Press release
Global Glycol Market: Robust Growth Driven by Industrial Expansion and Innovations in Glycol Production
Glycol Market
What Is The Projected Market Size Of The Global Glycol Market And Its Growth Rate?
• The global glycol market size is projected to grow from $42.23 billion in 2024 to $45.54 billion in 2025, with a robust 7.8% CAGR.
• The strong growth in the historic period can be attributed to industrial expansion, urbanization, and development in infrastructure, as well as growth in the automotive industry and demand from refrigeration and air conditioning, and consumer product manufacturing.
• By 2029, the glycol market size is expected to reach $62.02 billion, with an impressive 8.0% CAGR.
• The foreseeable strong growth can be attributed to focus on renewable feedstocks, growing demand for bio-based glycols, rising demand in HVAC systems, expansion of LNG infrastructure, and growth within the electronics industry.
What Is Driving The Growth In The Glycol Market?
The expanding automotive industry is projected to be a significant driver of the glycol market growth. In the automotive industry, glycol is frequently used as a crucial ingredient in engine coolants and antifreeze formulas, helping control engine temperature by reducing overheating in warm weather and preventing freezing in cold weather. For instance, in March 2024, according to the European Automobile Manufacturers' Association, the EU car market expanded robustly by 13.9% in 2023 compared to 2022, reaching a volume of 10.5 million units. The expansion of the automotive industry is therefore a key driver of the glycol market's growth.
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Who Are the Key Players Driving Glycol Market Growth?
The major companies operating in the glycol market include:
• 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
What Are The Key Trends In The Glycol Market?
Key trends in the glycol market:
• Technological advancements in glycol production
• Circular economy initiatives
• Smart glycol solutions
• Increased collaboration in research and development
• Use of glycol for energy storage
What Are The Segments Of The Global Glycol Market?
The glycol market is segmented by:
1) Type: Ethylene Glycol, Propylene Glycol, Other Types
2) Application: Antifreeze And Coolants, Polyester Fiber Production, PET Bottles And Packaging, Solvents And Humectants, Dehydrating Agent, Chemical Intermediates
3) End User: Automotive And Transportation, Packaging, Food And Beverage, Cosmetics, Textile, Other End-Users
Which Region Leads The Glycol Market?
Asia-Pacific was the largest region in the glycol market in 2024 and is projected to be the fastest-growing region in the forecast period. The regions covered in the glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Glycol Market Global Market Report?
• Market Size Analysis: Analyze the Glycol Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Glycol Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Glycol Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Glycol Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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