PUBLISHER: Roots Analysis | PRODUCT CODE: 1836220
PUBLISHER: Roots Analysis | PRODUCT CODE: 1836220
As per Roots Analysis, the global glycol market size is estimated to grow from USD 45.55 billion in the current year USD 97.15 billion by 2035, at a CAGR of 7.12% during the forecast period, till 2035.
The opportunity for glycol market has been distributed across the following segments:
Type of Product
Type of Application
Type of End User
Geographical Regions
Glycol Market: Growth and Trends
Glycol is a thick, colorless, and odorless chemical compound that belongs to the alcohol family. Its primary characteristic is its ability to mix well with water, which facilitates its use in various industrial, commercial, and household applications, thereby propelling the growth of the glycol industry. For example, ethylene glycol is a major type of glycol, recognized for its extensive applications in areas such as polyester fibers and resins, clothing, and pipeline maintenance, supporting the sustained demand in the global market. Driven by the efforts to reduce plastic usage, glycol is also utilized in various other industries including cosmetics, food and beverage, packaging, and pharmaceuticals. However, its predominant application remains in antifreeze systems for mechanical cooling within automotive engines.
Conversely, propylene glycol is commonly found in personal care products, food and beverages, and pharmaceuticals, thanks to its status as a non-toxic solvent. These factors have resulted in a transformation within the propylene glycol sector, accompanied by a surging demand from the pharmaceutical and food industries. Further, the ongoing advancements in production techniques, such as the optimization of manufacturing processes, contribute to increased chemical output while reducing the environmental impact associated with glycol production. As a result, to meet the rising demand for sustainable glycol products, industry players are developing bio-based glycol solutions and strategies to mitigate environmental effects. As a result, owing to the above mentioned factors, the glycol market is expected to grow significantly during the forecast period.
Glycol Market: Key Segments
Based on type of product, the global glycol market is segmented into butylene glycol, ethylene glycol, propylene glycol, and others. According to our estimates, currently, the ethylene glycol segment captures the majority of the market share, due to its versatile chemical characteristics, such as excellent compatibility and chemical stability, which make it the preferred choice for producing polyester fiber and fiberglass.
However, the propylene glycol segment is expected to grow at a higher CAGR during the forecast period, due to its extensive use in various pharmaceutical and cosmetic applications as a solvent, humectant, and emulsifier.
Based on type of application, the global glycol market is segmented into airlines, automotive, HAVC, industrial, medical, pipeline maintenance, polyester fibers and resins, and textiles. According to our estimates, currently, the polyester fibers and resin application captures the majority of the market share. This dominance is primarily due to the significant use of ethylene glycol in producing polyester fiber and polyethylene terephthalate resins.
However, the automotive sector is expected to grow at a higher CAGR during the forecast period, driven by the strong demand for antifreeze and coolant solutions, which are essential in automotive engines to prevent overheating and freezing in extreme weather conditions.
Based on type of end user, the global glycol market is segmented into automotive and transportation, cosmetics, food and beverage, packaging, pharmaceuticals, textile, and others. According to our estimates, currently, the automotive segment captures the majority of the market share due to the increasing demand and production of vehicles, with antifreeze and coolant being a significant application driving the need for ethylene glycol.
However, the textile sector is expected to grow at a higher CAGR during the forecast period, owing to the rising demand for polyester in clothing, home furnishings, and industrial uses.
Based on geographical regions, the glycol market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market. Further, market in Asia is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the expanding industrial sector, strong demand from end-use industries, and the growth of chemical production facilities in the region.
Glycol Market: Research Coverage
The report on the glycol market features insights on various sections, including:
Key Questions Answered in this Report
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