Glycol Market 2018 Global Players Are Shell, SABIC, BASF and Dow Chemical Company, Huntsman, MEGlobal, Idemitsu
Glycol Market size will witness a considerable growth, with increasing demand of the organic compound in wide range of application in textile, paper, leather, automotive, paints and coating industries. Rising demand for the compound in polyester resins manufacturing will add to glycol market growth in forecast time frame. Textile manufacturers are shifting focus on low cost and easily accessible chemical intermediates. Surge in the application of product as a protecting group in organic synthesis will be a major driving force for glycol market growth.
The product affinity for water and high boiling point properties make product even more popular, and its application as a desiccant will continue to witness significant gains in forecast period. Upsurge in preference of the product as a dehydrating agent to remove water vapors from natural gas will lead to glycol market growth in forecast period. Minor application of product includes manufacturing of capacitors, an anti-corrosive substance in liquid cooling systems, vaccines and screen cleaning solutions.
Asia-Pacific region is anticipated to witness significant demand of the product in forecast period owing to rising demand of polyethylene terephthalate in packaging industry. Growing demand of product for industrial applications in the region will further support product penetration. Packaging and textile industry are the largest consumer of organic compounds. The product is widely used as a chemical intermediate in fabrics, upholstery, and carpets manufacturing. The region is native to a large number of producers which will supplement rising product demand. Increasing concern over production of ethylene glycol from coal in China will further add to product growth. Further, China investment to raise production capacities will propel glycol market demand in forecast period.
North America is projected to provide various growth opportunities for the product owing to surge in product application in polyethylene terephthalate production over forecast period. Product is widely used for manufacturing PET and rising demand from the electrical & electronic and automotive industries in U.S will lead to surge in consumption of product. At the same time, surge in demand for product as industrial alcohol will further add to glycol market growth.
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Global product market is highly fragmented and competitive in nature. Some of the key companies are Huntsman, MEGlobal, Idemitsu, Shell, SABIC, BASF and Dow Chemical Company. The companies are competing to increase market share and their customer base. Manufacturers are investing heavily in expansion projects to meet rising demand of consumers.
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