Glycol Industry Expected to Reach $60.49 Billion by 2029 at 7.7% CAGR

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Glycol Market Value Projection: How Much Will the Market Size by 2025?
In recent years, the size of the glycol market has seen significant expansion. It is set to increase from $42.23 billion in 2024 to $44.93 billion in 2025, with a compound annual growth rate of 6.4%. Factors contributing to the growth in the historic period include industrial expansion and growth, urbanization and infrastructural development, advancements in the automotive industry, refrigeration and air conditioning, and growth in consumer product manufacturing.

What Will Be the Market Growth Forecat for Glycol in 2029?
Anticipations have been made regarding substantial expansion in the glycol market size within the forthcoming years. It is projected to reach a value of $60.49 billion by 2029, with an expected compound annual growth rate (CAGR) of 7.7%. The anticipated growth within the predicted period can be linked to the emphasis on renewable feedstocks, escalating demand for bio-based glycols, increasing requirement in HVAC systems, enhancement of LNG infrastructure, and the expansion in the electronics industry. Notable trends throughout the forecast period are expected to comprise of progress in glycol production technology, initiatives towards a circular economy, smart glycol solutions, amplified cooperation in research and development, and utilization of glycol for energy storage.

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What Are the Core Competitive Drivers in the Glycol Industry?
The growth of the glycol market is anticipated to be buoyed by the proliferating automotive industry. The automotive industry encompasses the development, production, marketing, and sale of a wide range of motor vehicles, including automobiles, trucks, motorcycles, and other types. The automobile sector regularly utilizes glycol as a crucial element in engine coolants and antifreeze solutions, where it helps moderate engine temperature by reducing overheating in high temperatures and inhibiting freezing in low temperatures. For instance, as reported by the European Automobile Manufacturers' Association, a Belgium based automobile industry association, there was a considerable expansion of 13.9% in the EU car market in 2023 compared to 2022, culminating in a volume of 10.5 million units. As such, the flourishing automotive industry is a significant driver for the glycol market's growth.

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Which Glycol Market Segment Is Projected to See the Fastest Growth?
The glycol market covered in this report is segmented -

1) By Type: Ethylene Glycol, Propylene Glycol, Other Types
2) By Application: Antifreeze And Coolants, Polyester Fiber Production, PET Bottles And Packaging, Solvents And Humectants, Dehydrating Agent, Chemical Intermediates
3) By End User: Automotive And Transportation, Packaging, Food And Beverage, Cosmetics, Textile, Other End-Users

Subsegments:
1) By Ethylene Glycol: Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG)
2) By Propylene Glycol: Industrial Grade Propylene Glycol, Food Grade Propylene Glycol, Pharmaceutical Grade Propylene Glycol
3) By Other Types: Butylene Glycol, Glycerin, Sorbitol

Which Trends Are Opening New Opportunities in the Glycol Market?
Innovating new products remains a key trend that has been drawing traction in the glycol market. With an aim to maintain their market foothold, companies in this market are prioritizing product innovation and problem-solving. A case in point is the August 2022 launch of Valvoline Advanced Coolant. This product, rolled out by the US-based automotive retail services firm, Valvoline Inc., relies on a glycol base to deliver full-antifreeze coolant properties. The coolant stands out for its usefulness in extreme temperature conditions which makes it an excellent solution against overheating and freezing, thereby ensuring smooth running of engines. Given its compatibility with all cooling systems that use OAT coolants, it is highly versatile. The coolant's advanced formulation reveals it to be a pioneering product that can augment the longevity of vehicle engines. With ethylene glycol as its base component, the product presents a non-exhaustible organic-acid technologically that may, in fact, improve engine life, making it apt for harsh conditions.

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Who Are the Leaders in the Glycol Market?
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

Which Regional Glycol Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the glycol market in 2024, and is expected 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, Africa.

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