Prismane Consulting Projects Global Ethylene Glycol Market to surpass USD 30 Billion by 2032

PUNE, India, May 30, 2024 /PRNewswire/ -- Prismane Consulting, an esteemed consultancy specializing in Strategy Reports and Market Studies focused on Petrochemicals, Chemicals, Refining, Polymers & Plastics, and Materials, is pleased to announce the release of its latest report titled "Global Ethylene Glycol Market, 2023" This comprehensive market analysis explores the consumption dynamics and supply trends, providing valuable insights into the global Ethylene Glycol market, with a particular emphasis on major countries and their consumption patterns across different types & applications.

The report presents segmented demand data by type, covering Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG), while market by application is segmented into Chemical Intermediates, Antifreeze & Coolants, and Others. Additionally, the report offers market data for Ethylene Glycol, both in terms of volume and value, segmented by type & application at both the country and regional levels.

The analysis provided in the study considers a range of crucial factors, including macroeconomic elements such as population, GDP, and global economic integration, coupled with economic and energy forecasts. Additionally, the report delves into industry and policy advancements, offering insights into end-use sectors and application markets. Detailed reasoning and assessment, comparative analysis, informative commentary, market dynamics, latest trends, and strategic considerations & recommendations are provided in the report.

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Ethylene Glycol is produced through the reaction of ethylene oxide and water. It can be categorized into three types: monoethylene glycol (MEG), diethylene glycol (DEG), and triethylene glycol (TEG). MEG, the most extensively produced type, is predominantly utilized in the polyester (PET) market, where over 85% of MEG is employed in the manufacturing of polyester resins, fibers, and films. Consequently, the demand for MEG is closely linked to the growth of the PET market, making it a key driver for the overall ethylene glycol market.

For several decades, the demand for polyester has been a major factor influencing the ethylene glycol market. China, with a strong presence in the polyester market, accounts for more than half of the global ethylene glycol consumption. The Asia-Pacific region contributes over 65% to the ethylene glycol market, driven by high demand for polyester fibers used in the production of synthetic apparel. Other notable regions fueling demand include North America and Western Europe.

Ethylene Glycol Supply Overview

Global Ethylene Glycol supply crossed 57,000 kilo tons in 2023, with the Asia Pacific dominating the market share. Projections suggest significant increases in capacity in China, driven by the nation's strategic initiative for self-sufficiency and subdued imports. In reaction to China's capacity expansions, manufacturers in Western Europe and North America have realigned their production capacities accordingly. Major contributors in the Ethylene Glycol market include prominent chemical industry players such as Dow Chemical, BASF, Shell, SABIC, and INEOS.

Ethylene Glycol Demand Overview

In 2023, global demand for Ethylene Glycol crossed 32,000 kilo tons, with the Asia Pacific region emerging as the primary consumer, accounting for more than 40% of the total demand. The surge in demand for ethylene glycol, attributed to its integral role in the production of polyester fibers, surfactants, and diverse chemicals, is anticipated to be a key driver for market growth. China's substantial capacity expansions in the past decade, fuelled by the rising demand for ethylene glycol and its derivatives, have significantly contributed to the overall global demand upswing.

The Ethylene Glycol market is poised for expansion due to its increasing utilization across various industries such as construction, automotive, textiles, and healthcare. This growth is further propelled by rapid urbanization and ongoing infrastructure projects in developing nations. The cumulative effect of these factors is expected to sustain the upward trajectory of the Ethylene Glycol market in the forecast period.

Ethylene Glycol Trade Overview

In the wake of expanding domestic production capabilities, China has experienced a reduction in ethylene glycol imports, indicating a trend toward self-sufficiency in the market. In 2020, ethylene glycol imports amounted to 10,547 kilo tons, but by the close of 2021, there was a 20.1% decline, followed by an additional 10.9% decrease in 2022. Projections from Prismane Consulting suggest a further decline in imports by the end of 2024.

European producers are anticipated to face heightened competition from the influx of discounted ethylene glycol and related derivatives from the United States, where the availability of more affordable ethane feedstock provides a competitive advantage. Furthermore, subdued demand in the United States has resulted in an excess of ethylene in the market available for export. The anticipated establishment of new ethylene capacities in the U.S. is expected to exert additional pressure on the profit margins of European producers.

Recent Developments in the Ethylene Glycol Market

• Saudi Basic Industries Corporation (SABIC), Scientific Design (SD), and Linde Engineering, a subsidiary of Dublin-based Linde, have formalized a memorandum of understanding to explore collaborative opportunities focused on decarbonizing SD's ethylene glycol process. This strategic partnership aims to lead in innovative solutions for carbon emission reduction by incorporating SABIC's CO2 recovery and purification technology into SD's licensed glycol production plants.
• In a recent development, INEOS successfully concluded the acquisition of Eastman's Texas City plant for a sum of 500 million USD. Following this, on December 8, 2023, INEOS reached an agreement with LyondellBasell to acquire its ethylene oxide business, including the production facility in Bayport, Texas, at an estimated cost of 700 million USD. The agreement encompasses the purchase of LyondellBasell's ethylene oxide and its derivatives businesses, featuring a 420 kilo tons/year ethylene oxide plant, a 375 kilo tons/year ethylene glycol plant, and a 165 kilo tons/year ethylene glycol ether plant, along with all associated operations at the Bayport site.

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