Glycol Market Size to Reach 78.2 Billion by 2033 – Rise with Steller CAGR 6.8%

Introduction

The global glycol market, valued at USD 40.5 billion in 2023, is set to experience substantial growth, reaching approximately USD 78.2 billion by 2033. This expansion represents a compound annual growth rate (CAGR) of 6.8% from 2023 to 2032. The growth is driven by increasing demand across various sectors, including automotive, construction, and pharmaceuticals. Glycols, such as ethylene glycol and propylene glycol, are essential in manufacturing antifreeze, hydraulic fluids, and various industrial applications, which boosts their market appeal.

Key growth factors include the rising automotive industry, where glycol is crucial for vehicle cooling systems, and the expanding construction sector, which uses glycols in concrete production and coatings. Additionally, the pharmaceutical industry’s need for glycol as a solvent and in drug formulations supports market growth. Recent developments highlight advancements in production technologies that improve efficiency and reduce costs. For instance, innovations in catalytic processes and green glycol production methods are enhancing the sustainability of glycol manufacturing.

However, the market faces challenges such as fluctuating raw material prices and environmental concerns related to glycol’s production and disposal. Efforts to address these issues include investing in more sustainable production techniques and exploring bio-based glycols to mitigate environmental impact. Recent developments in the glycol market showcase significant advancements and strategic moves by key industry players.

DowDuPont has announced a major expansion of its glycol production capacity to meet growing demand. The company is investing approximately USD 500 million to enhance its ethylene glycol production facilities in the U.S. and Asia. This expansion is expected to increase their production capabilities by 20% and support the company’s global distribution network.

Shell PLC has launched a new line of sustainable glycols derived from renewable sources. This initiative, involving an investment of USD 300 million, aims to reduce the carbon footprint of glycol products and cater to the rising demand for eco-friendly solutions. The new product line is set to hit the market by mid-2024, with Shell aiming to increase its renewable glycol output by 15% over the next five years.

MEGlobal International FZE has recently completed the acquisition of a major glycol production facility in the Middle East for USD 700 million. This acquisition is part of MEGlobal’s strategy to bolster its presence in the global glycol market and expand its production capacity by 25%. The new facility will enhance their ability to supply both ethylene and propylene glycol to key markets.

Indorama Ventures has announced a USD 400 million investment in expanding its glycol production capabilities, including the development of a new state-of-the-art facility in Asia. This expansion aims to increase their production capacity by 30% and strengthen their market position. The new plant is expected to be operational by early 2025, focusing on meeting the growing demand in the automotive and construction sectors.

Statistics

• The American Conference of Governmental Industrial Hygienists (ACGIH) recommends a ceiling exposure limit of 100 milligrams/cubic meters (m3) or 39.4 ppm (parts per million).
• We have demonstrated the feasibility of producing EG from (d)-xylose via a synthetic pathway in E. coli at approximately 90 % of the theoretical yield.
• aerobic conditions in one experiment by maintaining the dissolved oxygen tension above 40 % throughout the cultivation. In parallel, we analyzed the impact of a reduced oxygen supply by allowing the dissolved oxygen tension to decrease to 2 % in another experiment.
• India Glycols is trading 1.97% upper at Rs 1,282.80 as compared to its last closing price. India Glycols has been trading in the price range of 1,288.00 & 1,253.50.
  India Glycols has a 61.01% promoter holding & 38.99% public holding.
• The Mutual Fund holding in India Glycols was at 1.82% in 30 Jun 2023. The MF holding has increased from the last quarter. The FII holding in India Glycols was at 1.75% in 30 Jun 2024.
• There were an estimated 68 million e-cig users (or vapers) globally in 2020, increasing from a total of 58.1 million vapers in 2018.
  Especially concerning is the use of e-cigs among adolescents, with “ever-use” of e-cigs exceeding 30% of teenagers in North America and Europe between 2018 and 2019.
• Among the ADFs, Type 1 ADF consists of 8% water, 90% glycol and less than 2% chemical substances whereas Type 2 ADF consists of 33% water, 65% glycol and 2% alcohol-based chemicals with a structure preventing ice formation.
• pH values in the batch reactors treating propylene glycol-containing wastewater and no total VFA removal could be obtained at more than 1.8% however total VFAs were mostly consumed under this ADF content. Besides, as for the methane content of the biogas; approximately 60% methane was measured which was lower than the methane.
• In mouse models of infection, inhalation of 20% (v/v) PG solution alongside IAV increases survival and significantly reduces clinical symptoms compared to IAV alone.
• 460,000 tons of ethylene glycol per year, making it one of the biggest suppliers in Europe. Diethylene glycol contributes the second-biggest share of these 460,000 tons, with 47,000 tons.
• The effect of peripartal supplementation with concentrate enriched at 10% propylene glycol (PG) on metabolism, and animal health.
• The price of Diethylene Glycol (Europe) declined throughout April 2019, reaching 697 USD per metric ton.  The price is 5% lower than the average price in the previous month and 34% lower than the average price one year before.
• Diethylene Glycol Uses. The uses and applications of Diethylene Glycol may vary according to its specification. Usually, Diethylene Glycol is traded with a 99% minimum purity, with a maximum water content.
• Commercial grade propylene glycol monomethyl ether (PGME), which is composed of > 99.5% α-isomer and < 0.5% β-isomer, has been shown in several studies to have a low potential for developmental toxicity.
• Maternal toxicity was quite apparent at these dose levels, as evidenced by a 72 g weight loss during the dosing period at 545 ppm. At 350 ppm, rabbits gained only 15% of the control body weight gain during the dosing period.
• The MPA and β-PGME used in the whole embryo culture studies were provided by The Dow Chemical Company and were determined by GC to be 97.9 and 99.8% pure.
• The culture medium was composed of 75% (v/v) heat-inactivated rabbit serum, and 25% (v/v) phosphate-buffered saline (PBS), supplemented with penicillin-streptomycin solution.
• In mouse models of infection, inhalation of 20% (v/v) PG solution alongside IAV increases survival and significantly reduces clinical symptoms compared to IAV alone.
  The COVID‐19 pandemic has claimed > 6.6 million lives so far (World Health Organization, 2022a), and the World Health Organization estimates seasonal influenza mortality at 290,000–650,000 people annually (World Health Organization.
• A significant loss of SARS‐CoV‐2 pseudovirus envelope integrity occurs between 65 and 75% PG treatment, with capsid antibody binding at 75% PG solution equivalent to the NP‐40 detergent control.
• HELM AG sells approx. 460,000 tons of ethylene glycol per year, making it one of the biggest suppliers in Europe. Monoethylene glycol makes up the bulk of these 460,000 tons, with 400,000 tons.
• ethylene glycol freezes at around -10°F, but when mixed with water, it can remain liquid at much lower temperatures. For example, a mixture consisting of 40% water and 60% glycol can withstand temperatures close to -50°F.
• The eutectic temperature, or the lowest possible freezing temperature attainable by any ratio of the two substances (propylene glycol + water) is –76°F at a concentration of 60% propylene glycol and 40% water.
• Obesity-related deaths were estimated to be five million worldwide in 20195, with diabetes contributing to 6.7 million deaths globally in 20216.
• In 2021, the International Diabetes Federation (IDF) estimated that the global diabetes prevalence was 10.5% (536.6 million people)1, which is expected to rise further in the coming years.
• Diabetes-related global health spending was estimated to be 966 billion USD, while the economic impact of obesity was estimated at 2.19% of the global gross domestic product.

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Emerging Trends

• Shift Toward Bio-Based Glycols: There is a growing trend towards bio-based glycols as industries seek more sustainable alternatives to traditional petrochemical-based products. Bio-based glycols, derived from renewable resources like corn and sugarcane, are gaining popularity due to their lower carbon footprint. This shift is particularly notable in regions like Europe and North America, where stringent environmental regulations are pushing companies to adopt greener solutions.
• Increased Demand in Automotive and HVAC Systems: The automotive sector continues to be a significant driver for glycol demand, particularly for ethylene glycol, which is used as an antifreeze and coolant. With the growing focus on electric vehicles (EVs), the need for advanced thermal management systems is increasing, boosting glycol consumption. Similarly, the heating, ventilation, and air conditioning (HVAC) industry is seeing increased glycol use in antifreeze formulations, which is essential for efficient system performance in varying climates.
• Growth in the Textile Industry: The textile industry remains a critical market for glycol, particularly in the production of polyester fibers. With the resurgence of manufacturing activities post-pandemic and increased demand for synthetic textiles, the demand for glycols in this sector is expected to rise. Emerging markets in Asia-Pacific, especially in countries like China and India, are seeing significant growth in textile manufacturing, further driving glycol demand.
• Technological Advancements: Innovations in glycol production processes are leading to more efficient and cost-effective methods. Companies are investing in research and development to improve glycol quality, enhance production yields, and reduce environmental impact. These advancements are expected to provide a competitive edge to market players and meet the rising demand more effectively.
• Strategic Collaborations and Expansions: Major companies in the glycol market are increasingly engaging in strategic collaborations, mergers, and expansions to strengthen their market position. These efforts are aimed at expanding production capacity, entering new markets, and enhancing product offerings. This trend is expected to continue as companies look to capitalize on the growing demand and explore new opportunities in the glycol market.

Use Cases

• Automotive Industry: One of the primary uses of glycols, particularly ethylene glycol, is in the automotive industry as an antifreeze and coolant. Ethylene glycol helps maintain engine temperatures, especially in extreme weather conditions, preventing overheating or freezing. In 2023, the automotive sector accounted for approximately 35.6% of the global glycol market share, making it a critical application area.
• Textile Industry: Glycols are essential in the production of polyester fibers, which are widely used in textiles. Ethylene glycol acts as a key raw material in manufacturing polyethylene terephthalate (PET) resins, which are then spun into fibers. The textile industry’s reliance on polyester has driven significant demand for glycols, contributing to over 53.4% of the market share in the glycol sector as of 2023.
• Plastic Packaging: The production of PET bottles and packaging materials heavily relies on glycols. PET, derived from ethylene glycol, is favored for its durability, clarity, and recyclability. The increasing demand for sustainable and recyclable packaging solutions is boosting the glycol market, especially in regions like Asia-Pacific, where the demand for PET packaging is rapidly growing.
• Pharmaceutical Industry: Glycols are used in the pharmaceutical industry as solvents, stabilizers, and excipients in the formulation of various drugs. Propylene glycol, in particular, is widely used in this sector due to its low toxicity and ability to stabilize active ingredients in medications. The pharmaceutical application of glycols is expanding as the demand for medicines and healthcare products grows globally.
• Cosmetics and Personal Care: In the cosmetics industry, glycols serve as humectants, which help retain moisture in products like lotions, creams, and shampoos. Propylene glycol is commonly used in these formulations, enhancing product texture and longevity. The rising demand for skincare and personal care products, particularly in emerging markets, is driving glycol usage in this sector.

Key Players

DowDuPont has been significantly expanding its glycol ether production to meet rising global demand. The company has initiated a series of investments aimed at doubling the output of its select glycol ethers, such as Dowanol, by 2023. These expansions are driven by the increasing need for environmentally friendly solvents in various sectors, including infrastructure, home, and personal care products. The company’s strategic growth in the glycol sector highlights its commitment to sustainability and innovation.

Shell PLC plays a vital role in the glycol sector through its production of ethylene glycol, a key component in antifreeze, polyester fibers, and resins. Shell operates large-scale plants globally, particularly in the U.S. Gulf Coast, to meet the growing demand for these products. Their advancements in production technology and efficiency contribute significantly to the global market’s supply chain, making Shell a leader in the sector.

MEGlobal International FZE is a leading player in the glycol sector, specifically in the production and marketing of ethylene glycol (EG), including monoethylene glycol (MEG) and diethylene glycol (DEG). Established in 2004 and based in Dubai, MEGlobal operates as a wholly-owned subsidiary of EQUATE Petrochemical Company. With a global production capacity of 2.3 million metric tons per year, the company supplies over 3.5 million metric tons annually through its extensive network, serving industries like polyester fibers, PET resins, and antifreeze formulations.

Indorama Ventures Public Company Limited is one of the world’s leading producers in the glycol sector, specifically ethylene glycol. Headquartered in Bangkok, Thailand, the company has a robust presence in 35 countries with 148 manufacturing facilities. Indorama is the second-largest producer of ethylene oxide in the U.S., supporting industries like PET, polyester fibers, and antifreeze. Their vertical integration and geographical diversification strategies strengthen their market position​.

Reliance Industries Limited is a major player in the glycol sector, focusing on the production of Monoethylene Glycol (MEG) through its petrochemical division. With state-of-the-art facilities in India, Reliance plays a key role in the global market, leveraging its integrated oil-to-chemicals business model. The company’s focus on sustainability, including the circular economy and waste recycling, strengthens its position in the glycol market. These efforts ensure that Reliance remains competitive in both domestic and international markets.

PETRONAS Chemicals Group (PCG) is a prominent player in the glycol sector, producing monoethylene glycol (MEG) and diethylene glycol (DEG), which are essential in the production of polyester fibers, antifreeze, and other industrial applications. PCG leverages its integrated petrochemical complex to enhance production efficiency and meet global demand. The company’s focus on sustainability and innovation drives its operations, aligning with its goal to maintain a leading position in the global glycol market.

BASF is a major player in the glycol sector, focusing on sustainability and innovation. The company has achieved ISCC+ certification across its global production sites, including those producing glycol ethers. This certification allows BASF to offer over 60 products with sustainability attributes like low carbon footprint and bio-based components. These efforts align with BASF’s commitment to helping customers meet their environmental goals while maintaining high product quality.

Sinopec, one of China’s largest chemical companies, is heavily involved in the glycol sector. The company operates major ethylene glycol production facilities and has invested in expanding its capacity to meet growing demand, particularly in Asia. Sinopec’s production emphasizes efficiency and environmental responsibility, aligning with global sustainability trends. The company’s glycol products are used extensively in the textile, automotive, and packaging industries, contributing significantly to its overall revenue.

Royal Dutch Shell has made significant strides in the glycol sector, focusing on sustainable production methods and advanced technologies. Shell’s glycol production is integral to its strategy of delivering eco-friendly and efficient chemical solutions. The company emphasizes reducing carbon footprints and enhancing the efficiency of its glycol products, which are essential in various applications including automotive and industrial processes.

Lotte Chemical is actively involved in the glycol sector, leveraging its advanced chemical processing capabilities to produce high-quality glycol products. The company focuses on meeting global demand while ensuring high standards of quality and sustainability. Lotte Chemical’s glycol production supports various industries, from automotive to consumer goods, with a commitment to reducing environmental impacts.

Ashland is actively engaged in the glycol sector, focusing on developing and supplying various glycol-based products for diverse industrial applications. Their portfolio includes ethylene glycol and propylene glycol, which are used in automotive, industrial, and consumer goods. Ashland’s products are noted for their high quality and performance, supporting industries with reliable solutions for cooling systems and antifreeze. Recent developments emphasize enhancing product efficiency and sustainability.

Cargill plays a significant role in the glycol sector, particularly in producing and supplying high-purity propylene glycol. Their offerings cater to various industries, including food and beverage, pharmaceuticals, and industrial applications. Cargill focuses on innovation and sustainability, leveraging advanced technologies to improve product quality and environmental impact. They are committed to meeting global demand with reliable and sustainable solutions.

Univar is a significant player in the glycol sector, known for its extensive distribution network and product portfolio. The company provides various glycols, including ethylene and propylene glycol, to diverse industries such as automotive, chemical, and consumer goods. Univar’s strategic focus on expanding its product offerings and enhancing supply chain efficiency supports its strong market presence.

AkzoNobel is a key supplier in the glycol sector, offering a range of glycols like ethylene and propylene glycol for industrial applications. The company emphasizes innovation and sustainability in its product development, aiming to meet the evolving needs of sectors such as automotive and construction. AkzoNobel’s commitment to quality and environmental responsibility enhances its competitive position.

SABIC is a leading player in the glycol sector, specializing in the production of ethylene glycol (EG) and its derivatives. SABIC’s advanced manufacturing facilities support its position in the global market, serving various industries such as automotive, textiles, and industrial applications. The company’s commitment to innovation and sustainability drives its operational efficiency and product quality.

Huntsman Corporation is a significant supplier in the glycol industry, offering a range of products including ethylene glycol and propylene glycol. Their products cater to diverse applications such as antifreeze, industrial solvents, and resins. Huntsman emphasizes technological advancements and operational excellence to meet the evolving needs of its global customer base.

Conclusion

The glycol market is experiencing steady growth, driven by rising demand across various industries such as automotive, textiles, and chemicals. Ethylene glycol and propylene glycol remain the primary products, with significant applications in antifreeze, solvents, and resins. Key players like SABIC and Huntsman continue to lead the sector through innovation and strategic investments. Despite challenges such as fluctuating raw material prices and environmental regulations, the market is poised for continued expansion due to increasing industrial applications and technological advancements.

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