The global ethylene glycol market size was valued at USD 21.77 billion in 2023. The market is expected to expand from USD 22.61 billion in 2024 to USD 31.18 billion by 2032, exhibiting a CAGR of 4.1% over the study period.

Ethylene Glycol (EG) has many essential physical and chemical features, making it a significant ingredient in different industries, including paints & coatings, automotive, chemicals, polymers & plastics, and others. The increasing demand for polyethylene terephthalate (PET) is set to flourish the market expansion. The lightweight attribute of PET makes it the go-to alternative for bottlers that develop daily products, including soft drinks and water.

Fortune Business Insights™ provides this information in its research report, titled “Ethylene Glycol Market, 2024-2032”.

Source: https://www.fortunebusinessinsights.com/ethylene-glycol-market-110172

Segmentation:

Monoethylene Glycol (MEG) Segment Led Owing to Utilization in Formulation of Antifreeze Formulations

With respect to type, the market is divided into Monoethylene Glycol (MEG), Triethylene Glycol (TEG), and Diethylene Glycol (DEG). The Monoethylene Glycol (MEG) segment occupied the largest share in 2023, which can be attributed to its deployment in the development of antifreeze formulations for industrial and automotive applications.

In terms of region, the market is classified into the Middle East & Africa, Asia Pacific, North America, Latin America, and Europe.

Report Coverage

The report comprehensively discusses the major driving and restraining factors impacting the market expansion. It further offers a detailed analysis of the major industry developments, COVID-19 pandemic impact, and notable industry developments. The report also throws light on strategic moves adopted by key companies to gain a competitive edge.  

Drivers and Restraints:

Surging Bio-based Product Trend to Develop New Profitable Opportunities, Propelling Market Growth

Nations emphasizing energy security and independence may look for options, including bio-based EG, to decrease the dependence on imported petroleum products. The requirement for bio-based EG has arrived from an amalgamation of economic, technological, regulatory, and environmental attributes, which is expected to generate profitable market opportunities.

Regional Insights:

Asia Pacific Dominates Fueled by Huge Deployment of the Product in Industries

Asia Pacific occupies the largest market share on account of the massive deployment of the product in industries, which makes China dominant. The regional growth can further be attributed to the availability of a well-established PET and polyester production base, which is leading to the high product demand in China.