Alkylene Glycol Market: Finance Research For Near Future - Coherent Market Insights

Alkylene glycol, such as propylene glycol and ethylene glycol, are used in the manufacturing of PET plastics, antifreezes, among others. Ethylene glycol is widely used in many industrial and commercial applications including coolant and antifreeze. It acts as a coolant to reduce overheating in the summer and keeps the car's engine from freezing in the winter. Thus, with the rapidly growing automotive sector, the demand for ethylene glycol is also increasing with a rapid pace, especially in the Asia Pacific. According to the India Brand Equity Foundation (IBEF), in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories.

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Moreover, India was the seventh largest manufacturer of commercial vehicles in 2019. This in turn is expected to augment the growth of the alkylene glycol market in this region, especially in India. Moreover, the primary use of ethylene glycol is for polyethylene terephthalate (PET) plastic resin used to make containers for juice, water, and soda, and polyester fiber for clothes, carpet, upholstery, and pillows. Thus, there is an increasing demand for ethylene glycol across packaging and textile industry. For example, in September 2019, Fluor Corporation completed the construction on MEGlobal’s 750,000 tonne per year ethylene glycol manufacturing facility in Oyster Creek, Texas.

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The new facility will produce ethylene glycol, which is used to manufacture polyester fibers and plastic bottles. Furthermore, in May 2018, Indian Oil Corp (IOC) approved an INR 4,221 crore project to set up a petrochemical project in Odisha to manufacture Ethylene Glycol, an important precursor to polyester fibers, resins, and plastic bottles for soft drinks. This in turn is also expected to accelerate growth of the alkylene glycol market in North America and the Asia Pacific. The market growth is also attributed to the huge demand from the Asia-Pacific, especially from China because the country has a huge textile and fibers industry. Moreover, applications of ethylene glycol are growing strongly at present.

PET is the most widely used thermoplastic polymer resins. There is an increasing demand for ethylene glycol to manufacture beverage containers. In 2018 the production for PET accounted for about 25 metric tons and is expected to reach around 42 metric tons by 2030. Therefore, the growing demand for PET packaging is the one of the key factors contributing to the growth of the alkylene glycol market.

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