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Glycol Market Sales, Innovations And Trends Report 2024 To 2033
Glycol Market
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According to The Business Research Company's, The glycol market size has grown strongly in recent years. It will grow from $39.22 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to industrial growth and expansion, urbanization and infrastructure development, automotive industry growth, refrigeration and air conditioning, consumer product manufacturing.
The glycol market size is expected to see strong growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to focus on renewable feedstocks, growing demand for bio-based glycols, rising demand in hvac systems, expansion of lng infrastructure, electronics industry growth. Major trends in the forecast period include technological advancements in glycol production, circular economy initiatives, smart glycol solutions, increased collaboration in research and development, glycol for energy storage.
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Market Drivers and Trends:
The expanding automotive industry is expected to propel the growth of the glycol market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. Glycol is frequently used as a vital ingredient in engine coolants and antifreeze formulas in the automobile sector. It assists in controlling engine temperature by reducing overheating in warm weather and preventing freezing in cold weather. For instance, in May 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Moreover, according to the International Organization of Motor Vehicle Manufacturers, a 36 national trade association, the total production of car and commercial vehicles in 2021 was 80,145,988, which increased to 85,016,728 in 2022. Therefore, the expanding automotive industry is driving the growth of the glycol market.
Product innovations are a key trend gaining popularity in the glycol market. Companies operating in the glycol market are focused on innovating new products and solutions to sustain their position in the market. For instance, in August 2022, Valvoline Inc., an automotive oil, additives, and lubricants manufacturing company, launched Valvoline Advanced Coolant, a glycol-based full-antifreeze coolant. This new coolant offers protection in extremely hot and cold climate conditions, protecting against overheating and freezing weather to keep the engine running. It is backward compatible with all cooling systems employing OAT coolants. It is a cutting-edge substance with a sophisticated formulation that extends the life of vehicle engines. With the help of its ethylene glycol-based formulation, it features a non-depleting organic-acid technology that might help prolong engine life and make it suitable for adverse conditions.
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Major Key Players of the Market:
ADEKA Corporation, Shell Plc, Chevron Phillips Chemical Company, Mitsubishi Chemical Corporation, The Archer-Daniels-Midland Company, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., Global Bio-chem Technology Group Company Limited, Honeywell International Inc., Sumitomo Chemical Co. Ltd., INEOS Group Limited, Indorama Ventures, LOTTE Chemical Corporation, Solvay SA, Mitsui Chemicals Inc., DuPont, Akzo Nobel, Eastman Chemical Company, Celanese Corporation, Lanxess AG, Huntsman International LLC, Formosa Plastics Corporation, Nouryon Chemicals, Clariant AG, BASF SE, India Glycols Limited, SKC Inc., Meglobal International fze
Glycol Market 2024 Key Insights:
• The glycol market size is expected to see strong growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Expanding Automotive Industry Fuels Increased Demand For Glycol
• Valvoline Introduces Advanced Glycol-Based Coolant For Enhanced Engine Protection
• Asia-Pacific was the largest region in the glycol market in 2023, and is expected to be the fastest-growing region in the forecast period
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