Press release
Glycol Market to Reflect Impressive Growth Rate During 2024 - 2031 | BASF SE, China Sanjiang Fine Chemical Co. Ltd
Glycol Market
Glycol is a category of organic compounds that finds extensive application as heat transfer fluid in HVAC systems, automobiles, and other industrial processes. The rising demand from end-use industries like pharmaceuticals, food and beverages, and automotive propels the glycol market.
Market Dynamics:
Glycol serves as an important raw material for various end products. The increasing demand for polyester fibers and films from the textile industry acts as a major driver for the glycol market. Glycol also experiences high demand from the automotive industry for use as antifreeze and coolants. Increasing vehicle production and sales boost the usage of glycol. Changing demographics and rising disposable income in developing nations contribute to the growth of end-use industries, fuelling the glycol market.
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Glycol Market Drivers: Increasing Demand for Glycol in Several End-Use Industries
The glycol market has been witnessing significant growth over the past few years owing to the increasing demand for glycols in various end-use industries such as automotive, construction, HVACR, etc. Glycols have wide applications as antifreeze and coolants in automotive radiators, as deicing fluids at airports, as heat transfer fluids, refrigerants, etc. The steady growth of the automotive industry coupled with the rising construction activities across the world has augmented the consumption of glycols substantially. Moreover, with the increasing population and improving living standards, the demand for heating, ventilation, air conditioning and refrigeration (HVACR) systems has increased tremendously, which in turn has propelled the glycol market growth.
Glycol Market Opportunity: Increasing Focus on Bio-Based and Sustainable Glycol Production
With growing environmental consciousness and stringent regulations regarding greenhouse gas emissions, manufacturers are continuously striving to develop sustainable and eco-friendly production technologies. In this context, the market for bio-based glycols is gaining significant traction worldwide. Various plant-based feedstocks like sugarcane, corn and cellulosic biomass are increasingly utilized for producing bio-ethylene glycol and bio-propylene glycol through fermentation processes. The adoption of bio-based glycol production methods helps reduce dependence on fossil fuels and curb carbon footprint substantially. The rapidly growing importance of sustainability is opening up lucrative opportunities for glycol manufacturers to cater to the rising demand for green chemicals and expand their business scope.
Glycol Market Trend: Surging Demand from the Clean Energy Sector
One of the major emerging trends observed in the glycol market is the increasing consumption of glycols in renewable energy applications owing to supportive government policies and investment plans promoting clean energy. Glycols like monoethylene glycol (MEG) and triglycerols are extensively deployed as heat transfer fluids in concentrated solar power plants (CSP). MEG is also commonly utilized as a working fluid in geothermal power plants. Besides, glycols find wide usage as cold energy storage and thermal storage medium to enhance the overall efficiency of clean energy systems. With the ongoing transition towards more sustainable energy sources, the glycol demand from solar, wind and geothermal sectors is expected to witness strong growth over the coming years. This trend will considerably drive the future expansion of the global glycol market.
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Top Companies Featured in This Report:
★ BASF SE
★ China Sanjiang Fine Chemical Co. Ltd
★ Dow
★ Huntsman International LLC
★ India Glycols Limited
★ Indian Oil Corporation Ltd (IOCL)
★ Indorama Ventures
★ Public Company Limited
★ INEOS
★ LOTTE Chemical Corporation
★ LyondellBasell Industries Holdings BV
★ MEGlobal International FZE
★ Mitsubishi Chemical Corporation
★ Nouryon
★ Petro Rabigh
★ PETRONAS Chemicals Group (PCG)
★ Reliance Industries Ltd
★ SABIC
★ Shell PLC
★ Sinopec Zhenhai Refining & Chemical Company
Market Segmentation:
By Product Type:
★ By Type: Ethylene Glycol, Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylne Glycol (TEG), Polyethylene Glycol (PEG), Propylene Glycol, Other Types
★ By End-User Industry: Automotive and Transportation, Packaging, Food and Beverage, Cosmetics, Pharmaceuticals, Textile, Other End-user Industries
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
The report offers insights on the following aspects:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Analysis of Glycol Market Competition Landscape by Players
Chapter 4: Assessment of Glycol Market Size by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, recent developments, and investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Glycol sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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