others, for packing materials, is increasing in the region, owing to increasing exports, as well as domestic consumption. PET is produced from ethylene glycol and dimethyl terephthalate (DMT) or terephthalic acid.
- The Asia-Pacific food additive market is expected to register a CAGR of about 6% during the forecast period. Propylene glycol is one of the most common glycols used as a food additive.
- The Asian cosmetics market is gaining popularity worldwide. It is expected to witness a CAGR of more than 5%, during the forecast period, with Japan, Singapore, South Korea, Hong Kong, and China being the top 10 global cosmetics exporters. Propylene glycol is used in moisturizers to enhance the appearance of skin by reducing flaking and restoring suppleness. Other uses include skin-conditioning agent, viscosity-decreasing agent, solvent, and fragrance ingredient.
- Polyester fiber is heavily used in the textile industry. China, Bangladesh, Vietnam, India, and Hong Kong are amongst the largest exporters of textiles worldwide. This ensures regular demand for Mono Ethylene Glycol (MEG) in the Asia-Pacific region, which is used to manufacture polyester fiber.
- Thus, rising demands from the above-mentioned end-user industries are expected to drive the growth in the Asia-Pacific region.
The glycol market is fragmented, with the presence of both international and domestic players. The major companies of the market studied include BASF SE, INEOS, Petro Rabigh, Royal Dutch Shell, and SABIC, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
- 4.1 Drivers
- 4.1.1 Increasing Demand for Polyester Films, PU adhesives, and PET Bottles from Packaging Industry
- 4.1.2 Increasing Demand for Propylene Glycol from Food & Beverage Industry
- 4.1.3 Other Drivers
- 4.2 Restraints
- 4.2.1 Toxic Nature of Ethylene Glycol
- 4.2.2 Unfavorable Conditions Arising due to the COVID-19 Outbreak
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 Market Segmentation
- 5.1 Type
- 5.1.1 Ethylene Glycol
- 188.8.131.52 Monoethylene Glycol (MEG)
- 184.108.40.206 Diethylene Glycol (DEG)
- 220.127.116.11 Triethylene Glycol (TEG)
- 18.104.22.168 Polyethylene Glycol (PEG)
- 5.1.2 Propylene Glycol
- 5.1.3 Other Types
- 5.2 End-user Industry
- 5.2.1 Automotive and Transportation
- 5.2.2 Packaging
- 5.2.3 Food and Beverage
- 5.2.4 Cosmetics
- 5.2.5 Pharmaceuticals
- 5.2.6 Textile
- 5.2.7 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 India
- 188.8.131.52 Japan
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.3.2 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.3.3 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 Italy
- 18.104.22.168 France
- 22.214.171.124 Rest of Europe
- 5.3.4 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
- 5.3.5 Middle-East and Africa
- 220.127.116.11 Saudi Arabia
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle-East and Africa
6 Competitive Landscape
- 6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 Dow
- 6.4.3 Huntsman International LLC
- 6.4.4 India Glycols Limited
- 6.4.5 INEOS
- 6.4.6 Indorama Ventures Public Company Limited
- 6.4.7 LOTTE Chemical CORPORATION
- 6.4.8 LyondellBasell Industries Holdings BV
- 6.4.9 Merck KgaA
- 6.4.10 Mitsubishi Chemical Corporation
- 6.4.11 MEGlobal International FZE
- 6.4.12 Nouryon
- 6.4.13 Petro Rabigh
- 6.4.14 Reliance Industries Ltd
- 6.4.15 Royal Dutch Shell plc
- 6.4.16 SABIC
7 Market Opportunities and Future Trends